Showing 1 - 10 of 37
Persistent link: https://www.econbiz.de/10000615420
Persistent link: https://www.econbiz.de/10001269956
Persistent link: https://www.econbiz.de/10001269960
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
Persistent link: https://www.econbiz.de/10012471756
rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet effects for total external … excess capital out flows during this period, the impact on external balance sheet positions was mitigated by valuation gains …. This is because, in contrast with past financial crises, many emerging markets did not experience negative external balance …
Persistent link: https://www.econbiz.de/10012629497
The decade from 1985 to 1995 was an unprecedented period of declining barriers to global trade. The reform wave was especially pronounced in developing countries where overvalued currencies were eliminated, quantitative import restrictions dismantled, and import tariffs reduced. What accounts...
Persistent link: https://www.econbiz.de/10013191068
With the mounting U.S. trade deficit, much attention has centered on the role of U.S. macroeconomic policy and economic structure as contributing factors. This paper contends that the economic structure and policies of Japan have also done much to contribute to the trade imbalance. Institutional...
Persistent link: https://www.econbiz.de/10012476958
on the proper definition of external balance. Since the first descriptions of the price-specie-flow mechanism in Humes … time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign … budget surplus, a working definition of external balance might be a current account that maintains the highest possible …
Persistent link: https://www.econbiz.de/10012476993
partial-adjustment-to-target behavior typically postulated in the monetary approach literature. The existence of a rational expectations equilibrium in which the distribution of international reserves among central banks is stationary is established
Persistent link: https://www.econbiz.de/10012477127
This paper incorporates international capital flows into a two-country, monetary-general-equilibrium model of asset prices with investment and production. We use the model to calculate theoretical covariances between investment, the current account, the exchange rate, and the terms of...
Persistent link: https://www.econbiz.de/10012477484