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A New Look at Exchange Rate Volatility and Trade Flows

Clark, Peter B.; Wei, Shang-Jin; Tamirisa, Natalia T.; … - International Monetary Fund (IMF) - 2004

The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past two decades, many developments in the world economy, such as the currency crises in the 1990s and increasing cross-border capital flows, may have exacerbated exchange rate...

Persistent link: https://www.econbiz.de/10005767343

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

A Currency Union for the Caribbean

Worrell, DeLisle - International Monetary Fund (IMF) - 2003

The experiences of Caribbean Economic Community countries show that exchange rate depreciation in these countries is inflationary, and that, while changes in the relative prices of tradables may affect exports, tourism, and imports, nominal exchange rate changes have no predictable effect on...

Persistent link: https://www.econbiz.de/10005599271

The Choice of Monetary and Exchange Rate Arrangements for a Small, Open, Low-Income Economy; The Case of Sao tome and Principe

Wang, Jian-Ye; Farhan, Nisreen H.; Shanghavi, Amar; … - International Monetary Fund (IMF) - 2008

This paper assesses São Tomé and Príncipe's monetary and exchange rate arrangements in light of the country's monetary history and the relevant experience of comparable countries in Africa. The study highlights several structural characteristics of São Tomé and Príncipe including its very...

Persistent link: https://www.econbiz.de/10005605143

Patterns of Shocks and Regional Monetary Cooperation in South Asia

Maskay, Nephil Matangi - International Monetary Fund (IMF) - 2003

The member states of the South Asian Association for Regional Cooperation have set as a target the achievement of an economic union by 2020. Reaching this goal will require greater levels of monetary cooperation. How should this be achieved? Data from South Asia suggest that member states have...

Persistent link: https://www.econbiz.de/10005825897

The Euroâ€™s Effecton Trade Imbalances

Berger, Helge; Nitsch, Volker - International Monetary Fund (IMF) - 2010

When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for...

Persistent link: https://www.econbiz.de/10008680273

Welfare Effects of Monetary Integration; The Common Monetary Area and Beyond

Asonuma, Tamon; Debrun, Xavier; Masson, Paul R. - International Monetary Fund (IMF) - 2012

array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i …) participating in the CMA benefits all members; (ii) joining the CMA individually is beneficial for all SADC members except Angola … terms of foregone anti-inflationary credibility; and (iv) SADC-wide symmetric monetary union continues to be beneficial for …

Persistent link: https://www.econbiz.de/10011242297

Commodity Price Shocks and Fiscal Outcomes

Samaké, Issouf; Spatafora, Nicola - International Monetary Fund (IMF) - 2012

The experience of developing countries over 1990-2010 indicates that commodity prices have a significant impact on fiscal outcomes. Both revenue and expenditure rise in response to commodity (import or export) price increases; the response of the fiscal deficit is ambiguous. A floating exchange...

Persistent link: https://www.econbiz.de/10010790362

Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries

Cevik, Serhan; Teksoz, Katerina - International Monetary Fund (IMF) - 2012

This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing...

Persistent link: https://www.econbiz.de/10010790368

Alternatives to the Central Bank in the Developing World

Collyns, Charles - International Monetary Fund (IMF) - 1983

Persistent link: https://www.econbiz.de/10005590912