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Unconventional Policies and Exchange Rate Dynamics

Unconventional Policies and Exchange Rate Dynamics »

Source: Unconventional Policies and Exchange Rate Dynamics

Volume/Issue: 2017/237

Series: IMF Working Papers

Author(s): Gustavo Adler , Ruy Lama , and Juan Medina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2017

ISBN: 9781484324844

Keywords: Foreign exchange intervention, Quantitative Easing, International Policy Coordination, International Policy, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics, International Policy Coordination and Transmission, International Business Cycles

We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model with unconventional monetary and exchange rate policies. The cooperative solution features a large exchange r...

The Macroeconomics of De-Cashing

The Macroeconomics of De-Cashing »

Source: The Macroeconomics of De-Cashing

Volume/Issue: 2017/71

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2017

ISBN: 9781475589252

Keywords: cash, currency, demonetization, Forecasting and Simulation, General, International Policy Coordination and Transmission, Globalization: Finance

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic s...

Monetary Policy Coordination and the Role of Central Banks1

Monetary Policy Coordination and the Role of Central Banks1 »

Source: Monetary Policy Coordination and the Role of Central Banks

Volume/Issue: 2014/70

Series: IMF Working Papers

Author(s): Rakesh Mohan , and Muneesh Kapur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

ISBN: 9781484362518

Keywords: coordination, unconventional monetary policy, monetary policies, monetary fund, central bank, Monetary Policy (Targets, Instruments, and Effects), International Monetary Arrangements and Institutions, International Policy Coordination and Transmission,

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE...

Twin Deficits in Developing Economies

Twin Deficits in Developing Economies »

Source: Twin Deficits in Developing Economies

Volume/Issue: 2018/170

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2018

ISBN: 9781484364000

Keywords: Fiscal policy, Current account, Twin Deficits, Developing Economies, International Policy Coordination and Transmission

This paper provides new evidence on the existence and magnitude of the 'twin deficits' in developing economies. It finds that a one percent of GDP unanticipated increase in the government budget balance improves, o...

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses*

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses* »

Source: Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Volume/Issue: 2017/222

Series: IMF Working Papers

Author(s): Woon Choi , Taesu Kang , Geun-Young Kim , and Byongju Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

ISBN: 9781484325216

Keywords: Global liquidity, Inflation targeting, Panel Factor-Augmented VAR, International Policy Coordination and Transmission

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk aversenes...

Regulating Capital Flows at Both Ends

Regulating Capital Flows at Both Ends »

Source: Regulating Capital Flows at Both Ends : Does it Work?

Volume/Issue: 2014/188

Series: IMF Working Papers

Author(s): Atish Ghosh , Mahvash Qureshi , and Naotaka Sugawara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2014

ISBN: 9781498358743

Keywords: cross-boder bank flows, prudential measures, bond, capital inflow, International Policy Coordination and Transmission,

This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and...

Disinflation, External Vulnerability, and Fiscal Intransigence

Disinflation, External Vulnerability, and Fiscal Intransigence »

Source: Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic

Volume/Issue: 2017/118

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

ISBN: 9781484300640

Keywords: Risk premium, External Vulnerability, Assignment Problem, General, Open Economy Macroeconomics, International Policy Coordination and Transmission

This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two go...

From West to East

From West to East »

Source: From West to East : Estimating External Spillovers to Australia and New Zealand

Volume/Issue: 2011/120

Series: IMF Working Papers

Author(s): Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455262434

Keywords: business cyles, sample period, small sample, statistically significant, interest rates, International Policy Coordination and Transmission,

This paper examines the size and source of external spillovers to Australia and New Zealand based on a structural vector autoregression (VAR) approach. It finds that during the last decade shocks from emerging Asia...

The Imf and the Ruble Area, 1991-19+L2116931

The Imf and the Ruble Area, 1991-19+L2116931 »

Source: The Imf and the Ruble Area, 1991-1993

Volume/Issue: 2001/101

Series: IMF Working Papers

Author(s): John Odling-Smee , and Gonzalo Pastor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451852516

Keywords: ruble area, central banks, central bank, monetary union, foreign exchange, International Monetary Arrangements and Institutions, International Policy Coordination and Transmission,

This paper summarizes the IMF advice on the ruble area as it was presented to the national authorities in Russia, the Baltic countries, and other states of the former Soviet Union in 1991-93. In the course of doing...

Sovereign Insurance and Program Design

Sovereign Insurance and Program Design »

Source: Sovereign Insurance and Program Design : What is Optimal for the Sovereign?

Volume/Issue: 2006/64

Series: IMF Working Papers

Author(s): Miguel Messmacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863246

Keywords: International Financial Architecture, deposit insurance, financial system, international finance, International Economic Order, International Monetary Arrangements and Institutions, International Lending and Debt Problems, International Policy Coordination and Transmission,

The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign...