Showing 1 - 10 of 34
The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and...
Persistent link: https://www.econbiz.de/10010320867
The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and...
Persistent link: https://www.econbiz.de/10005233021
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF...
Persistent link: https://www.econbiz.de/10010320826
Central banks actively engage in sterilized foreign exchange market intervention despite numerous empirical studies indicating that these operations do not systematically affect the exchange rate. Are these policies misguided and central bankers irrational? Or is evidence showing the...
Persistent link: https://www.econbiz.de/10010320836
This paper examines the implications for the Nordic Countries (Denmark, Finland, Norway and Sweden) of participating in the finan stage of the European Monetary Union. Economic linkages with Germany are estimated using a time series approach under both the Bretton Woods and the post-Bretton...
Persistent link: https://www.econbiz.de/10010320841
Financial stability in Europe has received renewed attention with the advent of a common currency, wave of mergers and acquisitions among financial institutions, and greater market competition (e.g. ECB, 1999; IMF, 1999; OECD, 1999). This paper examines whether EU country banking systems are...
Persistent link: https://www.econbiz.de/10010320853
Using a unique intervention news data set, this paper investigates the impact of ECB intervention and intervention-related news (newswire reports) on the euro exchange rate. A time-series study of news generated by ECB officials and market participants regarding intervention and the value of the...
Persistent link: https://www.econbiz.de/10010320892
Studies of central bank intervention are complicated by the fact that we typically observe intervention only during periods of turbulent exchange markets. Furthermore, entering the market during these particular periods is a conscious "self-selection" choice made by the intervening central bank....
Persistent link: https://www.econbiz.de/10010320893
Questions over the role of the IMF in the economic development and adjustment in developing countries have been the topic of intensive research and debate in recent years. Although most studies find that participation in an IMF program helps facilitate balance of payments adjustment, research in...
Persistent link: https://www.econbiz.de/10010320896
Persistent link: https://www.econbiz.de/10010320916