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IMF surveillance and financial markets: A political economy analysis
Fratzscher, Marcel; Reynaud, Julien - 2010
The International Monetary Fund (IMF) is in the process of re-inventing itself with bilateral and multilateral … surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power … that member countries exert at the IMF. First, we analyze the content of Article IV Public Information Notices (PIN), and …
Persistent link: https://www.econbiz.de/10010270537
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IMF Surveillance and Financial Markets - A Political Economy Analysis
Fratzscher, Marcel; Reynaud, Julien - CESifo - 2010
The International Monetary Fund (IMF) is in the process of re-inventing itself with bilateral and multilateral … surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power … that member countries exert at the IMF. First, we analyze the content of Article IV Public Information Notices (PIN), and …
Persistent link: https://www.econbiz.de/10008583679
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Currency mismatch, uncertainty and debt maturity structure
Bussière, Matthieu; Fratzscher, Marcel; Koeniger, Winfried - 2004
the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …
Persistent link: https://www.econbiz.de/10011604455
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Currency Mismatch, Uncertainty and Debt Structure
Koeniger, Winfried; Bussiere, Matthieu; Fratzscher, Marcel - Econometric Society - 2004
The importance of currency and maturity mismatches in the debt structure of emerging markets is an issue that can … theoretical and empirical level. We show that if (i) a significant share of the debt is denominated in foreign currency -creating … maturity mismatch. In particular, higher economic or political uncertainty tightens solvency constraints and tilts the debt …
Persistent link: https://www.econbiz.de/10005342249
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When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries
Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - In: American Economic Journal: Macroeconomics Volume11 (2019) 1, pp. 132-156
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a suc cess rate in excess of 80 percent under some criteria. The policy works well in terms of...
Persistent link: https://www.econbiz.de/10013328090
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On the International Spillovers of US Quantitative Easing
Fratzscher, Marcel; Duca, Marco Lo; Straub, Roland - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...
Persistent link: https://www.econbiz.de/10010662984
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A global monetary tsunami? On the spillovers of US Quantitative Easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012
The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...
Persistent link: https://www.econbiz.de/10011083739
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to...
Persistent link: https://www.econbiz.de/10011605602
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...
Persistent link: https://www.econbiz.de/10010316434
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...
Persistent link: https://www.econbiz.de/10009763863