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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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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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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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Monetary Transmission Mechanisms in Belarus
Maino, Rodolfo; Horváth, Balázs - International Monetary Fund (IMF) - 2006
We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather...
Persistent link: https://www.econbiz.de/10005825964
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Currency Risk Premia in Global Stock Markets
Merritt, Matthew D.; Roache, Shaun K. - International Monetary Fund (IMF) - 2006
Large fundamental imbalances persist in the global economy, with potential exchange rate implications. This paper assesses whether exchange rate risk is priced across G-7 stock markets. Given the multitude of hedging instruments available, theory suggests that stock market investors should not...
Persistent link: https://www.econbiz.de/10005826109
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Establishing Conversion Values for New Currency Unions; Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union
Kamar, Bassem; Carlotti, Jean-Etienne; Krueger, Russell C. - International Monetary Fund (IMF) - 2009
A key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion rates when their new currencies are created. We propose a forward-looking...
Persistent link: https://www.econbiz.de/10008528616
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The Republic of Belarus; First Post-Program Monitoring Discussions
International Monetary Fund (IMF); International … - 2011
Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010. Its policies were loosened significantly, and consequently the account deficit increased and pressure on reserves intensified. The authorities agreed with the Eurasian Economic...
Persistent link: https://www.econbiz.de/10011244843
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Republic of Belarus; 2012 Article IV Consultation and Second Post-Program Monitoring Discussions: Staff Report; Informational Annex; and Public Information Notice on the Executive...
International Monetary Fund (IMF); International … - 2012
This paper focuses on the 2012 Article IV Consultation and Second Post-Program Monitoring Discussions with Belarus. Since mid-2011, the authorities have been implementing stabilization measures. The financial system has weathered the 2011 crisis, and banks’ capital has been replenished...
Persistent link: https://www.econbiz.de/10011245627
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The Gambia; Selected Issues and Statistical Appendix
International Monetary Fund (IMF); International … - 2007
This Selected Issues paper assesses The Gambia’s external competitiveness by reviewing developments in several indicators, ranging from exchange rate-based indices to survey-based assessments of the investment climate. The paper reviews the evolution of several multilateral and bilateral...
Persistent link: https://www.econbiz.de/10011245653
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The Gambia; 2003 Article IV Consultation-Staff Report; Report on Noncomplying Disbursements and Recommendation for Corrective Action; Staff Statement; Public Information Notice and...
International Monetary Fund (IMF); International … - 2004
This 2003 Article IV Consultation highlights that economic performance of The Gambia deteriorated substantially in 2002–03. A collapse of the groundnut harvest in 2002 led to a contraction of real GDP by 3 percent while also affecting export revenues in 2003. At the same time, poor...
Persistent link: https://www.econbiz.de/10005252549