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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

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

Mexico: Selected Issues Paper

International Monetary Fund (IMF); International … - 2014

This Selected Issues paper analyzes the impact of Mexicoâ€™s energy reform on hydrocarbons production. These reforms aim to increase oil and gas production by eliminating the state oil companyâ€™s (PEMEX) monopoly on exploration and production of hydrocarbons, while retaining the prime...

Persistent link: https://www.econbiz.de/10011245058

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

Sustaining Fixed Exchange Rates; A Model with Debt and Institutions

Pitt, Alexander - International Monetary Fund (IMF) - 2001

Fixed exchange rate regimes have come into disrepute, as their defense has become all but impossible. Yet, while a determined attack on a currency cannot be prevented or, ultimately, withstood, policies can reduce the vulnerability of a country to such attacks. The paper develops an analytical...

Persistent link: https://www.econbiz.de/10005263659

The Determinants of International Portfolio Holdings and Home Bias

Li, Shujing; Faruqee, Hamid; Yan, Isabel K. - International Monetary Fund (IMF) - 2004

Despite the liberalization of foreign portfolio investment around the globe since the early 1980s, the home-bias phenomenon is still found to exist. Using a relatively new IMF survey dataset of cross-border equity holdings, this paper tests new structural equations from a consumption-based...

Persistent link: https://www.econbiz.de/10005263868

Testing Real Interest Parity in Emerging Markets

Banerjee, Abhisek; Singh, Manmohan - International Monetary Fund (IMF) - 2006

The paper finds significant deviations between short-term emerging market real interest rates and world real interest rates primarily due to the inflationary expectations of the local investor base. We test for long-run real interest convergence in emerging markets using a time varying panel...

Persistent link: https://www.econbiz.de/10005263976