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China'S Imports
			: An Empirical Analysis Using Johansen'S Cointegration Approach

China'S Imports : An Empirical Analysis Using Johansen'S Cointegration Approach »

Volume/Issue: 1994/145

Series: IMF Working Papers

Author(s): Mingwei Yuan , and Kalpana Kochhar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1994

DOI: http://dx.doi.org/10.5089/9781451856484.001

ISBN: 9781451856484

Keywords: foreign exchange, cointegration, foreign exchange reserves, statistics, forecasting

In this paper, the behavior of China’s imports during the period 1980-92 is studied. The estimation of cointegration and error correction mechanisms enables the separation of the long-run and short-run deter...

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 »

Volume/Issue: 2013/134

Series: IMF Working Papers

Author(s): Fabio Comelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2013

DOI: http://dx.doi.org/10.5089/9781484300589.001

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...

Economic Resilience with An Exchange Rate Peg
			: The Barbados Experience, 1985-2000

Economic Resilience with An Exchange Rate Peg : The Barbados Experience, 1985-2000 »

Volume/Issue: 2003/168

Series: IMF Working Papers

Author(s): Roland Craigwell , Kevin Greenidge , Harold Codrington , and Rupert Worrell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2003

DOI: http://dx.doi.org/10.5089/9781451858280.001

ISBN: 9781451858280

Keywords: Exchange rate, central bank, inflation, foreign exchange reserves,

This paper discusses the institutional arrangements for exchange rate targeting in Barbados and the critical role they played in the policy response to its balance of payments crisis of 1991-92. The framework featu...

External Liabilities and Crises

External Liabilities and Crises »

Volume/Issue: 2013/113

Series: IMF Working Papers

Author(s): Luis Catão , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2013

DOI: http://dx.doi.org/10.5089/9781484315910.001

ISBN: 9781484315910

Keywords: International Investment Positions, Current Account Imbalances, Foreign Exchange Reserves, net external debt, net debt, current account balance, Financial Markets and the Macroeconomy, International Lending and Debt Problems, Foreign Exchange Reserves.,

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ra...

Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets

Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets »

Volume/Issue: 2013/70

Series: IMF Working Papers

Author(s): Matthew Malloy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475532814.001

ISBN: 9781475532814

Keywords: exchange rate, reserve adequacy, foreign exchange reserves, exchange reserves

Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ('EMs') with flexible to moderately managed exchange rates. Similar to other...

Financial Market Fragilities in Latin America
			: From Banking Crisis Resolution to Current Policy Challenges

Financial Market Fragilities in Latin America : From Banking Crisis Resolution to Current Policy Challenges »

Volume/Issue: 1994/117

Series: IMF Working Papers

Author(s): Steven Weisbrod , and Liliana Rojas-Suárez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1994

DOI: http://dx.doi.org/10.5089/9781451853971.001

ISBN: 9781451853971

Keywords: banking, banking system, foreign exchange, reserve requirements, financial system

This paper has two objectives: first, by reviewing the recent experience of five Latin American countries with the restructuring of their financial sectors, it derives lessons regarding the most effective ways to r...

Financial Sector Reform in Jamaica During 1985-1992, Possible Lessons for the Caribbean

Financial Sector Reform in Jamaica During 1985-1992, Possible Lessons for the Caribbean »

Volume/Issue: 1995/90

Series: IMF Working Papers

Author(s): Dewitt Marston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1995

DOI: http://dx.doi.org/10.5089/9781451851366.001

ISBN: 9781451851366

Keywords: monetary control, monetary management, foreign exchange, reserve requirements, central bank

This paper reviews the Jamaican experience with indirect instruments and contrasts this with the currency board type arrangements of the common currency area governed by the Eastern Caribbean Central Bank (ECCB). R...

Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina

Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina »

Volume/Issue: 1999/152

Series: IMF Working Papers

Author(s): Nada Choueiri , and Graciela Kaminsky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1999

DOI: http://dx.doi.org/10.5089/9781451857078.001

ISBN: 9781451857078

Keywords: currency crises, speculative attacks, vector autoregressions, exchange rate, foreign exchange, foreign exchange reserves, exchange reserves, central bank

The recent turmoil in currency markets in Asia, Europe, and Latin America has given a new impetus to the literature on currency crises. The literature originally linked currency crises to deteriorating economic fun...

International Capital Flow Pressures

International Capital Flow Pressures »

Volume/Issue: 2018/30

Series: IMF Working Papers

Author(s): Linda Goldberg , and Signe Krogstrup

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 February 2018

DOI: http://dx.doi.org/10.5089/9781484341803.001

ISBN: 9781484341803

Keywords: Exchange Market Pressure; Risk aversion; Safe haven; Capital flows; Exchange Rate; Foreign Exchange Reserves, Exchange Market Pressure, Risk aversion, Safe haven, Capital flows, Exchange Rate, Foreign Exchange Reserves, Portfolio Choice, General

This paper presents a new measure of capital flow pressures in the form of a recast Exchange Market Pressure index. The measure captures pressures that materialize in actual international capital flows as well as p...

Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization

Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization »

Volume/Issue: 1994/20

Series: IMF Working Papers

Author(s): Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451922042.001

ISBN: 9781451922042

Keywords: foreign exchange, exchange rate, exchange rates, rational expectations, foreign exchange reserves

The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the...