Narrow search
Showing 1 - 10 of 259
Cover Image
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
Cover Image
The existence of informationally efficient markets when individuals are rational
Muendler, Marc-Andreas - 2004
A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing asset price - contrary to a wide-held conjecture. Generalizing the common additive signal-return model with CARA utility to the family of distributions with moment generating...
Persistent link: https://www.econbiz.de/10002388766
Cover Image
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
Cover Image
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
Cover Image
Asian crises : theory, evidence, warning-signals
Stein, Jerome L.; Lim, Guay C. - 2004
In July 1997, the economies of East Asia became embroiled in one of the worst financial crises of the postwar period. Yet, prior to the crisis, these economies were seen as models of economic growth experiencing sustained growth rates that exceeded those earlier thought unattainable. Why did the...
Persistent link: https://www.econbiz.de/10002047355
Cover Image
Moral hazard effects of bailing out under asymmetric information
Mundaca, B. Gabriela - 2002
With a four-stage sequential game model, we study how bailouts ameliorate the effects of liquidation on fundamentals, reduce the likelihood of currency crises and affect the financial sector's (non-observable) effort. In stage 1, exchange rate regime is announced and all agents receive...
Persistent link: https://www.econbiz.de/10001703687
Cover Image
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
Cover Image
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
Cover Image
Exchange rate misalignments and crises
Stein, Jerome L.; Paladino, Giovanna - 1999
The problem is to evaluate the likelihood that a country will face a currency or balance of payments crisis over a given horizon. When is it rational for market participants to expect a depreciation of the currency? On the basis of considerable empirical studies we know that in both banking and...
Persistent link: https://www.econbiz.de/10001435823
Cover Image
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