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The Level REER model in the External Balance Assessment (EBA) Methodology
Mano, Rui - 2019
This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rates. It constructs a measure of the level of the REER and it offers a panel...
Persistent link: https://www.econbiz.de/10014407835
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Foreign Reserve Adequacy in sub-Saharan Africa
Fund, International Monetary - 2008
reserves by comparing the cost of holding reserves with their benefits as an insurance against a shock. We find that the …
Persistent link: https://www.econbiz.de/10012677596
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International Reserves and Self-Insurance against External Shocks
Barnichon, Régis - 2008
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper develops an analytical...
Persistent link: https://www.econbiz.de/10012677607
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International Reserves in Low Income Countries
Fund, International Monetary - 2012
nature of the shock, the economy's structural characteristics, and the level of reserves …
Persistent link: https://www.econbiz.de/10012677541
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Analysis of the Yield on Foreign Exchange Bearer Certificates : Rationality and Financial Behavior in Pakistan
Abdel-Motaal, Karim - 1994
, monetary and fiscal issues, global liquidity, and national and international economic developments …
Persistent link: https://www.econbiz.de/10014409370
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A Model of Sovereign Debt in Democracies
Alichi, Ali - 2008
This paper develops and empirically tests a political economy model of sovereign debt. The main incentive for repaying sovereign debt is to maintain access to international capital markets. However, in a democracy, one generation may choose default regardless of its consequences for future...
Persistent link: https://www.econbiz.de/10012677458
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The Cost of Aggressive Sovereign Debt Policies
Trebesch, Christoph - 2009
This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default...
Persistent link: https://www.econbiz.de/10012677723
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Debt Dynamics and Global Imbalances
Meredith, Guy - 2007
We use a general-equilibrium model to explain the rise in global trade and payments imbalances since the mid-1990s, and then to construct adjustment paths to a steady state. Assuming that the shocks giving rise to the imbalances do not suddenly reverse, simulated movements in the U.S. trade...
Persistent link: https://www.econbiz.de/10012677847
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Public debt dynamics : the effects of austerity, inflation, and growth shocks
Cherif, Reda; Hasanov, Fuad - 2012
austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically … significant. In a weak economic environment, the likelihood of a self-defeating austerity shock is much higher than in normal … times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …
Persistent link: https://www.econbiz.de/10009622446
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Transmission of Liquidity Shocks
Hesse, Heiko - 2008
The recent credit crisis started as a credit shock and then rapidly promulgated in the form of market and funding …
Persistent link: https://www.econbiz.de/10012678160