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Fostering Growth in Europe Now

Fostering Growth in Europe Now »

Volume/Issue: 2012/7

Series: Staff Discussion Notes

Author(s): Bergljot Barkbu , Jesmin Rahman , and Rodrigo Valdes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 June 2012

DOI: http://dx.doi.org/10.5089/9781475504644.006

ISBN: 9781475504644

Keywords: Euro Area, Real effective exchange rates, Macroprudential Policy, Growth, unemployment, macroeconomic policy, structural reform, fiscal policy, labor market, employment

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Exchange Market Pressures and Speculative Capital Flows in Selected European Countries

Exchange Market Pressures and Speculative Capital Flows in Selected European Countries »

Volume/Issue: 1994/21

Series: IMF Working Papers

Author(s): Ceyla Pazarbasioglu , and Inci Ötker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451921571.001

ISBN: 9781451921571

Keywords: exchange rate, probability, foreign exchange, equation, fixed exchange rate

This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devalua...

Explicit and Implicit Targets in Open Economies

Explicit and Implicit Targets in Open Economies »

Volume/Issue: 2005/176

Series: IMF Working Papers

Author(s): Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451861952.001

ISBN: 9781451861952

Keywords: Inflation targeting, interest rate rules, exchange rates, inflation, central bank, inflation targeting regime, Money and Interest Rates: General,

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper...

Global Equilibrium Exchange Rates
			: Euro, Dollar, 'Ins,' 'Outs,' and Other Major Currencies in a Panel Cointegration Framework

Global Equilibrium Exchange Rates : Euro, Dollar, 'Ins,' 'Outs,' and Other Major Currencies in a Panel Cointegration Framework »

Volume/Issue: 1999/175

Series: IMF Working Papers

Author(s): Susana Garcia Cervero , J. Lopez , Enrique Alberola Ila , and Angel Ubide

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451858730.001

ISBN: 9781451858730

Keywords: Equilibrium Exchange Rates, Panel Cointegration, exchange rate, cointegration, exchange rates, real exchange rate, statistics

This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model tha...

Growth, Nontradables, and Price Convergence in the Baltics

Growth, Nontradables, and Price Convergence in the Baltics »

Volume/Issue: 1995/45

Series: IMF Working Papers

Author(s): Anthony Richards , and Gunnar Tersman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1995

DOI: http://dx.doi.org/10.5089/9781451974317.001

ISBN: 9781451974317

Keywords: price level, exchange rate, inflation, exchange rates, real exchange rate

This paper reviews the recent real exchange rate appreciation observed in the three Baltic countries. Until now, this phenomenon may be viewed primarily as a consequence of the undervalued real exchange rates of th...

International Financial Flows and Transactions Taxes
			: Survey and Options

International Financial Flows and Transactions Taxes : Survey and Options »

Volume/Issue: 1995/60

Series: IMF Working Papers

Author(s): P. Spahn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1995

DOI: http://dx.doi.org/10.5089/9781451847994.001

ISBN: 9781451847994

Keywords: exchange rate, foreign exchange, financial markets, exchange rates, exchange markets

Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would i...

Is the Exchange Rate a Shock Absorber? the Case of Sweden

Is the Exchange Rate a Shock Absorber? the Case of Sweden »

Volume/Issue: 1997/176

Series: IMF Working Papers

Author(s): Alun Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

DOI: http://dx.doi.org/10.5089/9781451975499.001

ISBN: 9781451975499

Keywords: exchange rate, real exchange rate, error variance, effective exchange rate, real effective exchange rate

This paper uses a structural vector autoregression representation of the Mundell-Flemming model to analyze the determinants of movements in Sweden’s real exchange rate. It finds that, while (supply and deman...

Price Impacts of Non-Adoption of the Euro for Small European Countries

Price Impacts of Non-Adoption of the Euro for Small European Countries »

Volume/Issue: 2006/151

Series: IMF Working Papers

Author(s): Harald Anderson , and Sibel Beadle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864113.001

ISBN: 9781451864113

Keywords: Optimal Currency Area, Major World Currency, Currency Peg, Self-Enforcing Currency Area, equation, exchange rate, exchange rates, time series, foreign exchange, Self Enforcing Currency Area,

Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a...

Rational Speculation, Financial Crises, and Optimal Policy Responses

Rational Speculation, Financial Crises, and Optimal Policy Responses »

Volume/Issue: 2004/25

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2004

DOI: http://dx.doi.org/10.5089/9781451844290.001

ISBN: 9781451844290

Keywords: Preemptive Trade, Coordination Risk, Market Size Effect, central bank, exchange rate, domestic currency, exchange rate regime, Open Economy Macroeconomics,

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of speculators in financial markets, in a model where each speculator tries to coordinate her trades with...

Sticky Exchange Rates and Flexible Prices
			: A Heretic View From the Interwar Period

Sticky Exchange Rates and Flexible Prices : A Heretic View From the Interwar Period »

Volume/Issue: 1991/124

Series: IMF Working Papers

Author(s): Anne Gulde , and Holger Wolf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1991

DOI: http://dx.doi.org/10.5089/9781451937855.001

ISBN: 9781451937855

Keywords: exchange rates, exchange rate, real exchange rate, exchange rate variability, flexible exchange rates

Real exchange rate variability tends to be higher under flexible than under fixed exchange rates. The neokeynesian view attributes the higher variability to the combination of volatile nominal exchange rates with s...