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CAPITAL ACCOUNT LIBERALIZATION AND EXCHANGE RATE REGIME CHOICE, WHAT SCOPE FOR FLEXIBILITY IN TUNISIA?
Sami, BEN ALI Mohamed - William Davidson Institute, University of Michigan - 2006
Capital account liberalization and exchange rate regime choice, what scope for flexibility in Tunisia? This study evaluates within a game-theoretic framework the exchange rate regime from a welfare perspective. In a tradable-nontradable goods model framework, Tunisia’s exchange rate regime...
Persistent link: https://www.econbiz.de/10005784612
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Exchange Rate Pass-Through in Transition Economies: The Case of the Republic of Macedonia
Fetai, Besnik - William Davidson Institute, University of Michigan - 2011
This paper investigates the relative costs and benefits associated with introducing a different exchange rate regime in the Republic of Macedonia. In this finding, all econometrics results, using different methodologies (SVAR and VECM), show that introducing a different strategy of the exchange...
Persistent link: https://www.econbiz.de/10010545920
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The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate: Evidence from South Africa
Egert, Balazs - William Davidson Institute, University of Michigan - 2009
This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollareuro exchange rate on...
Persistent link: https://www.econbiz.de/10008529003
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Yuan Real Exchange Rate Undervaluation, 1997-2006. How Much, How Often? Not Much, Not Often
Chen, Jeff; Deng, Wende; Kemme, David - William Davidson Institute, University of Michigan - 2008
Yuan real effective exchange rate misalignment is esitimated in a behavioral equilibrium exchange rate (BEER) model for the period 1997 to third quarter 2007. Using the Beveridge-Nelson decomposition a vector error correction model (VECM) of the exchange rate as a function of macroeconomic...
Persistent link: https://www.econbiz.de/10008529011
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Inflation Differentials in EU New Member States: An Empirical Evidence
Horvath, Roman; Koprnicka, Kamila - William Davidson Institute, University of Michigan - 2008
In this paper, we examine the determinants of inflation differentials in a panel of the newEuropean Union member states vis-à-vis the euro area in 1997-2007. Our main results are as follows. Exchange rate appreciation and higher price level in the new EU members is associated with narrower...
Persistent link: https://www.econbiz.de/10008529013
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Central Bank Communication and Exchange Rate Volatility: A GARCH Analysis
Horvath, roman; Fiser, Radovan - William Davidson Institute, University of Michigan - 2009
We examine the effects of the Czech National Bank communication, macroeconomic news and interest rate differential on exchange rate volatility using generalized autoregressive conditional heteroscedasticity model. Our results suggest that central bank communication has a calming effect on...
Persistent link: https://www.econbiz.de/10008529015
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Inflation Differentials in the Euro Area and their Determinants – an empirical view
Aldasoro, Juan Ignacio; Žďárek, Václav - William Davidson Institute, University of Michigan - 2009
In this paper, we present evidence on the statistical features of observed dispersion in HICP inflation rates in the Euro area. Our descriptive exercise shows that there is still a remarkable dispersion of HICP inflation rates across the member countries. We find that most of dispersion...
Persistent link: https://www.econbiz.de/10008529024
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Job Reallocation and Productivity Growth under Alternative Economic Systems and Policies: Evidence from the Soviet Transition
Brown, J. David; Earle, John S. - William Davidson Institute, University of Michigan - 2002
Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … Russia displayed job flow behavior quite different from market economies, with very low rates of job reallocation that bore … reforming Russia than in “gradualist” Ukraine, as did the estimated effects of privatization and competitive pressures from …
Persistent link: https://www.econbiz.de/10005207903
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BANKING REFORM IN RUSSIA: A WINDOW OF OPPORTUNITY?
Chowdhury, Abdur - William Davidson Institute, University of Michigan - 2003
Only a successful implementation of an overall reform program will enable Russian banks to provide financial intermediation and assist in the country's development from a nascent market economy to a mature financial system. The chances for reform are better now than at any time during the last...
Persistent link: https://www.econbiz.de/10005207904
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Small business in Russia: A Case Study of St. Petersburg
Kihlgren, Alessandro - William Davidson Institute, University of Michigan - 2002
The reasons why small business development has been disappointing in Russia compared with other transition countries …
Persistent link: https://www.econbiz.de/10005207905