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Monetary and exchange rate policy under remittance fluctuations
Mandelman, Federico S. - 2011
to financial markets and test whether remittances are countercyclical and serve as an insurance mechanism against … secular increase in the trend growth of remittances and random cyclical fluctuations around this trend. In a purely … households facing an increasing trend for remittances. A flexible floating regime is preferred when unanticipated shocks driving …
Persistent link: https://www.econbiz.de/10010292315
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Remittances, exchange rate regimes, and the Dutch disease: A panel data analysis
Lartey, Emmanuel K. K.; Mandelman, Federico S.; Acosta, … - 2008
Using disaggregated sectorial data, this study shows that rising levels of remittances have spending effects that lead …
Persistent link: https://www.econbiz.de/10010292357
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Business cycles and monetary regimes in emerging economies: A role for a monopolistic banking sector
Mandelman, Federico S. - 2009
This study shows that the presence of imperfect competition in the banking system propagates external shocks and amplifies the business cycle. Strategic limit pricing, aimed at protecting retail niches from potential competitors, generates countercyclical bank markups. Markup increments during...
Persistent link: https://www.econbiz.de/10010292237
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Exchange Rate Regimes and Macroeconomic Stability: The Case of Sweden 1972-1996
Bergvall, Anders - 2002
In this paper I investigate the relevance of the exchange rate regime for macroeconomic stability. I simulate hypothetical macroeconomic developments under different regimes in Sweden during the period 1972 -1996. The main question is how stable output would have been if Sweden had had a...
Persistent link: https://www.econbiz.de/10010321762
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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062
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Deciding to Peg the Exchange Rate in Developing Countries:The Role of Private-Sector Debt
Harms, Philipp; Hoffmann, Mathias - 2009
We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...
Persistent link: https://www.econbiz.de/10011430071
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The European Monetary Union as a Commitment Device for New EU Member States
Ravenna, Federico - 2005
We show that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy if the domestic monetary authority does not enjoy full credibility. Using a DSGE model, this paper shows...
Persistent link: https://www.econbiz.de/10013370015
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Monetary policy choices in emerging market economies: The case of high productivity growth
Natalucci, Fabio M.; Ravenna, Federico - 2007
We develop a general equilibrium model of an emerging market economy where productivity growth differentials between tradable and non-tradable sectors result in an equilibrium appreciation of the real exchange ratethe so-called Balassa-Samuelson effect. The paper explores the dynamic properties...
Persistent link: https://www.econbiz.de/10010285335
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A concise history of exchange rate regimes in Latin America
Frenkel, Roberto; Rapetti, Martin - 2010
The paper analyzes exchange rate regimes implemented by the major Latin American countries since the Second World War, with special attention on the period of the second globalization process beginning in the 1970s. The analysis follows a historical narrative aiming to provide an understanding...
Persistent link: https://www.econbiz.de/10010287866
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Remittances and the brain drain revisited: The microdata show that more educated migrants remit more
Bollard, Albert; Morten, Melanie; Rapoport, Hillel - 2009
large rise in remittances, and an increased flow of skilled migration. However, recent literature based on cross … than characteristics of their family situations explains much of the higher remittances. …
Persistent link: https://www.econbiz.de/10010335976