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Currency Crises in Developed and Emerging Market Economies; A Comparative Empirical Treatment
Fontaine, Thomson - International Monetary Fund (IMF) - 2005
This paper takes a step in empirically testing the implications of a number of theoretical models that attempt to highlight the dynamics behind currency crises. By focusing on countries with broadly disparate economic and political arrangements, the study attempts to determine the extent to...
Persistent link: https://www.econbiz.de/10005599757
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The Role of the Exchange Rate in Inflation-Targeting Emerging Economies; Targeting Emerging Economies
Nordstrom, Anna; Roger, Scott; Stone, Mark R.; Shimizu, … - International Monetary Fund (IMF) - 2009
complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from …
Persistent link: https://www.econbiz.de/10011245907
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
Policymakers in many emerging markets are attempting to resist currency appreciation while simultaneously meeting targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of the Central Bank's intervention in stemming domestic...
Persistent link: https://www.econbiz.de/10005263872
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The Empirics of Foreign Exchange Intervention in Emerging Markets; The Cases of Mexico and Turkey
Karacadag, Cem; Guimarães, Roberto Pereira - International Monetary Fund (IMF) - 2004
This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey … intervention. In Mexico, foreign exchange sales have a small impact on the exchange rate level and raise short-term volatility …, while in Turkey, intervention does not appear to affect the exchange rate level but reduces its shortterm volatility. In …
Persistent link: https://www.econbiz.de/10005264020
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An Assessment of Malaysian Monetary Policy During the Global Financial Crisis of 2008-09
Elekdag, Selim; Lall, Subir; Alp, Harun - International Monetary Fund (IMF) - 2012
Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 150 basis points....
Persistent link: https://www.econbiz.de/10009654149
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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z.; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10009203544
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The Global Financial Crisis; Explaining Cross-Country Differences in the Output Impact
Gelos, Gaston; Rennhack, Robert; Walsh, James P; … - International Monetary Fund (IMF) - 2009
We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of...
Persistent link: https://www.econbiz.de/10008561079
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Capital Inflows; Macroeconomic Implications and Policy Responses
Elekdag, Selim; Kose, M. Ayhan; Cardarelli, Roberto - International Monetary Fund (IMF) - 2009
This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large...
Persistent link: https://www.econbiz.de/10005825695
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Evaluating Historical CGER Assessments; How Well Have they Predicted Subsequent Exchange Rate Movements?
Lee, Jungjin; Abiad, Abdul; Kannan, Prakash - International Monetary Fund (IMF) - 2009
The IMF's Consultative Group on Exchange Rate issues (CGER) has been conducting exchange rate assessments as part of the surveillance process since 1997. This paper evaluates CGER assessments from 1997 to 2006, by comparing these to subsequent movements in real effective exchange rates (REER)....
Persistent link: https://www.econbiz.de/10005825774
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The Role of Interest Rates in Business Cycle Fluctuations in Emerging Market Countries; The Case of Thailand
Tchakarov, Ivan; Elekdag, Selim - International Monetary Fund (IMF) - 2006
Emerging market countries have enjoyed an exceptionally favorable economic environment throughout 2004, 2005, and early 2006. In particular, accommodative U.S. monetary policy in recent years has helped create an environment of low interest rates in international capital markets. However, if...
Persistent link: https://www.econbiz.de/10005825895