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Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank

International Monetary Fund - 1998

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...

Persistent link: https://www.econbiz.de/10014400820

Sterilizing Capital inflows

International Monetary Fund - 1997

Developing countries fortunate enough to experience capital inflows haveseen rising levels of investment and enhanced economic growth. Capitalinflows have a negative side, however, in that they tend to appreciatethe domestic currency, making exports less competitive, and to encourageinflation....

Persistent link: https://www.econbiz.de/10014402762

Human Capital Flight : Impact of Migrationon Income and Growth

International Monetary Fund - 1994

This paper analyses the impact of government tax and subsidy policy on immigration of human capital and the effect of … occur making convergence unlikely. While in a closed economy, tax-financed increases in subsidy to education can have a … subsidizing higher education is more likely to induce substantial brain drain, it is likely to be inferior to subsidy to lower …

Persistent link: https://www.econbiz.de/10014395877

Fiscal Indicators for Economic Growth : Illusory Search?

International Monetary Fund - 1990

The search for ways to ensure growth while accommodating necessary expenditure cuts to correct fiscal imbalances, has often led to the advocacy of the government own savings (GOS) measure as an indicator of growth potential in fiscal adjustment. This paper critically examines the rationale of...

Persistent link: https://www.econbiz.de/10014396045

External Adjustment and the Optimal Demand for International Reserves

International Monetary Fund - 1989

This paper provides a theoretical underpinning for the major determinants of optimal reserve demand in the case where fundamental disequilibrium constitutes a key element governing reserve management. Emphasis is given to the role of reserves to smooth the process of economic adjustment by...

Persistent link: https://www.econbiz.de/10014396133

A Model of Adjustment and Growth : An Empirical Analysis

International Monetary Fund - 1989

This paper develops a model merging the monetary approach to the balance of payments and a neoclassical growth model into a unified framework in which inflation, growth, and the balance of payments are simultaneously determined. The empirical part of the paper presents estimates of the key...

Persistent link: https://www.econbiz.de/10014396167

Does the Exchange Regime Matter for inflation and Growth?

International Monetary Fund - 1996

Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that...

Persistent link: https://www.econbiz.de/10014399171

Trade Costs and Real Exchange Rate Volatility : The Role of Ricardian Comparative Advantage

International Monetary Fund - 2005

This paper examines the impact of trade costs on real exchange rate volatility. We incorporate a multi-country Ricardian model of trade, based on the work of Eaton and Kortum (2002), into a macroeconomic model to show how bilateral real exchange rate volatility depends on relative technological...

Persistent link: https://www.econbiz.de/10014399797

Corruption and Military Spending

International Monetary Fund - 2000

Anecdotal evidence relates corruption with high levels of military spending. This paper tests empirically whether such a relationship exists. The empirical analysis is based on data from four different sources for up to 120 countries in the period 1985–98. The association between military...

Persistent link: https://www.econbiz.de/10014399916

Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions

International Monetary Fund - 1999

This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that neglecting heterogeneity and dynamics can lead to misleading...

Persistent link: https://www.econbiz.de/10014400163