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Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Díez de los Ríos, Antonio (contributor) - 2007
This paper presents a multifactor asset pricing model for currency, bond, and stock returns for ten emerging markets to investigate the effect of the exchange rate regime on the cost of capital and the integration of emerging financial markets. Since there is evidence that a fixed exchange rate...
Persistent link: https://www.econbiz.de/10003462942
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IMF-supported adjustment programs : welfare implications and the catalytic effect
De Resende, Carlos (contributor) - 2007
The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF … joining a program is driven by IMF conditionality: to be able to borrow from the IMF, the country has to submit to limits on … the consumption of public goods. The benefits derive from the additional borrowing from the IMF (at a lower interest rate …
Persistent link: https://www.econbiz.de/10003462980
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A vision for IMF surveillance
Lavigne, Robert (contributor); Maier, Philipp (contributor);  … - 2007
-examine the role, functions and governance of the Fund. In particular, the objective, scope and conduct of IMF surveillance have … been identified as a key area for renewal. In this paper, we offer a new vision for IMF surveillance. There are two main … surveillance. Taken together, the various elements reinforce each other, providing a clear role for the IMF, as well as its member …
Persistent link: https://www.econbiz.de/10003484258
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Strategic complementarities and money market fund liquidity management
Witmer, Jonathan - 2017
Following the financial crisis, there has been increased regulatory focus on the management of liquidity in mutual funds and, specifically, whether funds hold enough liquidity to guard against the potential for investor runs. Using a novel, detailed regulatory dataset on the portfolio holdings...
Persistent link: https://www.econbiz.de/10011637400
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Does the buck stop here? : a comparison of withdrawals from money market mutual funds with floating and constant share prices
Witmer, Jonathan - 2012
Recent reform proposals call for an elimination of the constant net asset value (NAV) or "buck" in money market mutual funds to reduce the occurrence of runs. Outside the United States, there are several countries that have money market mutual funds with and without constant NAVs. Using daily...
Persistent link: https://www.econbiz.de/10009583699
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Domestic versus external borrowing and fiscal policy in emerging markets
Vasishtha, Garima (contributor) - 2007
Domestic public debt issued by emerging markets has risen significantly relative to international debt in recent years. Some recent empirical evidence also suggests that sovereigns have defaulted differentially on debt held by domestic and external creditors. Standard models of sovereign debt,...
Persistent link: https://www.econbiz.de/10003472890
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The impact of U.S. monetary policy normalization on capital flows to emerging-market economies
Dahlhaus, Tatjana; Vasishtha, Garima - 2014
The Federal Reserve's path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs). This paper examines the potential impact of U.S. monetary policy normalization on portfolio flows to...
Persistent link: https://www.econbiz.de/10010437964
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Fire-sale FDI or business as usual?
Alquist, Ron; Mukherjee, Rahul; Tesar, Linda L. - 2013
Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called "fire-sale FDI". Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in fundamental...
Persistent link: https://www.econbiz.de/10009751702
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The propagation of U.S. shocks to Canada : understanding the role of real-financial linkages
Beaton, Kimberly; Lalonde, René; Snudden, Stephen - 2010
This paper examines the transmission of U.S. real and financial shocks to Canada and, in particular, the role of financial frictions in affecting the transmission of these shocks. These questions are addressed within the Bank of Canada's Global Economy Model (de Resende et al. forthcoming), a...
Persistent link: https://www.econbiz.de/10008771569
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Short changed? : the market's reaction to the short sale ban of 2008
Gagnon, Louis; Witmer, Jonathan - 2009
Do short sales restrictions have an impact on security prices? We address this question in the context of a natural experiment surrounding the short sale ban of 2008 using a comprehensive sample of Canadian stocks cross-listed in the U.S. Among financial stocks, which were singled out by the ban...
Persistent link: https://www.econbiz.de/10003933290