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The importance of the exchange rate regime in limiting current account imbalances in sub-Saharan African countries
Gnimassoun, Blaise - In: Journal of International Money and Finance 53 (2015) C, pp. 36-74
One of the major current concerns of economic policy in developing countries is the choice of the appropriate exchange rate regime to consolidate and accelerate the pace of economic growth. This paper aims to investigate whether the choice of a country's exchange rate regime may affect current...
Persistent link: https://www.econbiz.de/10011263956
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The effect of IMF lending on the probability of sovereign debt crises
Jorra, Markus - In: Journal of International Money and Finance 31 (2012) 4, pp. 709-725
This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5–2 percentage points. These results cannot be attributed to...
Persistent link: https://www.econbiz.de/10010577046
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Current account imbalances and financial integration in the euro area
Schmitz, Birgit; von Hagen, Jürgen - In: Journal of International Money and Finance 30 (2011) 8, pp. 1676-1695
capital flows among the euro-area countries. We distinguish between balances against the euro zone and the rest of the world … of the euro zone. This increase can neither be observed for the flows between the euro members and the rest of the world …
Persistent link: https://www.econbiz.de/10011048534
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Financial flows, financial crises, and global imbalances
Obstfeld, Maurice - In: Journal of International Money and Finance 31 (2012) 3, pp. 469-480
In this lecture I document the proliferation of gross international asset and liability positions and discuss some consequences for individual countries’ external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and the...
Persistent link: https://www.econbiz.de/10010577034
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Sovereign default risk and state-dependent twin deficits
Hürtgen, Patrick; Rühmkorf, Ronald - In: Journal of International Money and Finance 48 (2014) PB, pp. 357-382
This paper analyzes the impact of the government debt-to-GDP ratio on the correlation of the fiscal balance and the … current account. Above a government debt-to-GDP ratio of 90 percent the correlation of the two balances decreases by 0.16 in a … economy model with defaultable government debt and riskless international capital markets to explain the empirical evidence of …
Persistent link: https://www.econbiz.de/10011077087
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Current accounts and financial flows in the euro area
Hobza, Alexandr; Zeugner, Stefan - In: Journal of International Money and Finance 48 (2014) PB, pp. 291-313
We construct a new database of bilateral financial flows among euro area countries and their major world partners and …
Persistent link: https://www.econbiz.de/10011077100
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Thousands of models, one story: Current account imbalances in the global economy
Ca’ Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - In: Journal of International Money and Finance 31 (2012) 6, pp. 1319-1338
The global financial crisis has led to a revival of the empirical literature on current account imbalances. This paper contributes to that literature by investigating the importance of evaluating model and parameter uncertainty prior to reaching any firm conclusion. We explore three alternative...
Persistent link: https://www.econbiz.de/10010599351
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Do capital importing countries pay higher prices for their imports of goods?
Adam, Antonis; Moutos, Thomas - In: Journal of International Money and Finance 40 (2014) C, pp. 95-108
We examine the effects that a country's net capital flows have on the (border) prices that a country pays for its imports of goods. Using data from 2000 to 2009 for 11 euro area countries we utilize a pricing-to-market specification to study exporters' pricing behavior to the rest of the...
Persistent link: https://www.econbiz.de/10010719326
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The offshore renminbi exchange rate: Microstructure and links to the onshore market
Cheung, Yin-Wong; Rime, Dagfinn - In: Journal of International Money and Finance 49 (2014) PA, pp. 170-189
The offshore renminbi (CNH) exchange rate is the exchange rate of the Chinese currency transacted outside China. We study the CNH exchange rate dynamics and its links with onshore exchange rates (CNY). Using a specialized microstructure dataset, we find that CNH is significantly affected by its...
Persistent link: https://www.econbiz.de/10011077097
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The relationship between investment and large exchange rate depreciations in dollarized economies
Carranza, Luis; Galdon-Sanchez, Jose E.; … - In: Journal of International Money and Finance 30 (2011) 7, pp. 1265-1279
We use a simple financial friction in an economy with high degree of liability dollarization – and currency mismatch – to show that the negative balance-sheet effect of an exchange rate depreciation may be observable only if the magnitude of the depreciation is large enough. This result...
Persistent link: https://www.econbiz.de/10011048488