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Exchange Rate Appreciations and Corporate Risk Taking
Kalemli-Ozcan, Sebnem - 2018
We test the risk taking channel of exchange rate appreciations using firm-level data from private and public firms in ten Asian emerging market economies during 2002-2015. Since foreign currency (FX) debt at the firm level is not observed for the Asian economies, we approximate the FX debt of a...
Persistent link: https://www.econbiz.de/10012923499
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Exchange Rate Volatility and the Credit Channel in the Emerging Markets : A Vertical Perspective
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2004
Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10014071372
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A 'Vertical' Analysis of Monetary Policy in Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
During emerging market crises, domestic agents might have sufficient collateral to borrow from the other domestic agents, but they are unable to borrow from foreigners because the country, as a whole, lacks international collateral. In this setting, we show that an (ex-post) optimizing central...
Persistent link: https://www.econbiz.de/10014118568
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Globalization and female labor force participation in developing countries : an empirical (re-)assessment
Cooray, Arusha; Gaddis, Isis; Wacker, Konstantin - 2012
We investigate the impact of foreign direct investment (FDI) and trade, as two measures of globalization, on female … and trade have a generally negative impact on female labor force participation. While the impact is of negligible economic …
Persistent link: https://www.econbiz.de/10010358648
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Real Exchange Rates and Fundamentals; A Cross-Country Perspective
Ricci, Luca Antonio; Lee, Jaewoo; Milesi-Ferretti, … - International Monetary Fund (IMF) - 2008
of trade to estimate a panel cointegrating relationship between real exchange rates and a set of fundamentals for a …-based real exchange rate and commodity terms of trade. The estimated impact of productivity growth differentials between traded …
Persistent link: https://www.econbiz.de/10005825636
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Predicting Emerging Market Currency Crashes
Perraudin, W. R. M.; Kumar, Manmohan S.; Moorthy, Uma - International Monetary Fund (IMF) - 2002
This paper assesses the extent to which crashes in emerging market currencies are predictable using simple logit models based on lagged macroeconomic and financial data. To evaluate our model, we calculate trading strategies in which an investor goes long or short in the currency depending on...
Persistent link: https://www.econbiz.de/10005825803
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Patterns of Shocks and Regional Monetary Cooperation in South Asia
Maskay, Nephil Matangi - International Monetary Fund (IMF) - 2003
? Data from South Asia suggest that member states have minor trade linkages and face asymmetrical patterns of shocks. This …
Persistent link: https://www.econbiz.de/10005825897
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Yen Bloc or Yuan Bloc; An Analysis of Currency Arrangements in East Asia
Shirono, Kazuko - International Monetary Fund (IMF) - 2009
if China's relative presence continues to rise in the regional trade. …
Persistent link: https://www.econbiz.de/10005826046
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Estimating Iceland's Real Equilibrium Exchange Rate
Tchaidze, Robert - International Monetary Fund (IMF) - 2007
Given recent developments in Iceland, this paper evaluates its real exchange rate disequilibrium. It discusses three approaches to estimating the equilibrium values and suggests that the adjustment needed to bring the real exchange rate in line with fundamentals is in the range of 15-25 percent,...
Persistent link: https://www.econbiz.de/10005826225
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A New Look at Exchange Rate Volatility and Trade Flows
Clark, Peter B.; Wei, Shang-Jin; Tamirisa, Natalia T.; … - International Monetary Fund (IMF) - 2004
The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past … exchange hedging instruments, may have reduced the impact of volatility on trade flows. Using recent advances in the economic … theories on trade and in statistical methodologies, this paper revisits this important issue by taking into account these new …
Persistent link: https://www.econbiz.de/10005767343