The process of globalization has gathered momentum due to the rapid increase in cross-border capital flows stimulated by trade liberalization and the rapid diffusion of information technology. The International Monetary Fund spearheaded the issue of freer capital mobility or capital account...

This paper proposes a low cost alternative to the large bailout packages that the International Monetary Fund (IMF) has organized to address financial crises. The IMF would act as a lender of last resort. Faced with an unsustainable debt burden, a government would declare default. It would...

European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the...

A recent paper by Kraay (2003) documents the lack of any systematic associationbetween monetary policy and the outcome of a speculative attack. This paper extendsKraay’s work by introducing an improved measure of monetary policy and an additionalcountry-specific fundamental, short-term...

The paper models the policy challenges facing globalizing developing countries. Models from the pure theory of international trade, the small open economy model, growth accounting, the Solow- Swan model, the gravity model, models of portfolio diversification and currency crises models are...

Die lateinamerikanischen Währungskrisen lenkten erst kürzlich wieder das Augenmerk auf die Gefahren wechselkursbasierter Stabilisierungen (WKBS). Dies sind Inflationsstabilisierungsprogramme, die den nominalen Wechselkurs als vorrangiges geldpolitisches Instrument einsetzen. Die vorliegende...

Conclusion: This paper has assessed the empirical relationship between exchange rate volatility and survey measures of household and business confidence in Australia, Japan, Korea, Malaysia, and Singapore. Caution needs to be used in interpreting this relationship, because the number of...

This dissertation deals with the role of wage and price inflation dynamics and of monetary policy for the stability of monetary economies from the theoretical and empirical perspective. On the one hand, it analyzes the case of small open economies within a monetary union where, by definition,...

This paper reports the performance of the banking sectors of four crisis-hit East Asian economies, under IMF-restructuring programs, over the pre- and post-restructuring periods. Results from the widely used structural analysis model indicate that the four banking sectors have become moderately...

Seit dem Ende der Bretton-Woods Ära haben zahlreiche Bankenkrisen Volkswirtschaften immense Kosten auferlegt. Die vorliegende Studie beschäftigt sich mit den politökonomischen Einflussfaktoren auf die Tiefe dieser Bankenkrisen. Es wird argumentiert, dass nur schnelle und tiefgreifende...