Consulta: subjectFacets:"F33"
Registros recuperados: 18
Data/hora: 13/06/2024 08:03:58

The World Bank as an International Financial Institution
Provedor de dados: 31
Autores: Shams,   Rasul.
The World Bank is a prestigious and large international financial institution. Since its foundation it has widened the scope and the size of its activities. One interpretation of what the World Bank is doing is the provision of public goods. If we take this interpretation seriously the comprehensiveness of the Bank's activity suggests that the Bank is assuming more and more the functions of a world government in the making. An alternative interpretation would look at the World Bank as a huge bureaucratic organization, acting on its own behalf. This interpretation can not be endorsed fully by the available information, but only in the sense of bureau-shaping. The Bank itself is proud of being a knowledge bank. But its actual activity is the popularization...
Tipo: Working or Discussion Paper
Palavras-chave: International lending; Economic development; Public goods; Interest groups; Financial Economics; F33; F34; G21; O1.
Ano: 2004
URL: http://purl.umn.edu/26380

Interest Rate Volatility Prior to Monetary Union Under Alternative Pre-Switch Regimes
Provedor de dados: 31
Autores: Wilfling,   Bernd.
The volatility of interest rates is relevant for many financial applications. Under realistic assumptions the term structure of interest rate differentials provides an important prediction of the term structure of interest rates. This paper derives the term structure of differentials in a situation in which two open economies plan to enter a monetary union in the future. Two systems of floating exchange rates prior to the union are considered, namely a free-float and a managed-float regime. The volatility processes of arbitrary term differentials under the respective pre-switch arrangements are compared. The paper elaborates the singularity of extremely short-term (i.e. instantaneous) interest rates under extensive leaning-against-the-wind intervention...
Tipo: Working or Discussion Paper
Palavras-chave: Interest rate volatility; Term structure; Exchange rate arrangements; Intervention policy; Stochastic processes; Financial Economics; E43; F31; F33; C52.
Ano: 2001
URL: http://purl.umn.edu/26277

Informal barriers and agricultural trade: Does the integration matter?
Provedor de dados: 31
Autores: Huchet-Bourdon,   Marilyne; Cheptea,   Angela.
EU enlargement revives the debate around the participation to the EMU. We use a gravity model to see whether informal barriers have changed over a ten-year period covering the creation of the EMU, and whether their impact on European member countries’ agricultural and food trade has been modified. We find that it has led to lower information costs. We observe a diminishing marginal trade impact of both information and institutional barriers: the lower the level of these barriers, the lower the magnitude of their impact on trade. But this finding can not be directly attributed to the introduction to the Euro.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural trade; Informal barriers; Monetary union; Gravity model; Agricultural and Food Policy; F15; F33; Q17.
Ano: 2009
URL: http://purl.umn.edu/115427

Exchange and Interest Rates prior to EMU: The Case of Greece
Provedor de dados: 31
Autores: Antzoulatos,   Angelos A.; Wilfling,   Bernd.
Recently a variety of exchange and interest rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. While these stochastic equilibrium models in continuous time are theoretically rigorous, a systematic and extensive empirical validation is still lacking. Using exchange and interest rate data collected prior to the Greek EMU-entrance on 1 January 2001 this paper tries to fill the gap between theory and real-world data. The analysis reveals that the formal models can explain many features of the Greek exchange and interest rate dynamics on the road to EMU.
Tipo: Working or Discussion Paper
Palavras-chave: EMU; Exchange and interest rate models; Policy shifts; Economic regime switching models; International Relations/Trade; E43; F31; F33; C51; C52.
Ano: 2003
URL: http://purl.umn.edu/26325

Is It Time for a World Currency?
Provedor de dados: 31
Autores: Shams,   Rasul.
There have been several proposals to reduce the observed volatility of flexible exchange rates. The paper reviews two recent opposite views on the appropriateness of a common world currency for this purpose. Referring to an adequately formulated theory of world money, it is shown that there is presently no alternative to a flexible exchange rate system. This system might, under specific conditions, gradually evolve into a world monetary system with a global currency. Developing some structural principles of the world economy the paper also explains some hitherto unexplained features in the development of international monetary relations. Es existieren viele Vorschläge zur Reduktion der hohen Volatilität flexibler Wechselkurse. Im Papier werden zwei neuere,...
Tipo: Working or Discussion Paper
Palavras-chave: World Money; International Transactions; Development of the World Economy; National Currencies as International Monies; Credit Money; Multi-currency Standard; Financial Economics; F; F3; F33.
Ano: 2002
URL: http://purl.umn.edu/26292

