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The damage from clean floats: From an anti-inflationary monetary policy
Pope, Robin; Selten, Reinhard; Kaiser, Johannes; Kube, … - 2007
embeds a new theory of exchange rate determination involving the uncontroversial power of fully cooperating central banks to … totally fix the exchange rate. The new model is within a broader theory that includes risk effects normally excluded, SKAT …, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers in our experimental results, and indicate some new …
Persistent link: https://www.econbiz.de/10010274161
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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
laboratory experiment that incorporates more aspects of real world complexity and more different sorts of official and private …-conflict model of exchange rate determination , and is within an umbrella theory of Pope, namely SKAT, the Stages of Knowledge Ahead … Theory. SKAT allows for risk effects from stages omitted in normal models, including those from (a) difficulties of agents in …
Persistent link: https://www.econbiz.de/10010274185
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Integration of financial markets and national price levels: the role of exchange rate volatility
Hoffmann, Mathias; Tillmann, Peter - 2008
How does international financial integration affect national price levels? To analyze this question, this paper formulates a two-country open economy sticky-price model under either segmented or complete asset markets. It is shown that the effect of financial integration, i.e. moving from...
Persistent link: https://www.econbiz.de/10010295879
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Exchange-rate regime and economic growth: a review of the theoretical and empirical literature
Petreski, Marjan - 2009
The aim of this paper is to examine the theoretical and empirical arguments for the relationship between the exchange-rate regime and economic growth. As a nominal variable, the exchange rate (regime) might not affect the long-run economic growth. However, there is no unambiguous theoretical...
Persistent link: https://www.econbiz.de/10010298819
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The impossible trinity (aka the policy Trilemma): The encyclopedia of financial globalization
Aizenman, Joshua - 2010
The policy Trilemma (the ability to accomplish only two out of three policy objectives -financial integration, exchange rate stability and monetary autonomy) continues to be a valid macroeconomic framework. The financial globalization during 1990s-2000s reduced the weighted average of exchange...
Persistent link: https://www.econbiz.de/10010288118
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Countries of a Feather flock together
van Marrewijk, Charles; Garita, Gus - 2008
Bergstrand and Egger (2007) on Rest of World GDP. …
Persistent link: https://www.econbiz.de/10010325980
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International capital flows and development: Financial openness matters
Reinhardt, Dennis; Ricci, Luca Antonio; Tressel, Thierry - 2012
capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience …
Persistent link: https://www.econbiz.de/10010316783
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Capital flows, exchange rate regime, and macroeconomic performance in Mexico
Ibarra, Carlos A. - 2004
This paper analyzes the short-term effects of foreign capital flows on aggregate demand in Mexico: their magnitude, transmission channels, and the possible influence of the country’s choice of exchange rate regime. The study is motivated by the introduction of a floating system in December...
Persistent link: https://www.econbiz.de/10010284871
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Dynamic transition of the exchange rate regime in the People's Republic of China
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014
This paper analyzes the optimal transition of the exchange rate regime in the People's Republic of China (PRC). How the PRC can successfully reach the desired regime - whether a basket peg or floating regime - from the current dollar-peg regime remains a major question. To answer it, we develop...
Persistent link: https://www.econbiz.de/10010397284
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Patterns of current account adjustment: insights from past experience
Algieri, Bernardina; Bracke, Thierry - 2007
The paper examines over seventy episodes of current account adjustment in industrial and major emerging market economies. It argues that these episodes were characterised by strongly divergent economic developments. To reduce this divergence, the paper classifies episodes with similar...
Persistent link: https://www.econbiz.de/10011604808