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Boom-bust cycles in middle income countries : facts and explanation
Tornell, Aaron; Westermann, Frank - 2002
In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the 'boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...
Persistent link: https://www.econbiz.de/10001688773
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Capital controls and exchange rate regimes : an empirical investigation
Berger, Helge - 2001
It is often argued that deregulation of international transactions and its effects on the "globalization" of financial markets is behind the decline in the attractiveness of fixed exchange rate regimes. We argue that, instead, much of the recently observed decrease in the level of capital...
Persistent link: https://www.econbiz.de/10014460969
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International financial crisis
Dornbusch, Rudiger; Fischer, Stanley - 2003
Our friend and colleague Rüdiger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität. The lectures contain a fascinating overview of the...
Persistent link: https://www.econbiz.de/10001753623
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Statements of ECB officials and their effect on the level and volatility of the Euro-Dollar exchange rate
Jansen, David-Jan; Haan, Jakob de - 2003
This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to 'talk up' the euro have …
Persistent link: https://www.econbiz.de/10001753630
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The Euro-dollar exchange rate : is it fundamental?
Camarero Olivas, Mariam; Ordóñez, Javier; Tamarit … - 2002
In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro … seven developed countries, four of them Euro-area members. Second, we aggregate the European variables and estimate a model … for the Euro-dollar real exchange rate using time series techniques. After identification and model selection, the same …
Persistent link: https://www.econbiz.de/10001720384
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Testing for common cyclical features in VAR models with cointegration
Hecq, Alain W. J.; Palm, Franz C.; Urbain, Jean-Pierre - 2001
We consider VAR models for variables exhibiting cointegration and comon cyclical features. While the presence of cointegration reduces the rank of the long-run multiplier matrix, other types of common features lead to rank reduction of the short-run dynamics. We distinguish between strong and...
Persistent link: https://www.econbiz.de/10001590471
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A panic-prone pack? : The behavior of emerging market mutual funds
Borensztein, Eduardo; Gelos, Gaston - 2001
This paper explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period Januar 1996 to March 1999. An examination of individual crises shows that, on average, funds withdrew money one month prior to the events. The degree...
Persistent link: https://www.econbiz.de/10001625210
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Significance of development stage theory for explaining industrial growth pattern between Asian NICs and selected advanced economics [economies]
Nam, Chang-woon - 2002
The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NICs - Hong Kong, Korea, Singapore and Taiwan - achieved remarkable annual GDP growth. In these countries the overall economic performance was significantly determined by the industrial development triggered...
Persistent link: https://www.econbiz.de/10001652953
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Financial development, financial fragility, and growth
Loayza, Norman; Rancière, Romain - 2002
This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...
Persistent link: https://www.econbiz.de/10001653707
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Systemic crises and growth
Rancière, Romain; Tornell, Aaron; Westermann, Frank - 2005
In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...
Persistent link: https://www.econbiz.de/10002801716