Similar Search Results

The Transfer Problem Revisited; Net Foreign Assets and Real Exchange Rates

Milesi-Ferretti, Gian-Maria; Lane, Philip R. - International Monetary Fund (IMF) - 2000

The relationship between international payments and the real exchange rate—the “transfer problem”—is a classic question in international economics. We use new data on countries’ net external positions together with real exchange rate data to shed light on this question. We present a...

Persistent link: https://www.econbiz.de/10005825933

From Fixed to Float; Operational Aspects of Moving towards Exchange Rate Flexibility

Fernandez, Gilda; Karacadag, Cem; Duttagupta, Rupa - International Monetary Fund (IMF) - 2004

This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with...

Persistent link: https://www.econbiz.de/10005826173

Czech Koruna and Polish Zloty; Spot and Currency Option Volatility Patterns

Morales, Armando Méndez - International Monetary Fund (IMF) - 2001

the global currency market. However, exchange rate volatility patterns differ: Lower volatility is observed for the koruna … reflected in the behavior of their implied volatility. …

Persistent link: https://www.econbiz.de/10005826189

Exchange Rates, Country Preferences, and Gold

Isard, Peter; Taylor, Mark P.; Dooley, Michael P. - International Monetary Fund (IMF) - 1992

This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence,...

Persistent link: https://www.econbiz.de/10005826213

Foreign Exchange Market Volatility in Eu Accession Countries in the Run-Up to Euro Adoption; Weathering Uncharted Waters

Székely, István P.; Kóbor, Ãdám - International Monetary Fund (IMF) - 2004

The paper analyzes foreign exchange market volatility in four Central European EU accession countries in 2001-2003. By … using a Markov regime-switching model, it identifies two regimes representing high- and low-volatility periods. The … the Czech koruna-Slovak koruna) in the high-volatility period. The paper concludes by discussing the policy implications …

Persistent link: https://www.econbiz.de/10005826312

A Puzzle of Microstructure Market Maker Models

Romeu, Rafael - International Monetary Fund (IMF) - 2004

This study addresses the empirical viability of microstructure models of dealer price setting. New evidence is presented rejecting these models' specifications of how information asymmetry and inventory accumulation affect dealer pricing. This rejection is consistent with those of other...

Persistent link: https://www.econbiz.de/10005826395

Official Intervention in the Foreign Exchange Market; Elements of Best Practice

Kriljenko, Jorge Iván Canales; Karacadag, Cem; … - International Monetary Fund (IMF) - 2003

This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing,...

Persistent link: https://www.econbiz.de/10005826478

Were Bid-Ask Spreads in the Foreign Exchange Market Excessive During the Asian Crisis?

Becker, Törbjörn I.; Sy, Amadou N. R. - International Monetary Fund (IMF) - 2005

of excessive spreads. The result is largely explained by the substantial increase in exchange rate volatility during the …

Persistent link: https://www.econbiz.de/10005826576

The Impact of Oil-Related Incomeon the Equilibrium Real Exchange Rate in Syria

Dridi, Jemma; Hasan, Maher - International Monetary Fund (IMF) - 2008

This paper examines the impact of oil-related income, among other fundamentals, on the equilibrium real effective exchange rate (ERER) in Syria. After reviewing the evolution of the Syrian multiple exchange rate regime since 1960 and assessing alternative measures for the exchange rate, the...

Persistent link: https://www.econbiz.de/10005826611

How Do Countries Choose their Exchange Rate Regime?

Poirson, Hélène - International Monetary Fund (IMF) - 2001

This paper investigates the determinants of exchange rate regime choice in 93 countries during 1990-98. Cross-country analysis of variations in international reserves and nominal exchange rates shows that (i) truly fixed pegs and independent floats differ significantly from other regimes and...

Persistent link: https://www.econbiz.de/10005826624