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A Balance Sheet Approach to Financial Crisis

Setser, Brad; Roubini, Nouriel; Keller, Christian; … - International Monetary Fund (IMF) - 2002

The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...

Persistent link: https://www.econbiz.de/10005825923

Exchange Rate Policy and Debt Crises in Emerging Economies

Montiel, Peter; Jahjah, Samir - International Monetary Fund (IMF) - 2003

We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg...

Persistent link: https://www.econbiz.de/10005826111

Dual Currency Boards; A Proposal for Currency Stability

Oppers, Stefan E. - International Monetary Fund (IMF) - 2000

This paper shows that extending the convertibility guarantee of the traditional currency board to a second reserve currency brings about an automatic, market-driven change of the peg when the initial reserve currency appreciates beyond a specified level. The “dual” currency board thus...

Persistent link: https://www.econbiz.de/10005826437

Currency Boards, Credibility, and Macroeconomic Behavior

Sy, Amadou N. R.; Rivera-Batiz, Luis - International Monetary Fund (IMF) - 2000

currency boards’ effectiveness hinges on their credibility properties and that they can improve welfare even with high …

Persistent link: https://www.econbiz.de/10005768949

The Eastern Caribbean Central Bank; Challenges to An Effective Lender of Last Resort

Druck, Pablo; Dehesa, Mario - International Monetary Fund (IMF) - 2008

The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of...

Persistent link: https://www.econbiz.de/10005769190

Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union

Pineda, Emilio; Cashin, Paul; Sun, Yan - International Monetary Fund (IMF) - 2009

This paper uses three methods to assess movements of real exchange rates in the ECCU over time. First, the purchasing power parity hypothesis is tested and then used to provide a benchmark for equilibrium real exchange rates in the region. Second, a fundamentals-based equilibrium real exchange...

Persistent link: https://www.econbiz.de/10004999972

Limits of Floating Exchange Rates; The Role of Foreign Currency Debt and Import Structure

Towbin, Pascal; Weber, Sebastian - International Monetary Fund (IMF) - 2011

A traditional argument in favor of flexible exchange rates is that they insulate output better from real shocks, because the exchange rate can adjust and stabilize demand for domestic goods through expenditure switching. This argument is weakened in models with high foreign currency debt and low...

Persistent link: https://www.econbiz.de/10008876591

U.S. Inflation Dynamics : What Drives Them Over Different Frequencies?

Balakrishnan, Ravi - 2006

Persistent link: https://www.econbiz.de/10012691119

Policy Credibility and Sovereign Credit--The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature …)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique … experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key …

Persistent link: https://www.econbiz.de/10012677845

Inflation Targeting Under Imperfect Policy Credibility

Fund, International Monetary - 2009

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function …

Persistent link: https://www.econbiz.de/10012677693

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