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Monetary and exchange rate policy under remittance fluctuations
Mandelman, Federico S. - 2011
to financial markets and test whether remittances are countercyclical and serve as an insurance mechanism against … secular increase in the trend growth of remittances and random cyclical fluctuations around this trend. In a purely … households facing an increasing trend for remittances. A flexible floating regime is preferred when unanticipated shocks driving …
Persistent link: https://www.econbiz.de/10010292315
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Immigration and secular stagnation
Miyagiwa, Kazuyuki; Ono, Yoshiyasu - 2019
country into stagnation. We also find that immigrants' remittances are harmful to the host country under full employment but …
Persistent link: https://www.econbiz.de/10012430008
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Remittances, exchange rate regimes, and the Dutch disease: A panel data analysis
Lartey, Emmanuel K. K.; Mandelman, Federico S.; Acosta, … - 2008
Using disaggregated sectorial data, this study shows that rising levels of remittances have spending effects that lead …
Persistent link: https://www.econbiz.de/10010292357
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Business cycles and monetary regimes in emerging economies: A role for a monopolistic banking sector
Mandelman, Federico S. - 2009
This study shows that the presence of imperfect competition in the banking system propagates external shocks and amplifies the business cycle. Strategic limit pricing, aimed at protecting retail niches from potential competitors, generates countercyclical bank markups. Markup increments during...
Persistent link: https://www.econbiz.de/10010292237
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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/10010295480
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Deciding to peg the exchange rate in developing countries: the role of private-sector debt
Harms, Philipp; Hoffmann, Mathias - 2009
We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...
Persistent link: https://www.econbiz.de/10010299851
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Macroeconomic stabilization with a common currency: Does European Monetary Unification create a need for fiscal insurance of federalism?
Kletzer, Kenneth M. - 1997
The implications of monetary unification for fiscal policies are discussed. The roles of nominal exchange rate flexibility in the presence of asymmetric national shocks and nominal price rigidities as an automatic stabilizer and source of disturbances to real economic performance are reviewed....
Persistent link: https://www.econbiz.de/10010301140
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The choice of exchange rate regimes in developing countries: A mulitnominal panal analysis
von Hagen, Jürgen; Zhou, Jizhong - 2004
This paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinominal panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises...
Persistent link: https://www.econbiz.de/10010301232
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Monetary union, asymmetric productivity shocks and fiscal insurance: An analytic discussion of welfare issues
Kletzer, Kenneth M. - 1998
This paper addresses arguments that a system of fiscal insurance between member states of the European Union is needed to act in replacement of nominal exchange rate flexibility as an automatic stabilizer under monetary union. Many authors have argued or assumed that asymmetric real...
Persistent link: https://www.econbiz.de/10010301242
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Dynamic analysis of exchange rate regimes: Policy implications for emerging countries in Asia
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014
This paper discusses desirable exchange rate regimes and how countries can shift from their current regimes to these regimes over the medium term. We demonstrate the superiority of a basket-peg regime with the basket weight rule over a floating regime with the interest rate rule or the money...
Persistent link: https://www.econbiz.de/10011310997