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Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade
Jurzyk, Emilia Magdalena; Fritz-Krockow, Bernhard - International Monetary Fund (IMF) - 2004
This paper examines the relationship between fixed exchange rate arrangements and trade using a gravity model of … international trade together with bilateral trade data from 24 countries from the Caribbean and Latin America for the period 1960 …-2001. The analysis indicates that a credible fixed peg has a positive impact on the value of bilateral trade. Moreover, the …
Persistent link: https://www.econbiz.de/10005768826
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Trade and Financial Contagion in Currency Crises
Salgado, Ranil; Ricci, Luca Antonio; Caramazza, Francesco - International Monetary Fund (IMF) - 2000
This paper investigates empirically the relevance of external, domestic, and financial weaknesses as well as trade and …
Persistent link: https://www.econbiz.de/10005769104
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The Effects of Exchange Rate Change on the Trade Balance in Croatia
Stucka, Tihomir - International Monetary Fund (IMF) - 2004
A reduced-form model approach was used to estimate the trade balance response to permanent domestic currency … effective exchange rate measures. On average, a 1 percent permanent depreciation improves the equilibrium trade balance by … desirable to improve the trade balance, taking into account potential adverse effects on the rest of the economy. …
Persistent link: https://www.econbiz.de/10005825612
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Yemen; Exchange Rate Policy in the Face of Dwindling Oil Exports
Schneider, Todd; Ltaifa, Nabil Ben; Ahmed, Faisal; … - International Monetary Fund (IMF) - 2007
This paper investigates the likely implications of declining oil production on Yemen's equilibrium exchange rate, and discusses policy options to ensure a smooth transition to a nonoil economy. The empirical results suggest that, as oil production and foreign exchange earnings fall, the Yemeni...
Persistent link: https://www.econbiz.de/10005825640
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Sustaining Latin America's Resurgence; Some Historical Perspectives
Singh, Anoop; Cerisola, Martin D. - International Monetary Fund (IMF) - 2006
This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster...
Persistent link: https://www.econbiz.de/10005825672
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Can Higher Reserves Help Reduce Exchange Rate Volatility?
Nowak, M.; Hviding, Ketil; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2004
This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging … introduced in the regressions to account for other factors affecting exchange rate volatility (monetary and external indicators … exchange rate regime, since the regime can affect both the level of reserves and exchange rate volatility. The results provide …
Persistent link: https://www.econbiz.de/10005825686
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Capital Inflows; Macroeconomic Implications and Policy Responses
Elekdag, Selim; Kose, M. Ayhan; Cardarelli, Roberto - International Monetary Fund (IMF) - 2009
This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large...
Persistent link: https://www.econbiz.de/10005825695
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Cataclysms and Currencies; Does the Exchange Rate Regime Matter for Real Shocks?
Ramcharan, Rodney - International Monetary Fund (IMF) - 2005
Does the choice of exchange rate regime affect the way an economy's adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and...
Persistent link: https://www.econbiz.de/10005825697
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Keynes, Cocoa, and Copper; In Search of Commodity Currencies
Sahay, Ratna; Céspedes, Luis Felipe; Cashin, Paul - International Monetary Fund (IMF) - 2002
This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national...
Persistent link: https://www.econbiz.de/10005825719
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Determinants of Foreign Currency Borrowing in the New Member States of the EU
Rosenberg, Christoph B.; Tirpák, Marcel - International Monetary Fund (IMF) - 2008
The paper investigates the determinants of foreign currency borrowing by the private sector in the new member states of the European Union. We find that striking differences in patterns of foreign currency borrowing between countries are explained by the loan-to-deposit ratios, openness, and the...
Persistent link: https://www.econbiz.de/10005825762