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The Euro's Challenge to the Dollar; Different Views From Economists and Evidence From Cofer (Currency Composition of Foreign Exchange Reserves) and Other Data
Lim, Ewe-Ghee - International Monetary Fund (IMF) - 2006
This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view … euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size alone is … insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to advance as an …
Persistent link: https://www.econbiz.de/10005825711
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Currency Crises in Developed and Emerging Market Economies; A Comparative Empirical Treatment
Fontaine, Thomson - International Monetary Fund (IMF) - 2005
This paper takes a step in empirically testing the implications of a number of theoretical models that attempt to highlight the dynamics behind currency crises. By focusing on countries with broadly disparate economic and political arrangements, the study attempts to determine the extent to...
Persistent link: https://www.econbiz.de/10005599757
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Haircuts; Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Zettelmeyer, Jeromin; Sturzenegger, Federico - International Monetary Fund (IMF) - 2005
This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...
Persistent link: https://www.econbiz.de/10005825806
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Accounting for Output Drops in Latin America
Lama, Ruy - International Monetary Fund (IMF) - 2009
This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total...
Persistent link: https://www.econbiz.de/10005826407
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Persistent Gaps, Volatility Types, and Default Traps
Fostel, Ana; Kapur, Sandeep; Catão, Luis - International Monetary Fund (IMF) - 2007
We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant...
Persistent link: https://www.econbiz.de/10005604946
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A Balance Sheet Approach to Financial Crisis
Setser, Brad; Roubini, Nouriel; Keller, Christian; … - International Monetary Fund (IMF) - 2002
The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...
Persistent link: https://www.econbiz.de/10005825923
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International Evidenceon Recovery From Recessions
Cerra, Valerie; Saxena, Sweta Chaman; Panizza, Ugo - International Monetary Fund (IMF) - 2009
Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a...
Persistent link: https://www.econbiz.de/10008528641
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The Eastern Caribbean Central Bank; Challenges to An Effective Lender of Last Resort
Druck, Pablo; Dehesa, Mario - International Monetary Fund (IMF) - 2008
The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of...
Persistent link: https://www.econbiz.de/10005769190
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Foreign Exchange Market Volatility in Eu Accession Countries in the Run-Up to Euro Adoption; Weathering Uncharted Waters
Székely, István P.; Kóbor, Ãdám - International Monetary Fund (IMF) - 2004
estimation results show not only that volatilities are different between the two regimes but also that some of the cross …
Persistent link: https://www.econbiz.de/10005826312
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The Euro’s Effecton Trade Imbalances
Berger, Helge; Nitsch, Volker - International Monetary Fund (IMF) - 2010
over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …
Persistent link: https://www.econbiz.de/10008680273