Since When Have FOREX Markets Incorporated EMU into Currency Pricing? Evidence from Four Exchange Rate Series
Provedor de dados: 31
Autores: Wilfling,   Bernd.
Recent theory on exchange rate dynamics suggests that the mere announcement of regime switching from floating to fixed rates at a given future date triggers a reduction in exchange rate volatility during the interim period. Using a Markov-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-à-vis the German mark using daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric evidence for two distinct views concerning the ultimate EMU membership: (1) Finland and France were considered irrefutable EMU members long before...
Tipo: Working or Discussion Paper
Palavras-chave: EMU; Exchange rate policy; Volatility; Regime-switching GARCH models; Financial Economics; F31; F33; C51.
Ano: 2001
URL: http://purl.umn.edu/26136

A Currency Crisis in Europe? - The Europe's Common Currency and the New Accession Countries -
Provedor de dados: 31
Autores: Krawczyk,   Mariusz K.
The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the required participation of all accession countries in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more flexible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on the country's economic conditions.
Tipo: Working or Discussion Paper
Palavras-chave: EU enlargement; Monetary integration; Currency crisis; Asset substitution; Financial Economics; F32; F33; F36.
Ano: 2004
URL: http://purl.umn.edu/26309

Fiscal Reform and Monetary Union in West Africa
Provedor de dados: 31
Autores: Hefeker,   Carsten.
The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal policy, while their structural reform efforts will fall. This is also the case for countries that unilaterally peg to an anchor currency or introduce a foreign currency. In an monetary union with dissimilar countries the reverse can happen for those member states that are confronted with high distortion countries. This result implies that current WAEMU members will run a less distortive fiscal policy after the inclusion of other members of ECOWAS.
Tipo: Working or Discussion Paper
Palavras-chave: West Africa; Monetary union; Fiscal policy; Structural reforms; Financial Economics; F33; E61; E63.
Ano: 2003
URL: http://purl.umn.edu/26257

WORLD FINANCIAL SYSTEM IN THE CONDITIONS OF CRISIS AND PROSPECTS OF CREATION THE NEW RESERVE CURRENCIES
Provedor de dados: 31
Autores: Pavlova,   Maria.
Credit crunch started with US subprime mortgage crisis spread to other parts of the world.  Countries across the world call for reforms in international financial system. The author considers that financial crises catalyzes international tendencies to create regional currencies. Also, paper concludes that for Russian Ruble to become a regional currency much efforts need to be done in terms of increasing country’s attractiveness for  foreign investors.
Tipo: Journal Article
Palavras-chave: World currency system; Financial crisis; Reserve currency; Regional currency; Inflation; New currency creation; International Development; F33; F53; G01.
Ano: 2009
URL: http://purl.umn.edu/94547

Nominal Debt and the Dynamics of Currency Crises
Provedor de dados: 31
Autores: Corsetti,   Giancarlo; MacKowiak,   Bartosz.
We study the interaction of fiscal and monetary policies during a currency crisis in an economy with government nominal liabilities. We show that the stock and maturity of these liabilities are key determinants of the magnitude, timing and predictability of a devaluation. Among notable features of our model, monetary authorities defend the currency parity conditional on the level of the interest rate, rather than on the stock of international reserves; budget deficits need not be high before a currency crisis; postdevaluation inflation may exhibit little persistence, and money demand need not fall after the crisis.
Tipo: Working or Discussion Paper
Palavras-chave: Currency crisis; Speculative attacks; Fiscal policy; Financial Economics; F31; F33; E58.
Ano: 2000
URL: http://purl.umn.edu/28516

The Convergence of International Interest Rates Prior to Monetary Union
Provedor de dados: 31
Autores: Wilfling,   Bernd.
The process of international interest rate convergence for arbitrary terms (represented by the term structure of interest rate differentials) is derived in a model of a small open economy which faces a purely time-contingent exchange rate regime switch from flexible to fixed rates. Special attention is paid to a situation in which financial markets deem a delay in the regime switch beyond the publicly announced fixing date possible. The closed-form solution of the term structure allows us to analyze the volatility of interest rate differentials thus providing a useful tool for interest-rate-sensitive security valuation and other risk management applications. Furthermore, the model demonstrates that the economy under consideration has to pay for the...
Tipo: Working or Discussion Paper
Palavras-chave: Exchange rate regime switches; Interest rates; Term structure; Stochastic processes; Uncertainty; Financial Economics; E43; F31; F33.
Ano: 2001
URL: http://purl.umn.edu/26165

Small Scale Enterprise Credit Schemes: Administrative Costs and the Role of Inventory Norms
Provedor de dados: 31
Autores: Liedholm,   Carl.
In this paper, the actual administrative costs of existing small enterprise lending  schemes are examined first, followed by an examination of the characteristics of low cost lending  schemes. A final section develops, using primary data collected in various Michigan State  University studies, small enterprise inventory norms or guidelines that could assist those making  loans to small scale enterprises in developing countries.
Tipo: Report
Palavras-chave: Food security; Food policy; Credit schemes; Community/Rural/Urban Development; Downloads December 2008-June 2009: 5; F33.
Ano: 1985
URL: http://purl.umn.edu/54746

