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Sudden Stops in Capital Inflows and the Design of Exchange Rate Regimes
Ritter, Raymond - 2003
A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate...
Persistent link: https://www.econbiz.de/10009442340
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Pegs, Baskets, and the Importance of Policy Credibility: Lessons of the 1992-92 ERM Crisis
Volz, Ulrich - 2005
This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today's world of highly mobile capital. The...
Persistent link: https://www.econbiz.de/10009442361
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Yen of Yuan? China's Role in the Future of Asian Monetary Integration
Hefeker, Carsten; Nabor, Andreas - 2002
Most proposals for Asian monetary cooperation assign a special role to the Japanese yen as an anchor currency. We focus instead on the potential role of the Chinese renminbi. It becomes increasingly clear that China will assume the role of the dominant economy in the region, and that it will...
Persistent link: https://www.econbiz.de/10009442407
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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/10009467794
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Exchange Rate Volatility and Regime Change:Visegrad Comparison
Kocenda, Evžen; Valachy, Juraj - 2006
We analyze exchange rate volatility in the Visegrad Four countries in the course of their abandoning tight regimes for more flexible ones. We account for path dependence, asymmetric shocks, movements in interest rates, and allow for generalized error distribution. The overall findings are that...
Persistent link: https://www.econbiz.de/10009476919
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10009477062
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Risk Aversion, Private Information and Real Fluctuations
Pardo, Cristian - 2005
In this dissertation, I further explore the role of the entrepreneurial sector in creating frictions in the economy. I examine the combined effect of private information and entrepreneurial risk aversion on the dynamics of a general equilibrium macroeconomic model. I analyze the impact of these...
Persistent link: https://www.econbiz.de/10009450819
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Essays on Capital Controls and the Informal Economy
Vuletin, Guillermo Javier - 2007
temporarily low inflation as fixed regimes (since the commercial exchange rate is assumed to be fixed) lax fiscal policies also … inflation and dominance of the agriculture sector are key factors in determining the size of the informal economy. The results …
Persistent link: https://www.econbiz.de/10009450845
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Optimal Currency Basket Pegs for Developing and Emerging Economies
Daniels, Joseph; Toumanoff, Peter; Ruhr, Marc von der - 2001
The exchange rate arrangement represents an important policy choice for emerging and transitional economies as they strive to become stable and market-driven. A wide variety of arrangements have emerged, ranging from currency boards, basket-currency pegs and single-currency pegs to floating...
Persistent link: https://www.econbiz.de/10009484478
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Customer Markets and the Real Effects of Monetary Policy Shocks
Hristov, Nikolay - 2008
-separability of the utility function, inflation aversion, nominal transaction frictions). The monograph is organized as follows … market share competition with the assumption that agent?s behavior is characterized by inflation aversion. Chapter IV is … devoted to the GMM estimation of crucial parameters of the inflation-aversion model of the previous chapter. A model featuring …
Persistent link: https://www.econbiz.de/10009482289