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An Institutional Framework for Comparing Emerging Market Currency Boards
Gilson, Marie-Thérèse Camilleri - International Monetary Fund (IMF) - 2004
discussion of flexibility and credibility trade-offs and exit issues. …
Persistent link: https://www.econbiz.de/10005826104
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An Equilibrium Model of 'Global Imbalances' and Low Interest Rates
Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2006
Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...
Persistent link: https://www.econbiz.de/10005666722
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An Equilibrium Model of Global Imbalances and Low Interest Rates
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, … - Society for Economic Dynamics - SED - 2006
Three of the most important recent facts in global macroeconomics — the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio — appear as anomalies from the perspective of...
Persistent link: https://www.econbiz.de/10005090729
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An equilibrum model of "global imbalances" and low interest rates
Caballero, Ricardo J; Farhi, Emmanuel; Gourinchas, … - Bank for International Settlements (BIS) - 2006
Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...
Persistent link: https://www.econbiz.de/10005121441
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Exchange Rates and Global Rebalancing
Eichengreen, Barry; Rua, Gisela - East Asian Bureau of Economic Research (EABER) - 2011
This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the...
Persistent link: https://www.econbiz.de/10009653202
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Exchange Rates and Global Rebalancing
Eichengreen, Barry; Rua, Gisela - East Asian Bureau of Economic Research (EABER) - 2011
This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the...
Persistent link: https://www.econbiz.de/10009653222
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Sources of Currency Crisis: An Empirical Analysis
Weber, Axel A. - University of Bonn, Germany - 1997
Two types of currency crisis models coexist in the literature: first generation models view speculative attacks as being caused by economic fundamentals which are inconsistent with a given parity. Second generation models claim self-fulfilling speculation as the main source of a currency crisis....
Persistent link: https://www.econbiz.de/10004968310
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Capital Inflows, Exchange Rate Flexibility, and Domestic Credit
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 2012
Protracted expansionary monetary policies in advanced countries have renewed the debate over policy options to cope with large capital inflows that drive credit expansions in emerging economies. In a forthcoming paper, we show that during capital inflow bonanzas credit grows more rapidly and its...
Persistent link: https://www.econbiz.de/10011113035
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Trade Effects of Exchange Rates and their Volatility: Chile and New Zealand
Huchet-Bourdon, Marilyne; Korinek, Jane - Trade and Agriculture Directorate, Organisation de … - 2012
Trade deficits and surpluses are sometimes attributed to intentionally low or high exchange rate levels. The impact of … exchange rate levels on trade has been much debated but the large body of existing empirical literature does not suggest an … unequivocally clear picture of the trade impacts of changes in exchange rates. In addition, much of the evidence on this subject …
Persistent link: https://www.econbiz.de/10011277111
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China's Growth and Integration into the World Economy; Prospects and Challenges
Prasad, Eswar - International Monetary Fund (IMF) - 2004
China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s...
Persistent link: https://www.econbiz.de/10005252521