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Registros recuperados: 13 | |
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Ortiz, Javier; Rodriguez, Carlos A.. |
In this paper we propose a modification of the traditional Mundell-Fleming model. The extended model introduces the implications of including the fiscal deficit and international reserves as determinants of the level of country risk. This slight modification of the traditional paradigm leads to radical changes in the effects that fiscal and monetary policies have in economies with high capital mobility under an extreme version of a fixed exchange rate regime (Currency Board). We use the proposed model to evaluate some of the economic policies implemented between December 1999 and March 2001 by the first economic team under the Presidency of Fernando De la Rúa in Argentina. Additionally, we suggest that some of the main results obtained from the model are... |
Tipo: Journal Article |
Palavras-chave: Open economy macroeconomics; Country risk for Argentina; Reserves; Convertibility; Risk and Uncertainty; F41. |
Ano: 2002 |
URL: http://purl.umn.edu/44295 |
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Shams, Rasul. |
On January 1,1999 euro became the currency for 11 member states of the European Union. Since then the dollar-euro exchange rate has completed a full turning. Three years of depreciation of the euro followed by three years of appreciation without wild fluctuations asks for an explanation which would adequately account for the position of the euro as an emerging international currency. In this paper, first we present a concise summary of the theory of world money. Then we apply the theory to explain the development of the exchange rat of euro versus dollar in the subperiods 1999-2002 and 2002-2004. |
Tipo: Working or Discussion Paper |
Palavras-chave: Exchange Rates; Balance of Payments; International currency; Financial Economics; F3; F41; G15. |
Ano: 2005 |
URL: http://purl.umn.edu/26228 |
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Kang, Sammo; Kim, Soyoung; Wang, Yunjong; Yoon, Deok Ryong. |
Japan and Korea are close countries in terms of economic interaction as well as geography. To quantify the impact of changes in the yen-dollar exchange rate on the Korean economy before and after the crisis in 1997, the sample period has been divided into two sub-periods and the causal relationships examined by using vector autoregression analysis. Our estimates show that while the response of Korean industrial production to changes in the yen-dollar exchange rate was not significant during the pre-crisis period, it became significant during the post-crisis period. The forecast error variance decomposition also confirms that the yen-dollar exchange rate shocks have almost negligible explanatory power with regards to Korean industrial production during the... |
Tipo: Working or Discussion Paper |
Palavras-chave: International Relations/Trade; E32; F36; F41. |
Ano: 2003 |
URL: http://purl.umn.edu/26297 |
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Shakur, Shamim; Obben, James; Nugroho, Agus Eko. |
The theory of exchange rate determination clearly links a depreciating currency to a deteriorating trade balance, interest differential and related economic fundamentals. Empirical testing carried out routinely confirms these relationships in “normal” times as currencies constantly align themselves to find their places in the global marketplace. When depreciation reaches crisis proportions, they are not always caused by a proportional deterioration in economic fundamentals. Random activities like speculative attacks are prompted by perceived problems in the banking sector as well as the contagion effect, leading to a currency crisis. Using pre crisis data and focusing on the Indonesian rupiah, this view is confirmed in the research. |
Tipo: Journal Article |
Palavras-chave: Currency Crisis; Indonesia; Exchange Rate; Financial Economics; F31; F41. |
Ano: 2005 |
URL: http://purl.umn.edu/50271 |
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Figueiredo,H.C.P.; Lage,A.P.; Pereira Júnior,F.N.; Leite,R.C.. |
A bacterin from enterotoxigenic Escherichia coli (ETEC), containing fimbriae K99 and F41, was produced and its capacity to induce anti-K99 and anti-F41 antibodies in colostrum of vaccinated cows and in calf serum, and the persistence of these antibodies in neonates were determined. Three experiments were performed on two commercial farms. In all experiments animals were allotted randomly to the blocks, each block consisting of two pregnant females (a vaccinated one and a control one) and their respective calves. In experiment A (farm 1), comprised of 18 blocks, the animals received a vaccine dose 30 days before delivery. In experiment B (farm 1), consisted of 26 blocks, the animals received two vaccine doses (60 and 30 days before delivery). In experiment... |
Tipo: Info:eu-repo/semantics/article |
Palavras-chave: Calf; Enterotoxigenic Escherichia coli; Vaccine; Diarrhea; K99; F41. |
Ano: 2004 |
URL: http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0102-09352004000400001 |
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Ritter, Raymond. |
A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate misalignments. It is shown how the economy's sectoral demand properties determine the extent of recession associated with real exchange rate adjustment that is neither engineered by nominal exchange rate changes nor brought about by a decline in nontraded goods prices. The conclusion is drawn that, when deciding on the design of exchange rate regimes, the structural characteristics of the economy ought to be considered so as to appropriately strengthen its capacity to... |
Tipo: Working or Discussion Paper |
Palavras-chave: Capital inflows; Sudden stops; Real exchange rate adjustment; Exchange rate regimes; Financial Economics; F31; F32; F41. |
Ano: 2003 |
URL: http://purl.umn.edu/26317 |
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Ansari, Mohammed I.. |
The purpose of this paper is to estimate, by using the recent econometric techniques of unit root testing and Johansen-Juselius cointegration technique (1990), the impact of foreign capital inflow on the volume and efficiency of domestic investment in the United States during the period, 1973-1999. A battery of diagnostic tests is employed to check the validity and robustness of the estimated results. Evidence suggests that capital inflows have had a significant positive effect on the volume of US investment, but the effect on the efficiency of investment has been minimal. These findings imply that, while achieving current account balance is important, it is equally important to sustain and augment the beneficial impact of capital inflow by creating a more... |
Tipo: Journal Article |
Palavras-chave: Current account; Capital inflow; F21; F41; O51. |
Ano: 2004 |
URL: http://purl.umn.edu/37640 |
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Hatzinikolaou, Dimitris; Polasek, Metodey. |
Using Australian quarterly data from the post-float period 1984:1-2003:1 and a partial system, we identify and estimate two cointegrating relations, one for the interest-rate differential and the other for the nominal exchange rate. Our estimate of the long-run elasticity of the exchange rate with respect to commodity prices is 0.939, which strongly supports the widely held view that the floating Australian dollar is a ‘commodity currency’. We also find that the PPP and UIP cannot be rejected so long as commodity prices are included in the cointegrating relations. Our model outperforms the random walk model in forecasting the exchange rate in the medium run. |
Tipo: Journal Article |
Palavras-chave: Australian dollar; Commodity currency; Cointegration; F31; F41. |
Ano: 2005 |
URL: http://purl.umn.edu/37462 |
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Registros recuperados: 13 | |
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