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A New Look at Exchange Rate Volatility and Trade Flows
Clark, Peter B.; Wei, Shang-Jin; Tamirisa, Natalia T.; … - International Monetary Fund (IMF) - 2004
The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past two decades, many developments in the world economy, such as the currency crises in the 1990s and increasing cross-border capital flows, may have exacerbated exchange rate...
Persistent link: https://www.econbiz.de/10005767343
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Moving to Greater Exchange Rate Flexibility; Operational Aspects Based on Lessons from Detailed Country Experiences
Ötker, Inci - International Monetary Fund (IMF) - 2007
Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...
Persistent link: https://www.econbiz.de/10005767365
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On the Relevance of Exchange Rate Regimes for Stabilization Policy
Adão, Bernardino; Correia, Isabel; Teles, Pedro - C.E.P.R. Discussion Papers - 2006
This paper assesses the relevance of the exchange rate regime for stabilization policy. This regime question cannot be dealt with independently of other institutions, in particular how fiscal policy is designed. We show that once fiscal policy is taken into account, the exchange rate regime is...
Persistent link: https://www.econbiz.de/10005791985
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Ten years of monetary union in retrospect
Aucremanne, L.; Boeckx, J.; Dury, D.; Ide, S. - In: Economic Review (2008) IV, pp. 21-44
1 January 1999 saw the start of the third and final phase of European Economic and Monetary Union (EMU). Ten years on … of monetary union from a number of angles. Monetary policy under EMU managed to secure historically low inflation … flexibly in order to accommodate euro area banks’ demand for liquidity. Before EMU, financial crises tended to hit countries …
Persistent link: https://www.econbiz.de/10009357689
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The Estimated Trade Effects of the Euro: Why Are They Below Those From Historical Monetary Unions Among Smaller Countries?
Frankel, Jeffrey - 2010
seems to double or triple, that is, to increase by 100-200%. After the advent of EMU in 1999, Micco, Ordoñez and Stein and …
Persistent link: https://www.econbiz.de/10015070633
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Decision making in the ECB's Governing Council - Should minutes and forecasts be published?
Waisman, Gisela - Royal Economic Society - RES - 2003
model suggests that the EMU members may want to withhold the publication of forecasts when taking enlargement with a more …
Persistent link: https://www.econbiz.de/10005398514
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A Monetary Union in Motion: the European Experience
Portes, Richard - C.E.P.R. Discussion Papers - 2001
This Paper begins with a discussion of the relation between economics and politics in the construction of EMU. It … this initiative of the late 1980s both built the foundations for and led the way to EMU. It then considers in more detail … arise from the ‘domino effect’ in regional integration and how those relate to EMU. A discussion of the problems of fiscal …
Persistent link: https://www.econbiz.de/10005656320
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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
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy...
Persistent link: https://www.econbiz.de/10011245907
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Will the Emergence of the Euro Affect World Commodity Prices?
Liang, Hong; Cuddington, John T. - International Monetary Fund (IMF) - 2000
This study provides evidence that episodes of internal stability of exchange rates among the 11 Euro countries during 1957-98 were associated with periods of lower real commodity price volatility. These stabilizing effects are statistically significant for fertilizer, metals, petroleum, and...
Persistent link: https://www.econbiz.de/10005263979
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Cataclysms and Currencies; Does the Exchange Rate Regime Matter for Real Shocks?
Ramcharan, Rodney - International Monetary Fund (IMF) - 2005
Does the choice of exchange rate regime affect the way an economy's adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and...
Persistent link: https://www.econbiz.de/10005825697