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Collateral Damage

Collateral Damage »

Source: Collateral Damage : Exchange Controls and International Trade

Volume/Issue: 2007/8

Series: IMF Working Papers

Author(s): Zhiwei Zhang , and Shang-Jin Wei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865721

Keywords: non-tariff barriers, exchange controls, foreign exchange, tariff barriers, International Factor Movements And International Business,

While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention....

Comparing Parametric and Non-parametric Early Warning Systems for Currency Crises in Emerging Market Economies

Comparing Parametric and Non-parametric Early Warning Systems for Currency Crises in Emerging Market Economies »

Source: Comparing Parametric and Non-parametric Early Warning Systems for Currency Crises in Emerging Market Economies

Volume/Issue: 2013/134

Series: IMF Working Papers

Author(s): Fabio Comelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2013

ISBN: 9781484300589

Keywords: emerging markets., foreign exchange reserves, exchange reserves, exchange rate

The purpose of this paper is to compare in-sample and out-of-sample performances of three parametric and non-parametric early warning systems (EWS) for currency crises in emerging market economies (EMs). The parame...

Contrasting Monetary Regimes in Africa

Contrasting Monetary Regimes in Africa »

Source: Contrasting Monetary Regimes in Africa

Volume/Issue: 1997/64

Series: IMF Working Papers

Author(s): Patrick Honohan , and Stephen O'Connell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1997

ISBN: 9781451848526

Keywords: inflation, central bank, monetary financing, foreign exchange

In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This pape...

The Cost of Foreign Exchange Intervention

The Cost of Foreign Exchange Intervention »

Source: The Cost of Foreign Exchange Intervention : Concepts and Measurement

Volume/Issue: 2016/89

Series: IMF Working Papers

Author(s): Gustavo Adler , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 April 2016

ISBN: 9781484323076

Keywords: central bank balance sheet, international reserves, foreign exchange intervention, currency risk premium

The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual i...

Covered Interest Parity Deviations: Macrofinancial Determinants

Covered Interest Parity Deviations: Macrofinancial Determinants »

Source: Covered Interest Parity Deviations: Macrofinancial Determinants

Volume/Issue: 2019/14

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Maurice Obstfeld , and Haonan Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

ISBN: 9781484390122

Keywords: International financial markets, Foreign exchange, Covered Interest Parity, Interest Rate Differentials, Forward FX M, Forward FX Market

For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely-even as a broad macroeconomic relationship applying to daily or weekly data. Not only ha...

The Credibility of Nordic Exchange Rate Bands: 1987-1991

The Credibility of Nordic Exchange Rate Bands: 1987-1991 »

Source: The Credibility of Nordic Exchange Rate Bands : 1987-1991

Volume/Issue: 1992/3

Series: IMF Working Papers

Author(s): Sami Geadah , Lars Svensson , and Tapio Saavalainen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1992

ISBN: 9781451841817

Keywords: exchange rate, exchange rate band, forward exchange, foreign exchange

The credibility of the exchange rate bands in the Nordic countries during 1987-91 is examined with two tests. The results suggest that the credibility of Finland’s exchange rate band within a twelve-month ho...

The Credit Boom in the EU New Member States

The Credit Boom in the EU New Member States »

Source: The Credit Boom in the EU New Member States : Bad Luck or Bad Policies?

Volume/Issue: 2010/130

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455201136

Keywords: credit boom, sudden stop, global financial crisis, capital inflows, exchange rate, subsidiaries, foreign exchange, Financial Aspects of Economic Integration, Open Economy Macroeconomics, International Policy Coordination and Transmission

In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region...

Credit Growth in Sub-Saharan Africa-Sources, Risks, and Policy Responses

Credit Growth in Sub-Saharan Africa-Sources, Risks, and Policy Responses »

Source: Credit Growth in Sub-Saharan Africa-Sources, Risks, and Policy Responses

Volume/Issue: 2009/180

Series: IMF Working Papers

Author(s): May Khamis , and Plamen Iossifov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

ISBN: 9781451873276

Keywords: credit growth, financial deepening, credit, current account, prices, foreign exchange,

In this paper, we analyze credit growth in Sub-Saharan Africa over the past decade focusing on the post-2002 rapid credit growth in select countries. We develop regression models of the fundamental determinants of...

The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis

The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis »

Source: The Curious Case of the Yen as a Safe Haven Currency : A Forensic Analysis

Volume/Issue: 2013/228

Series: IMF Working Papers

Author(s): Dennis Botman , Irineu de Carvalho Filho , and Waikei Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2013

ISBN: 9781475513424

Keywords: Safe Haven, Yen Volatility, Derivatives, exchange rate, foreign exchange, real exchange rate, exchange rates, exchange rate movements,

During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows...

Currency Composition and Foreign Exchange Reserves1

Currency Composition and Foreign Exchange Reserves1 »

Source: Currency Composition and Foreign Exchange Reserves

Volume/Issue: 1988/61

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 1988

ISBN: 9781451964844

Keywords: foreign exchange, exchange rate, exchange reserves, foreign exchange reserves, currency composition

This study examines the determinants of the currency composition of foreign exchange reserves for both industrial and developing countries. During the period from 1976-85, our empirical results indicate that the cu...