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Measuring Misalignment
			: Purchasing Power Parity and East Asian Currencies in the 1990s

Measuring Misalignment : Purchasing Power Parity and East Asian Currencies in the 1990s »

Volume/Issue: 1999/120

Series: IMF Working Papers

Author(s): Menzie Chinn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1999

DOI: http://dx.doi.org/10.5089/9781451854251.001

ISBN: 9781451854251

Keywords: exchange rate, purchasing power parity, overvaluation, cointegration, exchange rates, real exchange rates, real exchange rate

The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. The Johansen and Horvath-Watson cointegration test procedures are...

Monetary Policy in the Aftermath of Currency Crises
			: The Case of Asia

Monetary Policy in the Aftermath of Currency Crises : The Case of Asia »

Volume/Issue: 1998/170

Series: IMF Working Papers

Author(s): Taimur Baig , and Ilan Goldfajn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

DOI: http://dx.doi.org/10.5089/9781451858396.001

ISBN: 9781451858396

Keywords: interest rates, exchange rate, exchange rates, real interest rates

This paper evaluates monetary policy and its relationship with the exchange rate in five Asian crisis countries. The findings are compared with previous currency crises in recent history. The paper finds no evidenc...

Financial Market Contagion in the Asian Crisis

Financial Market Contagion in the Asian Crisis »

Volume/Issue: 1998/155

Series: IMF Working Papers

Author(s): Taimur Baig , and Ilan Goldfajn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1998

DOI: http://dx.doi.org/10.5089/9781451857283.001

ISBN: 9781451857283

Keywords: Contagion, Asian Crises, Financial Markets, news, correlations, correlation, dummy variables, significance level

This paper tests for evidence of contagion between the financial markets of Thailand, Malaysia, Indonesia, Korea, and the Philippines. Cross-country correlations among currencies and sovereign spreads are found to...

The East Asian Crisis
			: Macroeconomic Developments and Policy Lessons

The East Asian Crisis : Macroeconomic Developments and Policy Lessons »

Volume/Issue: 1998/128

Series: IMF Working Papers

Author(s): Kalpana Kochhar , Prakash Loungani , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

DOI: http://dx.doi.org/10.5089/9781451935547.001

ISBN: 9781451935547

Keywords: crisis countries, exchange rate, asian crisis, exchange rates, contagion

This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak pr...

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis »

Volume/Issue: 1998/127

Series: IMF Working Papers

Author(s): Zhaohui Chen , and Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

DOI: http://dx.doi.org/10.5089/9781451935998.001

ISBN: 9781451935998

Keywords: Asian crisis, credit crunch, financial intermediary, capital flow, capital inflow inertia, capital inflow, capital outflow, capital flows

This paper develops a model of private debt financing under inefficient financial intermediation. It suggests a mechanism that can generate the following sequence of events observed in the recent Asian crisis: A pe...

Leading Indicators of Banking Crises
			: Was Asia Different?

Leading Indicators of Banking Crises : Was Asia Different? »

Volume/Issue: 1998/91

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1998

DOI: http://dx.doi.org/10.5089/9781451951745.001

ISBN: 9781451951745

Keywords: Banking crises, leading indicators, East Asia, banking, banking system, banking sector, banking system distress

This paper examines episodes of the banking system distress and crisis in a large sample of countries. The empirical results identify several macroeconomic and financial variables as useful leading indicators. The...

Financial Indicators and Financial Change in Africa and Asia

Financial Indicators and Financial Change in Africa and Asia »

Volume/Issue: 1995/123

Series: IMF Working Papers

Author(s): Huw Pill , and Mahmood Pradhan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

DOI: http://dx.doi.org/10.5089/9781451854558.001

ISBN: 9781451854558

Keywords: financial liberalization, financial sector development, financial sector, financial system, financial deepening

Deregulation of the financial system often proceeds in tandem with macroeconomic stabilization centered on monetary and other financial targets. This paper presents a model where there may be conflict between these...

Value-Added Tax
			: Administrative and Policy Issues

Value-Added Tax : Administrative and Policy Issues »

Series: Occasional Papers

Author(s): Alan Tait

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 1991

DOI: http://dx.doi.org/10.5089/9781557751843.084

ISBN: 9781557751843

Keywords: vat, tax administration, tax return, sales tax, tax department

More than 50 countries worldwide employ a value-added tax. What are its effects on prices, exports, and investment? Is it regressive? These and other questions are answered in this collection of papers presented at...

Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries

Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries »

Series: Occasional Papers

Author(s): Robert Corker , and Wanda Tseng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1991

DOI: http://dx.doi.org/10.5089/9781557752208.084

ISBN: 9781557752208

Keywords: monetary policy, money demand, central bank, financial liberalization, reserve requirements

This study examines the financial reforms undertaken by nine Asian countries in the 1980s (Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Singapore, Sri Lanka, and Thailand) and their implications for...

Globalization of Financial Markets and Implications for Pacific Basin Developing Countries

Globalization of Financial Markets and Implications for Pacific Basin Developing Countries »

Volume/Issue: 1991/34

Series: IMF Working Papers

Author(s): David Goldsbrough , and Ranjit Teja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1991

DOI: http://dx.doi.org/10.5089/9781451978780.001

ISBN: 9781451978780

Keywords: capital mobility, financial intermediation, financial markets, capital flows

This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying...