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Determination of optimal level of foreign reserves in Nigeria
Oyeniran, Ishola W.; Alamu, Solomon A. - In: CBN journal of applied statistics 11 (2020) 1, pp. 65-85
foreign reserves for Nigeria. The Autoregressive Distributed Lag Approach (ARDL) was used to estimate the optimal foreign … reserves function. The results show that the Nigeria's optimal reserves level responses to adjustment cost of holding reserves …This study adopts the "buffer stock model" advanced by Frenkel and Jovanovic (1981) to estimate the optimal level of …
Persistent link: https://www.econbiz.de/10012297491
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Testing the sustainability of current account deficits in developing economies:evidence from Egypt, Morocco, and Tunisia
Yol, Marial A. - In: Journal of Developing Areas 43 (2009) 1, pp. 177-197
Sustaining balanced current accounts is a tremendous challenge that faces many developing countries. The growing gap between burgeoning imports for domestic consumption and investment needs and exports from uncompetitive export sectors in many of these countries usually generate current account...
Persistent link: https://www.econbiz.de/10011213100
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The 'real' explanation of the PPP puzzle
Ford, Nicholas; Horioka, Charles Yuji - 2016
This article shows that global financial markets cannot, by themselves, achieve net transfers of financial capital and real interest rate equalisation across countries and that the integration of both global financial markets and global goods markets is needed to achieve net transfers of capital...
Persistent link: https://www.econbiz.de/10011564950
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A possible explanation of the 'exchange rate disconnect puzzle': A common solution to three major macroeconomic puzzles?
Horioka, Charles Yuji; Ford, Nicholas - 2016
Meese and Rogoff (1983) and subsequent studies find that economic fundamentals are apparently not able to explain exchange rate movements, but we argue that this so-called "Exchange Rate Disconnect Puzzle" arose because researchers such as Meese and Rogoff (1983) did not use the right...
Persistent link: https://www.econbiz.de/10011564957
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The 'real' explanation of the PPP puzzle
Ford, Nicholas; Horioka, Charles - 2016
This article shows that global financial markets cannot, by themselves, achieve net transfers of financial capital and real interest rate equalisation across countries and that the integration of both global financial markets and global goods markets is needed to achieve net transfers of capital...
Persistent link: https://www.econbiz.de/10011454078
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A possible explanation of the 'exchange rate disconnect puzzle' : a common solution to three major macroeconomic puzzles?
Horioka, Charles; Ford, Nicholas - 2016
Meese and Rogoff (1983) and subsequent studies find that economic fundamentals are apparently not able to explain exchange rate movements, but we argue that this so-called "Exchange Rate Disconnect Puzzle" arose because researchers such as Meese and Rogoff (1983) did not use the right...
Persistent link: https://www.econbiz.de/10011502367
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Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe
Vinhas de Souza, Lúcio - 2004
This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future 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/10010295650
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Portfolio holdings in the euro area - home bias and the role of international, domestic and sector-specific factors
Jochem, Axel; Volz, Ute - 2011
This paper aims to identify the determinants of portfolio restructuring in EMU member states since the introduction of the euro and especially during the financial turbulence of the past years. We find that, besides exchange rate volatility and traditional indicators of information and...
Persistent link: https://www.econbiz.de/10010304512
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The valuation effects of trade
Barbiero, Omar - 2021
This paper estimates the cash flow and real effects of currency mismatches generated by foreign-priced operations of French manufacturers. The value of transactions invoiced in foreign currencies is twice as sensitive to exchange rates as the value of transactions invoiced in the domestic...
Persistent link: https://www.econbiz.de/10012882643
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International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - 2015
assets from the international reserve account into tangible foreign assets; the Joneses' effect lends support to the regional … the frantic market conditions driven by financial instability. Nevertheless, the propensity to import and gross saving …
Persistent link: https://www.econbiz.de/10010500400