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Åslund, Anders - 2009

This paper discusses the global financial crisis of 2008/9 in thirteen countries, the ten new EU members that previously were communist and the three countries of Western former Soviet Union. Their problems were excessive current account deficits and private foreign debt, currency mismatches,...

Persistent link: https://www.econbiz.de/10011430838

When countries do not do what they say: Systematic discrepancies between exchange rate regime announcements and de facto policies

Bersch, Julia; Klüh, Ulrich H. - 2007

We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We...

Persistent link: https://www.econbiz.de/10010427488

The process of European monetary integration: a comparison of the Belgian and Italian approaches

Maes, Ivo; Quaglia, Lucia - 2003

This paper analyses and compares the roles which Belgium and Italy have played in the process of European monetary … of the Belgian and Italian EMU strategies and the concrete contributions made by Belgium and Italy. Overall, these two … European Act and the realisation of EMU, whereas Italy was mainly active in the 1980s. This assessment of the Belgian and …

Persistent link: https://www.econbiz.de/10011506562

Optimal monetary policy in a small open economy with financial frictions

Merola, Rossana - 2010

I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to...

Persistent link: https://www.econbiz.de/10010299951

Foreign exchange market interventions as monetary policy

Post, Erik - 2006

This paper sets up a simple model for interventions and interest rate setting assuming that the policy maker cares about deviations in inflation from a target level. Under a quadratic cost of interest rate adjustments and interventions the policy maker should use a combination of interest rate...

Persistent link: https://www.econbiz.de/10010321630

Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies

Prasad, Eswar - 2013

Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...

Persistent link: https://www.econbiz.de/10010328965

Banking globalization, transmission, and monetary policy autonomy

Goldberg, Linda S. - 2013

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

Persistent link: https://www.econbiz.de/10010333575

Global financial transmission of monetary policy shocks

Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10011604662

Interdependencies between monetary policy and foreign exchange intervention under inflation targeting: The case of Brazil and the Czech Republic

Gnabo, Jean-Yves; de Mello, Luiz; Moccero, Diego - 2008

The bulk of recent literature on foreign exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially in emerging-market economies, because central...

Persistent link: https://www.econbiz.de/10010273432

Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency

Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009

This paper’s field evidence is: (1) many official sectors rapidly forget the damage of the 1982-85 exchange rate liquidity crisis and reverted to what caused that crisis, namely a closed economy clean floats perspective; and (2) the 2006-2008/9 exchange rate liquidity shock would have been more...

Persistent link: https://www.econbiz.de/10010274185

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