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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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China's Growth and Integration into the World Economy; Prospects and Challenges
Prasad, Eswar - International Monetary Fund (IMF) - 2004
China’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 China’s...
Persistent link: https://www.econbiz.de/10005252521
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Monetary Transmission Mechanisms in Belarus
Maino, Rodolfo; Horváth, Balázs - International Monetary Fund (IMF) - 2006
inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission …
Persistent link: https://www.econbiz.de/10005825964
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Monetary Independence in Emerging Markets; Does the Exchange Rate Regime Make a Difference?
Philippon, Thomas; Zettelmeyer, Jeromin; Borensztein, … - International Monetary Fund (IMF) - 2001
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest...
Persistent link: https://www.econbiz.de/10005825800
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What is Driving Financial De-Dollarization in Latin America?
Garcia-Escribano, Mercedes; Sosa, Sebastian - International Monetary Fund (IMF) - 2011
, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach … to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been … a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to …
Persistent link: https://www.econbiz.de/10008839337
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Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, Enrique G. - International Monetary Fund (IMF) - 2006
This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...
Persistent link: https://www.econbiz.de/10005264110
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Commodity Currencies and Empirical Exchange Rate Puzzles
Rogoff, Kenneth; Chen, Yu-chin - International Monetary Fund (IMF) - 2002
the residual. Nevertheless, the results here are relevant to many developing country commodity exporters, as they …
Persistent link: https://www.econbiz.de/10005604883
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
Policymakers in many emerging markets are attempting to resist currency appreciation while simultaneously meeting targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of the Central Bank's intervention in stemming domestic...
Persistent link: https://www.econbiz.de/10005263872
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Currency Boards, Credibility, and Macroeconomic Behavior
Sy, Amadou N. R.; Rivera-Batiz, Luis - International Monetary Fund (IMF) - 2000
Currency boards operate differently from standard pegs. The former exhibit greater currency stability and lower transaction costs, inflation, and nominal interest rates, but are limited in their use of devaluation. We extend Drazen and Masson’s (1994) signaling model to consider the choice...
Persistent link: https://www.econbiz.de/10005768949
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The Macroeconomics of Scaling Up Aid; Lessons from Recent Experience
Berg, Andrew; Hussain, Mumtaz; Roache, Shaun K.; … - International Monetary Fund (IMF) - 2007
This study analyzes key issues associated with large increases in aid, including absorptive capacity, Dutch disease, and inflation. The authors develop a framework that emphasizes the different roles of monetary and fiscal policy and apply it to the recent experience of five countries: Ethiopia,...
Persistent link: https://www.econbiz.de/10005767387