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Stigma? What stigma? A contribution to the debate on financial market effects of IMF lending
Scheubel, Beatrice; Tafuro, Andrea; Vonessen, Benjamin - 2018
expectations of adverse effects of IMF programmes may deter countries from asking for an IMF programme when they need one, a form … of "IMF stigma". We explore the existence of IMF financial market stigma using monthly data by estimating how and to … affects subsequent IMF programme participation. Our results, derived with event history techniques and propensity score …
Persistent link: https://www.econbiz.de/10012142042
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Stigma? What Stigma? A Contribution to the Debate on Financial Market Effects of IMF Lending
Scheubel, Beatrice; Tafuro, Andrea; Vonessen, Benjamin - 2021
expectations of adverse effects of IMF programmes may deter countries from asking for an IMF programme when they need one, a form … of ̒IMF stigma̓. We explore the existence of IMF financial market stigma using monthly data by estimating how and to … affects subsequent IMF programme participation. Our results, derived with event history techniques and propensity score …
Persistent link: https://www.econbiz.de/10013315384
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...
Persistent link: https://www.econbiz.de/10011604354
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Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies
Beck, Roland; Rahbari, Ebrahim - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and "transaction demands" caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to reserve...
Persistent link: https://www.econbiz.de/10011604962
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Internal devaluation in currency unions: The role of trade costs and taxes
Petroulakis, Filippos - 2017
This paper studies export adjustment to negative shocks in currency unions. I consider the hitherto ignored role of trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the recent euro periphery crisis. Trade costs can limit the...
Persistent link: https://www.econbiz.de/10011667219
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The global financial cycle and capital flow episodes: A wobbly link?
Scheubel, Beatrice; Stracca, Livio; Tille, Cédric - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012389540
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Internal Devaluation in Currency Unions : The Role of Trade Costs and Taxes
Petroulakis, Filippos - 2017
This paper studies export adjustment to negative shocks in currency unions. I consider the hitherto ignored role of trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the recent euro periphery crisis. Trade costs can limit the...
Persistent link: https://www.econbiz.de/10012956287
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Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies
Beck, Roland - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and quot;transaction demandsquot; caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to...
Persistent link: https://www.econbiz.de/10012771394
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The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?
Scheubel, Beatrice - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012858258
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Internal Devaluation in Currency Unions : The Role of Trade Costs and Taxes
Petroulakis, Filippos - 2022
This paper studies export adjustment to negative shocks in currency unions. I consider the hitherto ignored role of trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the recent euro periphery crisis. Trade costs can limit the...
Persistent link: https://www.econbiz.de/10013308556