Was there Monetary Autonomy in Europe on the eve of EMU? The German Dominance Hypothesis Re-Examined
Provedor de dados: 31
Autores: Bajo-Rubio,   Oscar; Montavez-Garces,   M. Dolores.
In this paper we re-examine the German dominance hypothesis, as a way to assess whether the loss of monetary autonomy in Europe associated with EMU had been significant. We use Granger-causality tests between the interest rates of Germany and all the countries participating in the European Monetary System, with the sample period running until December 1998. Our results would support a weak version of the hypothesis, with Germany playing a certain "leadership" or special role in the EMS, although she would not have been strictly the "dominant" player.
Tipo: Journal Article
Palavras-chave: European monetary union; German dominance hypothesis; Granger-causality; Financial Economics; F33; F36; E50.
Ano: 2002
URL: http://purl.umn.edu/44077

Currency Substitution and the Demand for Money in Five European Union Countries
Provedor de dados: 31
Autores: Yildirim,   Julide.
The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross border deposits (CBD), which are not included in the traditional monetary aggregates. Thus, extended monetary aggregates that include the relevant CBDs are defined in this study. In order to investigate the implications of currency substitution for the stability of the demand functions, the traditional and extended monetary aggregates for five EU countries are defined in addition to EU-wide monetary aggregates. The estimated EU-wide demand for extended money...
Tipo: Journal Article
Palavras-chave: Currency substitution; Cross border deposits; Extended monetary aggregates; Demand for money; Vector autoregression; Financial Economics; E41; F33; E52; E47.
Ano: 2003
URL: http://purl.umn.edu/43999

Competing Coalitions in International Monetary Policy Games
Provedor de dados: 31
Autores: Kohler,   Marion.
In Kohler (2002) we analyse coalition formation in monetary policy coordination games between n countries. We find that positive spillovers of the coalition formation process and the resulting free-rider problem limit the stable coalition size: since the coalition members are bound by the union's discipline, an outsider can successfully export inflation without fearing that the insiders will try to do the same. In this paper, based on the same model, we allow countries to join competing coalitions. The formation of a large currency bloc is not sustainable since it would impose too much discipline on all participants. However, the co-existence of several smaller currency blocs may be a second-best solution to the free-riding problem of monetary policy...
Tipo: Working or Discussion Paper
Palavras-chave: Currency unions; International policy coordination; Free-riding; Coalition formation; Financial Economics; F33; F42.
Ano: 2004
URL: http://purl.umn.edu/26274

The Development and Implementation of IMF and World Bank Conditionality
Provedor de dados: 31
Autores: Dreher,   Axel.
The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this conditionality over time as well as differences between the two institutions. Using panel data it is shown that the number of Fund conditions seem to be influenced by contemporaneous World Bank activity. Moreover, the paper tries to explain compliance with World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank conditionality is lower in election years and pre-election years. Breakdowns of IMF programs are less likely in election years. However, no other political factors seem to influence interruptions and compliance systematically. The paper describes the institutions'...
Tipo: Working or Discussion Paper
Palavras-chave: IMF; World Bank; Conditionality; Compliance; Program Interruption; Financial Economics; D72; F33; F34.
Ano: 2002
URL: http://purl.umn.edu/26352

Pegs, Baskets, and the Importance of Policy Credibility: Lessons of the 1992-92 ERM Crisis
Provedor de dados: 31
Autores: Volz,   Ulrich.
This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today's world of highly mobile capital. The paper highlights that the 1992/93 crisis of the EMS' Exchange Rate Mechanism was a crisis of an exchange rate system and not just the collapse of unilateral pegs pursued by individual countries. Based on an assessment of credibility of the EMS before and during the crisis, the paper discusses distinct features that add to the credibility of regional exchange rate systems. It reasons that a system that is built around well-defined rules, and which is managed very...
Tipo: Working or Discussion Paper
Palavras-chave: Exchange rate regimes; Regional monetary systems; EMS crisis; Policy credibility; Financial Economics; F02; F33; F36; F42.
Ano: 2005
URL: http://purl.umn.edu/26238

How Has the European Monetary Integration Process Contributed to Regional Financial Market Integration?
Provedor de dados: 31
Autores: Reszat,   Beate.
European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesser role for...
Tipo: Working or Discussion Paper
Palavras-chave: Monetary Standards and Regimes; International Monetary Arrangements and Institutions; International Financial Markets; Financial Economics; E42; F33; G15.
Ano: 2003
URL: http://purl.umn.edu/26179