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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 …, and goods. Results strongly support the need for a sustained prudent monetary policy in order to reduce inflation and … inflation that, in turn, intensifies asset substitution (from money to foreign exchange), thereby weakening real demand for …
Persistent link: https://www.econbiz.de/10005825654
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New Shocks, Exchange Rates and Equityprices
Cova, Pietro; Rebucci, Alessandro; Matsumoto, Akito; … - International Monetary Fund (IMF) - 2008
We study exchange rate and equity price dynamics, in general equilibrium, in the presence of news shocks about future productivity and monetary policy. We identify a condition under which these asset prices become more volatile without affecting the volatility of the underlying processes-a...
Persistent link: https://www.econbiz.de/10005825757
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Determinants of Foreign Currency Borrowing in the New Member States of the EU
Rosenberg, Christoph B.; Tirpák, Marcel - International Monetary Fund (IMF) - 2008
The paper investigates the determinants of foreign currency borrowing by the private sector in the new member states of the European Union. We find that striking differences in patterns of foreign currency borrowing between countries are explained by the loan-to-deposit ratios, openness, and the...
Persistent link: https://www.econbiz.de/10005825762
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Exchange Rate Policy and Liability Dollarization; What Do the Data Reveal About Causality?
Berkmen, Pelin; Cavallo, Eduardo A. - International Monetary Fund (IMF) - 2007
The paper identifies the contemporaneous relationship between exchange rate policy and liability dollarization using three different definitions of dollarization. The presence of endogeneity makes the empirical identification elusive. We use identification through heteroskedasticity to solve the...
Persistent link: https://www.econbiz.de/10005825931
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Monetary Transmission Mechanisms in Belarus
Maino, Rodolfo; Horváth, Balázs - International Monetary Fund (IMF) - 2006
inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission …
Persistent link: https://www.econbiz.de/10005825964
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Why Has the Euro Been so Weak?
Meredith, Guy - International Monetary Fund (IMF) - 2001
The weakness of the euro has been surprising given the widely-held expectation that it would be a strong currency. This paper critically examines explanations for the slide in the euro, finding that many are questionable on conceptual or empirical grounds. Two explanations are instead advanced...
Persistent link: https://www.econbiz.de/10005825992
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Exchange Rate Pass-Through in Brazil
Belaisch, Agnes - International Monetary Fund (IMF) - 2003
In the last two years the real has undergone a large depreciation and the central bank has missed its inflation target … in 2002 for the second year in a row. Inflation, however, has increased much less than the rate of currency depreciation … and the pickup in inflation in the last quarter of 2002 raises the question of whether the exchange rate passthrough has …
Persistent link: https://www.econbiz.de/10005826043
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Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through
Hunt, Ben; Isard, Peter - International Monetary Fund (IMF) - 2003
The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass-through for the conduct of monetary policy. From the policymaker's perspective, uncertainty about exchange rate pass-through implies uncertainty about policy multipliers and the impact of state variables on...
Persistent link: https://www.econbiz.de/10005826051
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Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime
International Monetary Fund (IMF); International … - 2002
Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy,...
Persistent link: https://www.econbiz.de/10005826081
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An Institutional Framework for Comparing Emerging Market Currency Boards
Gilson, Marie-Thérèse Camilleri - International Monetary Fund (IMF) - 2004
This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers...
Persistent link: https://www.econbiz.de/10005826104