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Keynes, Cocoa, and Copper; In Search of Commodity Currencies

Sahay, Ratna; Céspedes, Luis Felipe; Cashin, Paul - International Monetary Fund (IMF) - 2002

This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their … commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export … shares, we construct new monthly indices of national commodity export prices for 58 countries over 1980-2002. A long …

Persistent link: https://www.econbiz.de/10005825719

Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration

International Monetary Fund (IMF); International … - 2005

Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

Persistent link: https://www.econbiz.de/10005767345

China's Growth and Integration into the World Economy; Prospects and Challenges

Prasad, Eswar - International Monetary Fund (IMF) - 2004

Chinaâ€™s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in Chinaâ€™s...

Persistent link: https://www.econbiz.de/10005252521

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

Central America; Global Integration and Regional Cooperation

Rodlauer, Markus; Schipke, Alfred - International Monetary Fund (IMF) - 2005

Central America has received growing attention as a region that is integrating successfully into the global economy. This paper examinesâ€”among other thingsâ€”the macroeconomic and fiscal implications of the Free Trade Agreement with the United States (CAFTA-DR), noting that the...

Persistent link: https://www.econbiz.de/10005252532

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

Real Exchange Rates and Productivity; Closed-Form Solutions and Some Empirical Evidence

Begum, Jahanara - International Monetary Fund (IMF) - 2000

This paper examines the impact of productivity shocks on real exchange rate fluctuations in a dynamic international … statistically significant relationship exists between bilateral real exchange rates and international productivity differentials in …

Persistent link: https://www.econbiz.de/10005599752

Cointegrated TFP Processes and International Business Cycles

Tuesta, Vicente; Rubio-Ramirez, Juan F.; Rabanal, Pau - International Monetary Fund (IMF) - 2009

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error...

Persistent link: https://www.econbiz.de/10008559267

A Currency Union for the Caribbean

Worrell, DeLisle - International Monetary Fund (IMF) - 2003

inflationary, and that, while changes in the relative prices of tradables may affect exports, tourism, and imports, nominal … exchange rate changes have no predictable effect on those relative prices. Under these circumstances, economic literature …

Persistent link: https://www.econbiz.de/10005599271

Medium-Term Exchange Rate Forecasting; What Can We Expect?

Meredith, Guy - International Monetary Fund (IMF) - 2003

. Uncovered interest parity fares better at long horizons, but reflects information already embodied in market prices; in this …

Persistent link: https://www.econbiz.de/10005826261

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