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Competitiveness in the Baltics in the Run-Up to EU Accession
International Monetary Fund (IMF); International … - 2003
This paper analyzes competitiveness in the Baltics in the run-up to European Union accession. Several factors appear to have driven movements in equilibrium real exchange rates in the Baltics since the start of the transition process. In the earlier years of transition, price liberalization,...
Persistent link: https://www.econbiz.de/10005591344
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Sudden Stops and Currency Drops; A Historical Look
Catão, Luis - International Monetary Fund (IMF) - 2006
This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced episodic capital flow reversals averaging some 5 percent of GDP...
Persistent link: https://www.econbiz.de/10005605128
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Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China
Prasad, Eswar; Wang, Qing; Rumbaugh, Thomas - International Monetary Fund (IMF) - 2005
liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy …, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China’s financial system suggest … concludes that greater exchange rate flexibility is in China’s own interest and that, along with a more stable and robust …
Persistent link: https://www.econbiz.de/10005605541
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Republic of Poland; Selected Issues Paper
International Monetary Fund (IMF); International … - 2010
The Selected Issues paper on Poland underlies that as the only European Union economy to avoid outright recession during the crisis, Poland is likely to attract renewed risk appetite. Poland could become one of the main recipients of capital inflows. This could lead to excessive exchange-rate...
Persistent link: https://www.econbiz.de/10011244962
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The Role of the Exchange Rate in Inflation-Targeting Emerging Economies; Targeting Emerging Economies
Nordstrom, Anna; Roger, Scott; Stone, Mark R.; Shimizu, … - International Monetary Fund (IMF) - 2009
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy...
Persistent link: https://www.econbiz.de/10011245907
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
Policymakers in many emerging markets are attempting to resist currency appreciation while simultaneously meeting targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of the Central Bank's intervention in stemming domestic...
Persistent link: https://www.econbiz.de/10005263872
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Foreign Exchange Intervention in Developing and Transition Economies; Results of a Survey
Kriljenko, Jorge Iván Canales - International Monetary Fund (IMF) - 2003
Based on evidence obtained from the IMF's 2001 Survey on Foreign Exchange Market Organization, the author argues that, for several reasons, some central banks in developing and transition economies may be able to conduct foreign exchange intervention more effectively than the central banks of...
Persistent link: https://www.econbiz.de/10005263900
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Optimal and Sustainable Exchange Rate Regimes; A Simple Game-Theoretic Approach
Kawai, Masahiro - International Monetary Fund (IMF) - 1992
This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy...
Persistent link: https://www.econbiz.de/10005264066
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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z.; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10009203544
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The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios
Portillo, Rafael; Berg, Andrew; Gottschalk, Jan; Zanna, … - International Monetary Fund (IMF) - 2010
We develop a model to analyze the macroeconomic effects of a scaling-up of aid and assess the implications of different policy responses. The model features key structural characteristics of low-income countries, including varying degrees of public investment efficiency and a learning-by-doing...
Persistent link: https://www.econbiz.de/10008560423