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Transmission of Financial Stress in Europe: The Pivotal Role of Italy and Spain, but not Greece
González-Hermosillo, Brenda; Johnson, Christian A - International Monetary Fund (IMF) - 2014
This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines how key European … sovereign credit default swap (CDS) spreads affect each other; specifically, the paper analyses the volatility structure of … explaining each other’s volatility while Germany also plays an important role. It is found that extreme bad news led to …
Persistent link: https://www.econbiz.de/10011142190
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Determinants of Inflation in the Islamic Republic of Iran; A Macroeconomic Analysis
Liu, O.; Adedeji, Olumuyiwa - International Monetary Fund (IMF) - 2000
This study establishes a framework for analyzing the major determinants of inflation in the Islamic Republic of Iran. An empirical model was estimated by taking into consideration disequilibria in the markets for money, foreign exchange, and goods. Results strongly support the need for a...
Persistent link: https://www.econbiz.de/10005825654
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Sustaining Latin America's Resurgence; Some Historical Perspectives
Singh, Anoop; Cerisola, Martin D. - International Monetary Fund (IMF) - 2006
This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster...
Persistent link: https://www.econbiz.de/10005825672
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Can Higher Reserves Help Reduce Exchange Rate Volatility?
Nowak, M.; Hviding, Ketil; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2004
This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging … introduced in the regressions to account for other factors affecting exchange rate volatility (monetary and external indicators … exchange rate regime, since the regime can affect both the level of reserves and exchange rate volatility. The results provide …
Persistent link: https://www.econbiz.de/10005825686
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Capital Inflows; Macroeconomic Implications and Policy Responses
Elekdag, Selim; Kose, M. Ayhan; Cardarelli, Roberto - International Monetary Fund (IMF) - 2009
This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large...
Persistent link: https://www.econbiz.de/10005825695
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The Credibility of Nordic Exchange Rate Bands: 1987-1991
Geadah, Sami; Svensson, Lars E. O.; Saavalainen, Tapio - International Monetary Fund (IMF) - 1992
The credibility of the exchange rate bands in the Nordic countries during 1987-91 is examined with two tests. The results suggest that the credibility of Finland’s exchange rate band within a twelve-month horizon could not be rejected except in the fall of 1991; however, the band lacked...
Persistent link: https://www.econbiz.de/10005825696
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The Euro's Challenge to the Dollar; Different Views From Economists and Evidence From Cofer (Currency Composition of Foreign Exchange Reserves) and Other Data
Lim, Ewe-Ghee - International Monetary Fund (IMF) - 2006
This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view emphasizes Europe's large economy and diversification effects as undergirding a vigorous challenge. The other emphasizes "network externalities," particularly undergirding continued...
Persistent link: https://www.econbiz.de/10005825711
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Equilibrium Exchange Rates; Assessment Methodologies
Isard, Peter - International Monetary Fund (IMF) - 2007
The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data for the United States as of 2006, illustrates that different approaches sometimes provide...
Persistent link: https://www.econbiz.de/10005825724
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New Shocks, Exchange Rates and Equityprices
Cova, Pietro; Rebucci, Alessandro; Matsumoto, Akito; … - International Monetary Fund (IMF) - 2008
volatility of the underlying processes-a positive correlation between news and current shocks. This condition also explains why …
Persistent link: https://www.econbiz.de/10005825757
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Aggregation of Economic Indicators Across Countries; Exchange Rate versus PPP Based GDP Weights
Schulze-Gattas, Marianne; Gulde, Anne Marie - International Monetary Fund (IMF) - 1992
Relative GDP shares are frequently used as weights in aggregations. In order to ensure that these weights reflect countries’ shares in real output, GDP data in national currencies should be converted into a common numeraire currency at purchasing power parity (PPP) rates. A review of the...
Persistent link: https://www.econbiz.de/10005825834