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Measuring External Risks for Peru: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy

Han, Fei - International Monetary Fund (IMF) - 2014

This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, Chinaâ€™s investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconomic model for a small open and partially dollarized economy is developed and...

Persistent link: https://www.econbiz.de/10011142105

ASEAN Financial Integration

Almekinders, Geert; Mourmouras, Alex; Zhou, Jian-Ping; … - International Monetary Fund (IMF) - 2015

The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEANâ€™s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it...

Persistent link: https://www.econbiz.de/10011242386

Yen Bloc or Yuan Bloc; An Analysis of Currency Arrangements in East Asia

Shirono, Kazuko - International Monetary Fund (IMF) - 2009

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to … if China's relative presence continues to rise in the regional trade. …

Persistent link: https://www.econbiz.de/10005826046

Real Effects of Common Currencies in East Asia

Shirono, Kazuko - International Monetary Fund (IMF) - 2007

Since the 1997 Asian currency crisis, new interest has emerged in the formation of a common currency area in East Asia. This paper provides estimates of trade and welfare effects of East Asian currency unions, using a micro-founded gravity model. Counter-factual experiments to assess the effects...

Persistent link: https://www.econbiz.de/10005769256

Growth Slowdowns and the Middle-Income Trap

Aiyar, Shekhar; Duval, Romain A; Puy, Damien; Wu, Yiqun; … - International Monetary Fund (IMF) - 2013

The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high-income countries. In this study we examine the middle-income trap as a special case of growth slowdowns, which are identified as...

Persistent link: https://www.econbiz.de/10010790409

Ethnic Diversity, Democracy, and Corruption

Yehoue, Etienne B. - International Monetary Fund (IMF) - 2007

I study the link between ethnic diversity, democracy, and corruption. In a static model, I show that contrary to conventional wisdom, corruption might emerge as a negative externality of democracy. This occurs through ethnicity, which appears as a rent-extracting technology in a democratic...

Persistent link: https://www.econbiz.de/10005248127

Financial Integration, Growth, and Volatility

Epaulard, Anne; Pommeret, Aude - International Monetary Fund (IMF) - 2005

The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that can (i) borrow from the rest of the world, (ii) invest in foreign assets, and...

Persistent link: https://www.econbiz.de/10005248157

Labor Productivity and Real Exchange Rate; The Balassa-Samuelson Disconnect in the Former Yugoslav Republic of Macedonia

Loko, Boileau; Tuladhar, Anita - International Monetary Fund (IMF) - 2005

This paper seeks to investigate the transmission mechanisms linking productivity to the real exchange rate in the former Yugoslav Republic of Macedonia. At first glance, the stylized facts-low labor productivity growth and a trend real depreciation-suggest that a Balassa- Samuelson effect is in...

Persistent link: https://www.econbiz.de/10005248176

Financial Globalization and the Governance of Domestic Financial Intermediaries

Tressel, Thierry; Verdier, Thierry - International Monetary Fund (IMF) - 2007

We model an economy in which domestic banks and firms face incentive constraints, as in Holmstrom and Tirole (1997). Firms borrow from banks and uninformed investors, and can collude with banks to reduce the intensity of monitoring. We study the general equilibrium effects of capital flows...

Persistent link: https://www.econbiz.de/10005248244

Coping with Capital Inflows; Experiences of Selected European Countries

Vávra, David; Ötker, Inci; Topf, Barry; Polanski, Zbigniew - International Monetary Fund (IMF) - 2007

This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries...

Persistent link: https://www.econbiz.de/10005248251

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