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The Game of Anchors : Studying the Causes of Currency Crises in Belarus
Miksjuk, A. Ju.; Ouliaris, Sam; Pranovich, Mikhail - 2015
Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) conflicted with the tightly managed exchange rate regime and suppressed monetary...
Persistent link: https://www.econbiz.de/10014407962
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Exits From Heavily Managed Exchange Rate Regimes
Detragiache, Enrica; Okada, Eisuke; Mody, Ashoka - International Monetary Fund (IMF) - 2005
A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this advice in practice? And, if so, how good has the going been? We find that in the past...
Persistent link: https://www.econbiz.de/10005769205
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The Pros and Cons of Full Dollarization
Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000
We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...
Persistent link: https://www.econbiz.de/10005605277
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Financial Repression and Exchange Rate Management in Developing Countries; Theory and Empirical Evidence for India
Kohli, Renu; Kletzer, Kenneth - International Monetary Fund (IMF) - 2001
Most developing countries have imposed restrictions on domestic and international financial transactions at one time or another. Such restrictions have allowed governments to generate significant proportions of their revenues from financial repression while restraining inflation. The eventual...
Persistent link: https://www.econbiz.de/10005826206
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Financial Versus Monetary Mercantilism; Long-Run View of the Large International Reserves Hoarding
Lee, Jaewoo; Aizenman, Joshua - International Monetary Fund (IMF) - 2006
-run perspective, manufacturing exporters in East Asia adopted financial mercantilism-subsidizing the cost of capital- during decades …
Persistent link: https://www.econbiz.de/10005768855
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Spillovers of the U.S. Subprime Financial Turmoil to Mainland China and Hong Kong SAR
Zhang, Xiaojing - 2009
China and Hong Kong SAR during the subprime crisis. Using both univariate and multivariate GARCH models, this paper finds … that China's stock market is not immune to the financial crisis, as evidenced by the price and volatility spillovers from … the United States than China's returns, and past volatility shocks in the United States have a more persistent effec …
Persistent link: https://www.econbiz.de/10012677827
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External Linkages and Policy Constraints in Saudi Arabia
Westelius, Niklas J - International Monetary Fund (IMF) - 2013
developing Asia, have strengthened economic links between the Far East and Saudi Arabia. Second, financial sector development in … Asia and the United States has the potential to increasingly generate tension between policy objectives in Saudi Arabia. …
Persistent link: https://www.econbiz.de/10011142130
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Real and Financial Sector Linkages in China and India
Aziz, Jahangir - 2008
explaining China's and India's growth. Specific financial sector policies are shown to map well the size and changes in the … investment wedge. In the case of China, nonperforming loans, borrowing constraints, and uncertainty over changes in government …
Persistent link: https://www.econbiz.de/10012677577
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Broad Money Demand and Asset Substitution in China
Wu, Ge - 2009
Recent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward …
Persistent link: https://www.econbiz.de/10012677797
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Systemic banking crises database : an update
Laeven, Luc; Valencia, Fabian - 2012
We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of...
Persistent link: https://www.econbiz.de/10009618518