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Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of income convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this...
Persistent link: https://www.econbiz.de/10005605034
The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary …. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies …
Persistent link: https://www.econbiz.de/10010790272
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series....
Persistent link: https://www.econbiz.de/10010790397
Persistent link: https://www.econbiz.de/10010790468
The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis consensus, we identify where we were wrong and...
Persistent link: https://www.econbiz.de/10010790474
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10010790489
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and … promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to … adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system. …
Persistent link: https://www.econbiz.de/10010790495
Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry …
Persistent link: https://www.econbiz.de/10005768807
exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency … important ingredient of international payments adjustment under the gold standard. …
Persistent link: https://www.econbiz.de/10005769107
This paper describes how the changed conditions in the international monetary system have undermined the role … originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental … demand for international reserves with SDR allocations: (i) there are efficiency gains, as SDRs can be created at zero …
Persistent link: https://www.econbiz.de/10005769234