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Choice of substitution currency in Russia: how to explain the dollar's dominance?
Dorbec, Anna - 2005
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency s role in Russia's financial activities.The dollar is much preferred by economic agents for...
Persistent link: https://www.econbiz.de/10012148498
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Reassessing the feasibility of adopting dollarization in Latin America
Padilla, León - In: Journal of Economics, Finance and Administrative Science 27 (2022) 53, pp. 34-51
Purpose - This paper analyses the possibility of Latin America's (LA) major economies adopting dollarization … official currency, the author uses the framework of optimum currency area (OCA) theory, since, in fact, dollarization is an … certain LA nations, the dollarization debate has resurfaced in recent years. However, the literature that empirically …
Persistent link: https://www.econbiz.de/10014516441
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How strong is the case for dollarization in Central America? An empirical analysis of business cycles, credit market imperfections and the exchange rate
Lindenberg, Nannette; Westermann, Frank - 2010
In this paper, we contrast two different views in the debate on official dollarization. The Mundell (1961) framework of … Central American economies, and find that the main benefit of official dollarization derives from avoiding a mismatch between …
Persistent link: https://www.econbiz.de/10010289315
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Shadow banking: Financial intermediation beyond banks
Jokivuolle, Esa (contributor) - 2018
Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which undertake bank-like activities. Another characteristic is that the sector is overall less regulated. Therefore there are still shortcomings in systematic collection of information of the sector.
Persistent link: https://www.econbiz.de/10011985212
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Managing risk taking with interest rate policy and macroprudential regulations
Cociuba, Simona E.; Shukayev, Malik; Ueberfeldt, Alexander - 2016
We develop a model in which a financial intermediary's investment in risky assets - risk taking - is excessive due to limited liability and deposit insurance, and characterize the policy tools that implement efficient risk taking. In the calibrated model, coordinating interest rate policy with...
Persistent link: https://www.econbiz.de/10011801298
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A Currency Crisis in Europe? The Europe's common currency and the new accession countries
Krawczyk, Mariusz K. - 2004
The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread...
Persistent link: https://www.econbiz.de/10010295411
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Financial frictions and optimal monetary policy in an open economy
Kolasa, Marcin; Lombardo, Giovanni - 2011
A growing number of papers have studied positive and normative implications of financial frictions in DSGE models. We contribute to this literature by studying the welfare-based monetary policy in a two-country model characterized by financial frictions, alongside a number of key features, like...
Persistent link: https://www.econbiz.de/10011605384
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Measurement of Costs and Benefits of Accession to the European Union for Selected Countries in Central and Eastern Europe
Mortensen, Jorgen; Richter, Sandor - 2000
This paper is the final report of a research project whose aim was to analyse the methodology of calculating the costs and benefits for the Czech Republic, Hungary, Poland and Slovenia of the envisaged accession to the European Union. The research focused particularly on the impact of the...
Persistent link: https://www.econbiz.de/10012100001
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The fundamentals of safe assets
Habib, Maurizio Michael; Stracca, Livio; Venditti, Fabrizio - 2020
We study what makes government bonds a safe asset. Building on a sample of monthly changes in government bond yields in 40 advanced and emerging countries, we analyse the sensitivity of yields to country specific fundamentals interacted with changes in global risk (VIX). We find that inertia...
Persistent link: https://www.econbiz.de/10012389558
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International transmission of financial stress: Evidence from a GVAR
Dovern, Jonas; van Roye, Björn - 2013
We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...
Persistent link: https://www.econbiz.de/10010316033