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Saving behaviour and global imbalances: the role of emerging market economies

Ferrucci, Gianluigi; Miralles, Cesar - 2007

In recent years there has been considerable variation in savings patterns across countries and regions, with implications for the configuration of global current account balances, asset valuations and real interest rates. This paper looks at the empirical drivers behind these trends. It uses a...

Persistent link: https://www.econbiz.de/10011604888

Inter-Regional Volatility Spillovers Between Emerging Capital Markets: Evidence From Turkey And Brazil

Tasdemir, Murat; Yalama, Abdullah - 2010

This study investigates volatility spillovers between two stock markets, Turkish and Brazilian, located in different regions of the world. Using a misspecification robust causality-in-variance test, we found strong evidence supporting volatility spillovers from Istanbul Stock Exchange (ISE) to...

Persistent link: https://www.econbiz.de/10010320499

Inflation targeting in Brazil

Arestis, Philip; de Paula, Luiz Fernando Rodrigues; … - 2008

the case of Brazil. The IT monetary policy regime has been adopted by a significant number of countries. While the focus … of this paper is on Brazil, which began inflation targeting in 1999, we also examine the experience of other countries … compare the experience of Brazil with that of non-IT countries, and ask the question of whether adopting IT makes a difference …

Persistent link: https://www.econbiz.de/10010276235

Market Segmentation and the Response of the Real Interest Rate to Monetary Policy Shocks

Occhino, Filippo - 2004

Following a contractionary monetary policy shock, the aggregate output decreases over time for six to eight quarters, while the real interest rate increases immediately and remains high for three quarters. Full participation models can hardly replicate the joint response of the aggregate output...

Persistent link: https://www.econbiz.de/10010263223

Inventory Investment and the Real Interest Rate

Junayed, Sadaquat; Khan, Hashmat - 2009

The relationship between inventory investment and the real interest rate has been difficult to assess empirically. Recent work has proposed a linear-quadratic inventory model with time-varying discount factor to identify the effects of real interest rate on inventory investment. The authors show...

Persistent link: https://www.econbiz.de/10010298604

Bayesian simultaneous determination of structural breaks and lag lengths

Hultblad, Brigitta - 2006

The detection of structural change and determination of lag lengths are long-standing issues in time series analysis. This paper demonstrates how these can be successfully married in a Bayesian analysis. By taking account of the inherent uncertainty about the lag length when deciding on the...

Persistent link: https://www.econbiz.de/10010281431

Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro?

Rösl, Gerhard - 2006

In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...

Persistent link: https://www.econbiz.de/10010295832

The Demand for Currency Substitution

Seater, John J. - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-35, pp. 1-30

A transactions model of the demand for multiple media of exchange is developed. Some results are expected, and others are both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may affect the two margins differently, leading to subtle...

Persistent link: https://www.econbiz.de/10010298619

One Euro from the Atlantic to the Urals? : the European Monetary Union

Gros, Daniel - In: CESifo Forum 01 (2000) 2, pp. 26-31

Persistent link: https://www.econbiz.de/10011695620

Survey Results about Foreign Currency Holdings in Five Central and Eastern European Countries

Stix, Helmut - In: CESifo Forum 02 (2001) 3, pp. 41-48

Persistent link: https://www.econbiz.de/10011695664