Showing 1 - 10 of 37
The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and...
Persistent link: https://www.econbiz.de/10005233021
The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and...
Persistent link: https://www.econbiz.de/10010320867
Restrictions on international capital transactions and other payments are usually designed to limit volatile short-term capital flows (“hot money”) and stabilize the exchange rate. Their imposition, however, may have the opposite effect by inadvertently signaling the continuation of...
Persistent link: https://www.econbiz.de/10005749932
Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for “self selection” bias since countries with liberalized capital accounts may also have more sound economic policies and institutions that make them less...
Persistent link: https://www.econbiz.de/10005225510
Restrictions on international capital transactions and other payments are usually designed to limit volatile short-term capital flows ("hot money") and stabilize the exchange rate. Their imposition, however, may have the opposite effect by inadvertently signaling the continuation of...
Persistent link: https://www.econbiz.de/10010320846
Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for "self selection" bias since countries with liberalized capital accounts may also have more sound economic policies and institutions that make them less...
Persistent link: https://www.econbiz.de/10010320915
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF...
Persistent link: https://www.econbiz.de/10010320826
Central banks actively engage in sterilized foreign exchange market intervention despite numerous empirical studies indicating that these operations do not systematically affect the exchange rate. Are these policies misguided and central bankers irrational? Or is evidence showing the...
Persistent link: https://www.econbiz.de/10010320836
Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. Up until recently, however, official data on intervention has not been available for Japan. This paper...
Persistent link: https://www.econbiz.de/10005543553
Questions over the role of the IMF in the economic development and adjustment in developing countries have been the topic of intensive research and debate in recent years. Although most studies find that participation in an IMF program helps facilitate balance of payments adjustment, research in...
Persistent link: https://www.econbiz.de/10004991807