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The Impact of the Global Crisison South-Eastern Europe

Spadafora, Francesco; Cocozza, Emidio; Colabella, Andrea - International Monetary Fund (IMF) - 2011

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

Persistent link: https://www.econbiz.de/10009401192

Modeling with Macro-Financial Linkages; Credit and Policy Shocks in Emerging Markets

Benes, Jaromir; Ötker, Inci; Vávra, David - International Monetary Fund (IMF) - 2009

This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated...

Persistent link: https://www.econbiz.de/10008528675

FX Swaps; Implications for Financial and Economic Stability

Ong, Li L.; Barkbu, Bergljot - International Monetary Fund (IMF) - 2010

FX swap market in the second-half of 2007 and into 2008, giving rise to concerns over the ability of banks to roll over … their funding requirements and manage their liquidity risk. The turmoil also raised questions about banks' ability to … highlight the strategies central banks can employ to mitigate market pressures. While not offering any judgment on the …

Persistent link: https://www.econbiz.de/10008519490

The Credit Boom in the EU New Member States; Bad Luck or Bad Policies?

International Monetary Fund (IMF); International … - 2010

In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region (â€œbad luckâ€). Rapid credit growth followed from a high liquidity in...

Persistent link: https://www.econbiz.de/10008560433

Safeguarding Banks and Containing Property Booms; Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR

Nabar, Malhar; Ahuja, Ashvin - International Monetary Fund (IMF) - 2011

We assess the effectiveness of macroprudential policies against a number of different indicators of property sector activity and financial stability. At the cross-country level the use of LTV caps decelerates property price growth. Both LTV and DTI caps slow property lending growth. LTV caps...

Persistent link: https://www.econbiz.de/10009370550

Fundamentals At Odds? T+L4130he U.S. Current Account Deficit and the Dollar

Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2008

The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further...

Persistent link: https://www.econbiz.de/10005263821

What Caused the 1991 Currency Crisis in India?

Saxena, Sweta Chaman; Cerra, Valerie - International Monetary Fund (IMF) - 2000

Did real overvaluation contribute to the 1991 currency crisis in India? This paper seeks an answer by constructing the equilibrium real exchange rate, using an error correction model and a technique developed by Gonzalo and Granger (1995). The results are affirmative and the evidence indicates...

Persistent link: https://www.econbiz.de/10005263897

Australia and New Zealand Exchange Rates; A Quantitative Assessment

Edison, Hali J.; Vitek, Francis - International Monetary Fund (IMF) - 2009

The paper describes three empirical models commonly used to conduct exchange rate assessments and applies them to data for Australia and New Zealand. The baseline results using data and mediumterm projections available as of October 2008, suggest that the Australian and New Zealand dollars were...

Persistent link: https://www.econbiz.de/10005263907

Mauritius; A Competitiveness Assessment

Minoiu, Camelia; Imam, Patrick A. - International Monetary Fund (IMF) - 2008

We assess the competitiveness of Mauritius in recent years using two approaches. First, we estimate the difference between the equilibrium and the actual real exchange rate using four methods: the macroeconomic balance approach, the single-equation fundamentals approach, the capital-enhanced...

Persistent link: https://www.econbiz.de/10005264133

The Equilibrium Real Exchange Rate in a Commodity Exporting Country; Algeria's Experience

Koranchelian, Taline - International Monetary Fund (IMF) - 2005

Drawing on the existing literature, I estimate a long-run equilibrium real exchange rate path for Algeria. I find that the Balassa-Samuelson effect together with real oil prices explain the long-run evolution of the equilibrium real exchange rate in Algeria. The half-life of the deviation of the...

Persistent link: https://www.econbiz.de/10005264180

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