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Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008–09?
Alp, Harun - 2012
Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis...
Persistent link: https://www.econbiz.de/10013111411
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Shock Therapy! What Role for Thai Monetary Policy?
Alp, Harun - 2012
Thailand had to endure three major shocks during 2008-2011: the global financial crisis, the Japanese earthquake, and … the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT … added up to a total of 4 percentage points to real GDP growth during periods when Thailand had to weather these three major …
Persistent link: https://www.econbiz.de/10013096276
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Banks in the Global Integrated Monetary and Fiscal Model
Andrle, Michal - 2015
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF, GIMF with a conventional financial accelerator, where bank balance sheets do not...
Persistent link: https://www.econbiz.de/10013016607
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Inflation Targeting and Exchange Rate Regimes in Emerging Markets
Ebeke, Christian - 2016
This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption...
Persistent link: https://www.econbiz.de/10013002150
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Emerging Economy Business Cycles : Financial Integration and Terms of Trade Shocks
Bhattacharya, Rudrani - 2017
This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle...
Persistent link: https://www.econbiz.de/10012950443
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Temporary Import Tariffs, the Real Exchange Rate and the Current Account
Edwards, Sebastian - 2006
In this paper a general equilibrium intertemporal model with optimizing consumers and producers is developed to analyze how the imposition of a temporary import tariff affects the path of real exchange rates and the current account. The model is completely real, and considers a small open...
Persistent link: https://www.econbiz.de/10012781081
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Evolution of Exchange Rate Behavior in the ASEAN-5 Countries
Klyuev, Vladimir - 2016
, and Thailand). It finds that for the last 10 years there is no evidence that their central banks target particular …
Persistent link: https://www.econbiz.de/10012977802
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Weather Shocks and Exchange Rate Flexibility
Elekdag, Selim Ali; Tuuli, Maxwell - 2022
This paper assesses the stabilization properties of fixed versus flexible exchange rate regimes and aims to answer this research question: Does greater exchange rate flexibility help an economy’s adjustment to weather shocks? To address this question, the impact of weather shocks on real per...
Persistent link: https://www.econbiz.de/10014030697
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Capital Inflows, Exchange Rate Flexibility, and Credit Booms
Magud, Nicolás E. - 2012
The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow...
Persistent link: https://www.econbiz.de/10013110098
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Uncertainty, Financial Frictions and Nominal Rigidities : A Quantitative Investigation
Cesa-Bianchi, Ambrogio - 2017
Are uncertainty shocks a major source of business cycle fluctuations? This paper studies theeffect of a mean preserving shock to the variance of aggregate total factor productivity(macro uncertainty) and to the dispersion of entrepreneurs' idiosyncratic productivity (microuncertainty) in a...
Persistent link: https://www.econbiz.de/10012944962