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The Behavior of Currencies during Risk-off Episodes1

The Behavior of Currencies during Risk-off Episodes1 »

Source: The Behavior of Currencies during Risk-off Episodes

Volume/Issue: 2013/8

Series: IMF Working Papers

Author(s): Reinout De Bock , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2013

ISBN: 9781557755308

Keywords: Risk-off episodes, safe haven currencies, exchange rate, currency markets, capital flows, global financial crisis,

Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, currency markets exhibit recurrent patterns, as the Japanese yen,...

Currency Substitution in Developing Countries

Currency Substitution in Developing Countries »

Source: Currency Substitution in Developing Countries : An Introduction

Volume/Issue: 1992/40

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

ISBN: 9781451845884

Keywords: Exchange rates, Developing countries, Currency substitution, Inflation, foreign currency, exchange rate, inflation tax

This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how...

Dedollarization

Dedollarization »

Source: Dedollarization

Volume/Issue: 2010/188

Series: IMF Working Papers

Author(s): Annamaria Kokenyne , Jeremy Ley , and Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202225

Keywords: macroeconomic stabilization, foreign currency, exchange rate, inflation, Financial Institutions and Services: Government Policy and Regulation,

This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities' intention is to gain greater control of monetary policy and draws on the experiences o...

Determinants of Foreign Currency Borrowing in the New Member States of the EU

Determinants of Foreign Currency Borrowing in the New Member States of the EU »

Source: Determinants of Foreign Currency Borrowing in the New Member States of the EU

Volume/Issue: 2008/173

Series: IMF Working Papers

Author(s): Christoph Rosenberg , and Marcel Tirpák

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870312

Keywords: Foreign currency borrowing, new EU member states, foreign currency, exchange rate, foreign exchange, inflation, currency risk,

The paper investigates the determinants of foreign currency borrowing by the private sector in the new member states of the European Union. We find that striking differences in patterns of foreign currency borrowin...

The Euro's Challenge to the Dollar

The Euro's Challenge to the Dollar »

Source: The Euro's Challenge to the Dollar : Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data

Volume/Issue: 2006/153

Series: IMF Working Papers

Author(s): Ewe-Ghee Lim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864137

Keywords: dollar, international currency, network externalities, currency composition, bonds, international currencies, exchange rates, International Finance: Other, U.s. Dollar,

This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view emphasizes Europe's large economy and diversification effects as undergirding a vigorous challenge. Th...

Financial Dollarization in Latin America1

Financial Dollarization in Latin America1 »

Source: Financial Dollarization in Latin America

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

Fiscal Constraints of a Fixed Exchange Rate Regime

Fiscal Constraints of a Fixed Exchange Rate Regime »

Source: Fiscal Constraints of a Fixed Exchange Rate Regime

Volume/Issue: 1989/107

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 1989

ISBN: 9781451946680

Keywords: exchange rate, fiscal policy, hard currency, exchange rates, fixed exchange rate

The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective cons...

The Game of Anchors

The Game of Anchors »

Source: The Game of Anchors : Studying the Causes of Currency Crises in Belarus

Volume/Issue: 2015/281

Series: IMF Working Papers

Author(s): Alex Miksjuk , Sam Ouliaris , and Mikhail Pranovich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2015

ISBN: 9781498342728

Keywords: currency crisis, exchange rate policies, currency, exchange rate, monetary policy, currency crises, economy, Time-Series Models, Monetary Policy (Targets, Instruments

Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) co...

Global Trade and the Dollar1

Global Trade and the Dollar1 »

Source: Global Trade and the Dollar

Volume/Issue: 2017/239

Series: IMF Working Papers

Author(s): Emine Boz , Gita Gopinath , and Mikkel Plagborg-Møller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2017

ISBN: 9781484327975

Keywords: Bilateral trade, Foreign exchange, Bayesian semiparametrics, dominant currency, exchange rate passthrough, hierarchical Bayes, panel data, trade elasticity, US dollar, exchange rate pass-through

We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs, we establish the fo...

Financial Dollarization in Latin America

Financial Dollarization in Latin America »

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862676.001

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...