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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - William Davidson Institute, University of Michigan - 2004
currencies, but not in the case of three. In our model, central banks of leading currencies attract, through the workings of …
Persistent link: https://www.econbiz.de/10005677454
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Exchange Rate Policy and Inflation in Acceding Countries: The Role of Pass-through
Coricelli, Fabrizio; Jazbec, Boštjan; Masten, Igor - William Davidson Institute, University of Michigan - 2004
This paper analyzes the link between the choice of exchange rate regime and inflationary performance in four acceding countries to the EU: the Czech Republic, Hungary, Poland and Slovenia. The results allow a clear ranking of countries according to the size of the pass-through effect and the...
Persistent link: https://www.econbiz.de/10005677690
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Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India
Bhaumik, Sumon Kumar; Dang, Vinh; Kutan, Ali M. - William Davidson Institute, University of Michigan - 2010
banks with different ownerships. In this paper, using bank-level data from India, we examine this issue and also test … whether the reaction of different types of banks (i.e., private, state and foreign) to monetary policy changes is different in … types of banks to monetary policy initiatives of the central bank and the bank lending channel of monetary policy might be …
Persistent link: https://www.econbiz.de/10008606477
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Banking Passivity And Regulatory Failure In Emerging Markets: Theory And Evidence From The Czech Republic.
Hanousek, Jan; Roland, Gerard - William Davidson Institute, University of Michigan - 2001
We present a model of bank passivity and regulatory failure. Banks with low equity positions have more incentives to be … higher rate of interest in order to attract deposits compared to banks that are not in distress. Therefore, higher deposit … importance of asymmetric information between banks and the regulator and suggests the usefulness of looking at deposit rate …
Persistent link: https://www.econbiz.de/10005784685
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Unlocking Productive Entrepreneurship in Ethiopia: Which Incentives Matter?
Brixiova, Zuzana; Asaminew, Emerta - William Davidson Institute, University of Michigan - 2010
entrepreneurial start ups in an economy with frictions in the product and labor markets and a large informal sector, which …
Persistent link: https://www.econbiz.de/10009001055
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Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States
Chobanov, Peter; Lahiani, Amine; Nenovsky, Nikolay - William Davidson Institute, University of Michigan - 2010
When the first phase of the crisis focused primarily on the interbank market volatility, the second phase spread on the instability of public finance. Although the overall stance of public finances of the new members is better than the old member countries, the differences within the new group...
Persistent link: https://www.econbiz.de/10009001053
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Financial stability, monetary autonomy and fiscal interference: Bulgaria in search of its way, 1879-1913
Dimitrova, Kalina; Fantacci, Luca - William Davidson Institute, University of Michigan - 2010
The Bulgarian monetary system was established, immediately after independence. Having experienced it already under Ottoman rule, newly independent Bulgaria adopted the bimetallic standard. Without being a member of the Latin Monetary Union, it tried broadly to follow the principles of the...
Persistent link: https://www.econbiz.de/10008528991
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Determinants of Exchange Rate Practices in the MENA Countries: Some Further Empirical Results
Daly, Sfia M.; Sami, Mouley - William Davidson Institute, University of Michigan - 2009
This paper analyses the determinants of exchange rate practices in 15 MENA countries for the 1977- 2007 period placing special emphasis on structural and macroeconomic explanations. We use three different exchange rate regime classifications in order to avoid potentially misleading...
Persistent link: https://www.econbiz.de/10008529036
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Credit Market Disequilibrium in Poland: Can We Find What We Expect? Non-Stationarity and the “Min”Condition
Hurlin, Christophe; Kierzenkowski, Rafal - William Davidson Institute, University of Michigan - 2003
This paper presents an empirical investigation of the disequilibrium hypothesis on the Polish loan market in the 1990s. Using data over this period of deep transition, we estimate a disequilibrium model with a standard maximum likelihood method. However, the estimates are highly...
Persistent link: https://www.econbiz.de/10005489927
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Credibility and adjustment: gold standards versus currency boards
Desquilbet, Jean Baptiste; Nenovsky, Nikolay - William Davidson Institute, University of Michigan - 2004
It is often maintained that currency boards (CBs) and gold standards (GSs) are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of automatic adjustment (non discretionary) mechanism. This article...
Persistent link: https://www.econbiz.de/10005651485