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If official interventions convey private information useful for price discovery in foreign-exchange markets, then they should have value as a forecast of near-term exchange-rate movements. Using a set of standard criteria, we show that approximately 60 percent of all U.S. foreign-exchange...
Persistent link: https://www.econbiz.de/10013120289
Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the … that a bank's position within the interbank network (as a user or provider of liquidity) predicts the timing of its entry …
Persistent link: https://www.econbiz.de/10013012699
We use a comprehensive database of inter-dealer quotes to conduct the first empirical analysis of the dynamics of the swaption cube. Using a model independent approach, we establish a set of stylized facts regarding the cross-sectional and time-series variation of conditional volatility and...
Persistent link: https://www.econbiz.de/10013135764
This study explores empirically the price dynamics within two distinct market institutions - a double oral auction, which resembles modern asset markets, and a bilateral exchange market, which represents markets that have existed for centuries. To provide a theoretical basis to our...
Persistent link: https://www.econbiz.de/10013138763
This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of international monetary economics from the late 1960's through the early 1980's. Following a review of the operation of the monetary mechanism of balance of payments adjustment in the...
Persistent link: https://www.econbiz.de/10013309363
Current and planned measures liberalizing the external capital accounts of France and Italy call into question the continued viability of the policy of periodic exchange-rate realignment followed to date in the European Monetary System (EMS). This paper is intended as a first step in studying...
Persistent link: https://www.econbiz.de/10013311848
. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or … years. This compares with a roughly 7% probability in normal times, when neither credit nor asset price growth has been … Kindleberger-Minsky view that crises are the byproduct of predictable, boom-bust credit cycles. The predictability we document …
Persistent link: https://www.econbiz.de/10013294960
being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of …
Persistent link: https://www.econbiz.de/10013149297
We develop a tractable dynamic model of credit markets in which lending standards and the quality of potential … can amplify and prolong temporary downturns, affecting lending volume, credit spreads, and default rates. We characterize … constraints naturally incentivize tight lending standards, further amplifying shocks to credit markets …
Persistent link: https://www.econbiz.de/10013405901
We investigate the effects of inward FDI on income distribution and absolute living standards in Vietnam using census … data from 1989-2009. We compute the number of employees of foreign establishments in each of Vietnam's provinces for each …
Persistent link: https://www.econbiz.de/10012977614