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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration

International Monetary Fund (IMF); International … - 2005

derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …

Persistent link: https://www.econbiz.de/10005767345

Bundlers' dilemmas in financial markets with sampling investors

Bianchi, Milo; Jehiel, Philippe - In: Theoretical economics : TE ; an open access journal in … 15 (2020) 2, pp. 545-582

We study banks' incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors' valuations without affecting their average. Prices are determined by market clearing...

Persistent link: https://www.econbiz.de/10012308449

Bundlers dilemmas in financial markets with sampling investors

Bianchi, Milo; Jehiel, Philippe - 2019

Persistent link: https://www.econbiz.de/10012182248

Early Warning Systems; A Survey and a Regime-Switching Approach

Abiad, Abdul - International Monetary Fund (IMF) - 2003

Previous early-warning systems (EWSs) for currency crises have relied on models that require a priori dating of crises. This paper proposes an alternative EWS, based on a Markov-switching model, which identifies and characterizes crisis periods endogenously; this also allows the model to utilize...

Persistent link: https://www.econbiz.de/10005769232

Did Output Recover From the Asian Crisis?

Cerra, Valerie; Saxena, Sweta Chaman - International Monetary Fund (IMF) - 2003

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...

Persistent link: https://www.econbiz.de/10005604941

Empirical Modeling of Contagion; A Review of Methodologies

Dungey, Mardi; Fry, Renee; Martin, Vance; … - International Monetary Fund (IMF) - 2004

The existing literature suggests a number of alternative methods to test for the presence of contagion during financial market crises. This paper reviews those methods and shows how they are related in a unified framework. A number of extensions are also suggested that allow for multivariate...

Persistent link: https://www.econbiz.de/10005825971

Contagion, Monsoons, and Domestic Turmoil in Indonesia; A Case Study in the Asian Currency Crisis

Saxena, Sweta Chaman; Cerra, Valerie - International Monetary Fund (IMF) - 2000

This paper investigates whether Indonesia’s recent currency crisis was due to domestic fundamentals, common external shocks (“monsoons”), or contagion from neighboring countries. Markov-switching models attribute speculative pressure on Indonesia’s currency to domestic political and...

Persistent link: https://www.econbiz.de/10005248271

Shrinkage estimation in the adjudication of civil damage claims

Bavli, Hillel J.; Chen, Yang - In: Review of law and economics : publ. in cooperation with … 13 (2017) 2, pp. 1-25

Persistent link: https://www.econbiz.de/10011705365

French-German Interest Rate Differentials and Time-Varying Realignment Risk

Caramazza, Francesco - International Monetary Fund (IMF) - 1993

This paper explores the determinants of expected rates of realignment of the French franc/Deutsche mark exchange rate during the period 1987-1991. It does so by first estimating expected parity changes and then relating these to economic variables that are believed to influence agents’...

Persistent link: https://www.econbiz.de/10005599269

Predictable Movements in Yen/DM Exchange Rates

Kongsamut, Qingying - International Monetary Fund (IMF) - 2000

This paper examines the relevance of PPP, the adjustment channel of real exchange rate and the predictability of the movement in nominal exchange rate by studying the behavior of yen/DM exchange rate, using cointegration method. Results support PPP and find that the real exchange rate is...

Persistent link: https://www.econbiz.de/10005604894