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Beauty Queens and Wallflowers

Beauty Queens and Wallflowers »

Source: Beauty Queens and Wallflowers : Currency Unions in the Middle East and Central Asia

Volume/Issue: 2006/226

Series: IMF Working Papers

Author(s): Katrin Elborgh-Woytek , and Julian Berengaut

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

ISBN: 9781451864861

Keywords: Currency Union, Optimum Currency Areas, inflation, monetary union, monetary fund, central bank, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration,

Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions...

Market-Based Fiscal Discipline in Monetary Unions

Market-Based Fiscal Discipline in Monetary Unions »

Source: Market-Based Fiscal Discipline in Monetary Unions : Evidence From the U.S. Municipal Bond Market

Volume/Issue: 1991/89

Series: IMF Working Papers

Author(s): Morris Goldstein , and Geoffrey Woglom

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1991

ISBN: 9781451851205

Keywords: bonds, bond, fiscal policy, fiscal discipline, municipal bond, Market-Based Fiscal Discipline in Monetary Unions:,

The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and...

The Pros and Cons of Full Dollarization

The Pros and Cons of Full Dollarization »

Source: The Pros and Cons of Full Dollarization

Volume/Issue: 2000/50

Series: IMF Working Papers

Author(s): Eduardo Borensztein , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2000

ISBN: 9781451846966

Keywords: Currency Crises, Monetary Union, exchange rate, bonds, currency crisis, currency risk, real exchange rate

We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper...

Price Dynamics in the Eastern Caribbean

Price Dynamics in the Eastern Caribbean »

Source: Price Dynamics in the Eastern Caribbean

Volume/Issue: 2008/90

Series: IMF Working Papers

Author(s): Rupa Duttagupta , and Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869514

Keywords: currency union, exchange rate, real exchange rates, real exchange rate, relative prices,

The Eastern Caribbean Currency Union (ECCU) countries share a common currency, the EC dollar, which has been pegged to the U.S. dollar at the same rate for more than three decades. This paper examines the influence...

Current Accounts in a Currency Union

Current Accounts in a Currency Union »

Source: Current Accounts in a Currency Union

Volume/Issue: 2009/127

Series: IMF Working Papers

Author(s): Jörg Decressin , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

ISBN: 9781451872743

Keywords: currency union, EMU, real exchange rate, exchange rate, current accounts, current account balance,

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area...

Impact of European Union Assocation Agreements on Mediterranean Countries

Impact of European Union Assocation Agreements on Mediterranean Countries »

Source: Impact of European Union Assocation Agreements on Mediterranean Countries

Volume/Issue: 1998/116

Series: IMF Working Papers

Author(s): Henri Ghesquière

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451942477

Keywords: European Union, Mediterranean countries, free trade, tariff reductions, trade diversion, export prices

By establishing free trade for industrial products in 12 years, the European Union’s Association Agreements with countries in the Mediterranean region seek to promote accelerated economic growth. This paper...

Fiscal Policy Coordination in the Waemu After the Devaluation

Fiscal Policy Coordination in the Waemu After the Devaluation »

Source: Fiscal Policy Coordination in the Waemu After the Devaluation

Volume/Issue: 1995/25

Series: IMF Working Papers

Author(s): Christoph Rosenberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1995

ISBN: 9781451844207

Keywords: fiscal externalities, fiscal policies, taxation, monetary union, harmonization strategy, African Department,

This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tari...

Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis

Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis »

Source: Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis

Volume/Issue: 1999/79

Series: IMF Working Papers

Author(s): Hong Liang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

ISBN: 9781451850185

Keywords: Real exchange rate, generalized purchasing power hypothesis, optimal currency union, exchange rate, exchange rates, cointegration, statistics

The paper explores the behavior of the long-run real exchange rate (RER) of Hong Kong SAR and China by testing the generalized-purchasing power parity hypothesis (G-PPP). The hypothesis argues that if the fundament...

Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union

Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union »

Source: Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union : Lessons from the U.S. Experience

Volume/Issue: 1998/115

Series: IMF Working Papers

Author(s): Howell Zee , and Vito Tanzi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451943016

Keywords: Tax coordination, tax competition, economic union, tax rates, tax systems, tax system, taxation, corporate income tax

With the advent of the economic and monetary union in the European Union (EU), the economic landscape of the EU will bear a striking resemblance to that of the United States in terms of fundamental attributes such...

EMU, Adjustment, and Exchange Rate Variability1

EMU, Adjustment, and Exchange Rate Variability1 »

Source: EMU, Adjustment, and Exchange Rate Variability

Volume/Issue: 1998/50

Series: IMF Working Papers

Author(s): Luca Ricci , and Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1998

ISBN: 9781451846942

Keywords: EMU, Exchange rate variability, exchange rate, monetary union, exchange rates, monetary policy

This paper uses a three-country, three-good, factor-specific model of trade with wage rigidities to investigate how European Monetary Union (EMU) is likely to affect exchange rate variability. Focusing on internati...