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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options

International Monetary Fund (IMF); International … - 2008

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

Persistent link: https://www.econbiz.de/10011245902

The Common Monetary Area in Southern Africa; Shocks, Adjustment, and Policy Challenges

Masha, Iyabo; Harris, Leighton; Wang, Jian-Ye; Shirono, … - International Monetary Fund (IMF) - 2007

This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades. It pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of...

Persistent link: https://www.econbiz.de/10005768930

Euro Area Policies; Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director on Euro Area Policies

International Monetary Fund (IMF); International … - 2005

This paper focuses on euro area policies. The monetary policy stance remains appropriate for now. Fiscal policies are falling well short of consolidation requirements, and the area remains insufficiently prepared for the looming demographic shock. Past fiscal policy failures, notably...

Persistent link: https://www.econbiz.de/10005599011

The CFA Arrangements; More than Just An Aid Substitute?

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

The CFA franc zone has had one of the longest experiences with a fixed exchange rate for a convertible currency and regional integration of any group of developing countries. France, the anchor country, provides aid to support the zone. This paper asks whether the arrangements are more than just...

Persistent link: https://www.econbiz.de/10005599537

Exchange Rate Regimes and the Stability of the International Monetary System

Ghosh, Atish R.; Ostry, Jonathan David; Tsangarides, … - International Monetary Fund (IMF) - 2011

the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative …

Persistent link: https://www.econbiz.de/10010790495

Deciding to Enter a Monetary Union; TheRole of Trade and Financial Linkages

Lama, Ruy; Rabanal, Pau - International Monetary Fund (IMF) - 2012

This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....

Persistent link: https://www.econbiz.de/10011242323

Euro Area Policies; Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director on Euro Area Policies

International Monetary Fund (IMF); International … - 2006

The euro area recovered from the economic doldrums. Executive Directors welcomed the recovery, supported by strong financial conditions, global growth, and improved financial positions. They encouraged the reformed Stability and Growth Pact over fiscal policies, and underscored the need for...

Persistent link: https://www.econbiz.de/10011242892

Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

Debrun, Xavier; Pattillo, Catherine A.; Masson, Paul R. - International Monetary Fund (IMF) - 2010

This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities....

Persistent link: https://www.econbiz.de/10008560420

Japan; Selected Issues

International Monetary Fund (IMF); International … - 2013

This Selected Issues paper examines implications for long-term bond yields in case of Japan. The analysis finds that so …

Persistent link: https://www.econbiz.de/10011245208

Shock from Graying; Is the Demographic Shift Weakening Monetary Policy Effectiveness

Imam, Patrick A. - International Monetary Fund (IMF) - 2013

impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in … effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada, Japan, U.K., and … Germany to confirm a weakening of monetary policy effectiveness over time with regards to unemployment and inflation. After …

Persistent link: https://www.econbiz.de/10011242214

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