This study addresses the potential trade-off between inflation and exchange rate targeting in former transition countries, which now may be labeled emerging market economies and which prepare for entry into the Economic and Monetary Union (EMU). Among this group of countries, some implemented...

This paper presents fresh findings about key determinants of credit risk of commercial banks in emerging economy banking systems compared with developed economies. Australia, France, Japan and the US represent developed economies; emerging economies are India, Korea, Malaysia, Mexico and...

Several studies have commented on the emergence of a new inter- national monetary system in the post-Asian crisis years. The current international financial crisis has, however, put Bretton Woods II under considerable strain. This paper analyzes the sustainability of the pre- crisis order from...

The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...

This paper presents a tool to detect the accumulation of risks in emerging market economies based on a synthetic index of 'vulnerability' for three different types of crisis (sovereign, currency and banking crises). To build the index we fi rst use a signalling approach (Auroc) to preselect the...

Este documento ocasional presenta un marco sencillo, transparente e independiente de modelos para supervisar la acumulación de vulnerabilidades en las economías emergentes que puedan llegar a afectar a la estabilidad financiera de España, a través de vínculos —bien financieros, bien de...