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Exchange rate regimes and macroeconomic stability in Central and Eastern Europe

De Grauwe, Paul; Schnabl, Gunther - 2004

This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European … exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For … the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as …

Persistent link: https://www.econbiz.de/10011402440

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

Persistent link: https://www.econbiz.de/10011777945

Sudden Stops in Capital Inflows and the Design of Exchange Rate Regimes

Ritter, Raymond - 2003

A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate...

Persistent link: https://www.econbiz.de/10010295480

Exports and the exchange rate : a general equilibrium perspective

Alexander, Patrick; Reza, Abeer - 2022 - Last updated: April 4, 2022

Understanding and predicting the evolution of exports after a change in the nominal exchange rate is of central importance in international economics. Most of the literature focuses on estimating this relationship by reduced form, with the aim of uncovering a single structural parameter, but...

Persistent link: https://www.econbiz.de/10013172465

Financial Liberalization and Business Cycles : The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lucio Vinhas - 2016

Persistent link: https://www.econbiz.de/10012991348

Financial Liberalization and Business Cycles : The Experience of New EU Member States in the Baltics and Central Eastern Europe

Vinhas de Souza, Lucio Vinhas - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European new Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging...

Persistent link: https://www.econbiz.de/10014072529

The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility

Buch, Claudia M.; Pierdzioch, Christian - 2003

During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries in information and other financial market frictions have remain prevalent. We study both empirically and theoretically the implications of the opening up...

Persistent link: https://www.econbiz.de/10010260621

A Non-Deliverable Currency and Procyclical Capital Flows

Kim, Hee-Sik - 2019

Original sin is widely considered inevitable for emerging market economies on the ground that their currencies are not accepted as international currencies. Few, however, explore the effects of currency controls on original sin. To examine this possibility, I consider an open economy with a...

Persistent link: https://www.econbiz.de/10012898664

The Fundamentals of Safe Assets

Habib, Maurizio Michael - 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/10012844631

Preemptive Policies and Risk-Off Shocks in Emerging Markets

Das, Mitali; Gopinath, Gita; Kalemli-Ozcan, Sebnem - 2022

We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we...

Persistent link: https://www.econbiz.de/10013295150