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Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma

Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …

Persistent link: https://www.econbiz.de/10010331079

Systemic sudden stops: The relevance of balance-sheet effects and financial integration

Calvo, Guillermo A.; Izquierdo, Alejandro; Mejía, … - 2008

Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...

Persistent link: https://www.econbiz.de/10010278271

Trilemma policy convergence patterns and output volatility

Aizenman, Joshua; Ito, Hiro - 2012

choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low … international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater … degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high …

Persistent link: https://www.econbiz.de/10010288150

The Stabilizing Properties of Floating Exchange Rates: Some International Evidence

Bergvall, Anders - 2002

This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...

Persistent link: https://www.econbiz.de/10010321739

What Determines Real Exchange Rates? The Nordic Countries

Bergvall, Anders - 2002

This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...

Persistent link: https://www.econbiz.de/10010321757

Exchange Rate Regimes and Macroeconomic Stability: The Case of Sweden 1972-1996

Bergvall, Anders - 2002

rate, but still the volatility of the macroeconomic variables under the hypothetical floating exchange rate regime is about …

Persistent link: https://www.econbiz.de/10010321762

Exchange rates and long-term bonds

Alexius, Annika; Sellin, Peter - 2002

Tentative evidence suggests that the empiricalfailure of uncovered interest parity (UIP) is confined to short-term interest rates. Tests of UIP for long-term interest rates are however hampered by various data problems. By focusing on short investments in long-term bonds, these data problems can...

Persistent link: https://www.econbiz.de/10010321763

Can Endogenous Monetary Policy Explain the Deviations from UIP

Alexius, Annika - 2002

The co-movements of nominal exchange rates and short-term interest rates as the economy is hit by shocks is a potential source of ex post deviations from uncovered interest rate parity. This paper investigates whether an established model of endogenous monetary policy in an open economy is...

Persistent link: https://www.econbiz.de/10010321797

Exchange Rate Variability Inside and Outside the EMU

Bergbom, Lennart - 1998

An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not necessarily true. Both real and nominal exchange rate variability increase under certain circumstances when asymmetric demand shocks occur inside or outside the union. These results...

Persistent link: https://www.econbiz.de/10010321810

Order flow in the South: Anatomy of the Brazilian FX market

Wu, Thomas - 2007

This paper analyses one of the main pillars of Brazil.s newly found economic resilience: a maturing FX market providing support to its managed .oating exchange rate regime. I develop a microstrucure model suitable to describe the Brazilian FX market, an emerging economy frequently subjected to...

Persistent link: https://www.econbiz.de/10010322735

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