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Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
Quint, Dominic; Rabanal, Pau - International Monetary Fund (IMF) - 2013
the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential … volatility, improve welfare, and partially substitute for the lack of national monetary policies. Macroprudential policy would …
Persistent link: https://www.econbiz.de/10010790358
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Euro Area Policies; 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Coun...
International Monetary Fund (IMF); International … - 2009
This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of … welcomed the broad arsenal of macroeconomic policies and financial sector interventions deployed by euro area authorities and …
Persistent link: https://www.econbiz.de/10011245769
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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
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Republic of Estonia; Selected Issues
International Monetary Fund (IMF); International … - 2005
This Selected Issues paper on the Republic of Estonia underlies gross and net international investment positions. Capital gains have been exceptionally beneficial to Malta’s external position, but have significantly worsened Estonia’s NIIP, and to a lesser degree, positions in...
Persistent link: https://www.econbiz.de/10005252962
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Financial Integration and Risk-Adjusted Growth Opportunities
Ivaschenko, Iryna V.; Nicoló, Gianni De - International Monetary Fund (IMF) - 2008
This paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countries' risk-adjusted growth opportunities, and identifies some of the channels through...
Persistent link: https://www.econbiz.de/10005263723
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Precautionary Demand for Foreign Assets in Sudden Stop Economies; An Assessment of the New Merchantilism
Mendoza, Enrique G.; Durdu, Ceyhun Bora; Terrones, Marco - International Monetary Fund (IMF) - 2007
assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …
Persistent link: https://www.econbiz.de/10005263736
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How Does Financial Globalization Affect Risk Sharing? Patterns and Channels
Terrones, Marco; Kose, M. Ayhan; Prasad, Eswar - International Monetary Fund (IMF) - 2007
In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international...
Persistent link: https://www.econbiz.de/10005263747
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Hong Kong SAR As a Financial Center for Asia; Trends and Implications
Unteroberdoerster, Olaf; Leung, Cynthia - International Monetary Fund (IMF) - 2008
We document Hong Kong SAR's evolving role as an international financial center in the Asia region, the importance of the growing special link with China as well as supply-side advantages, and outline the scope for future financial services growth. Hong Kong SAR has a long established track...
Persistent link: https://www.econbiz.de/10005263822
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Financial Globalization; A Reappraisal
Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - International Monetary Fund (IMF) - 2006
macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the …
Persistent link: https://www.econbiz.de/10005263828
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Financial Integration and Macroeconomic Volatility
Terrones, Marco; Prasad, Eswar; Kose, M. Ayhan - International Monetary Fund (IMF) - 2003
This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …
Persistent link: https://www.econbiz.de/10005263967