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An Analysis of So-Called Export-led Growth »
Source: An Analysis of So-Called Export-led Growth
Volume/Issue: 2008/220
Series: IMF Working Papers
Author(s): Jie Yang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 September 2008
ISBN: 9781451870787
Keywords: Export-led growth, real exchange rate, productivity improvement, export growth, exchange rate, exportable sector, export sector,
The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this...

Are Business Cycles Different in Asia and Latin America? »
Source: Are Business Cycles Different in Asia and Latin America?
Volume/Issue: 1997/9
Series: IMF Working Papers
Author(s): Alexander Hoffmaister , and Jorge Roldos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 January 1997
ISBN: 9781451927313
Keywords: exchange rate, real exchange rate, terms of trade, exchange rate fluctuations, nominal exchange rate
This paper compares business cycles in Asia and in Latin America using structural vector autoregression analysis with panel data. The evidence for countries in these regions suggests that (i) the main source of out...

The Asia Crisis »
Source: The Asia Crisis : Causes, Policy Responses, and Outcomes
Volume/Issue: 1999/138
Series: IMF Working Papers
Author(s): Andrew Berg
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 October 1999
ISBN: 9781451855968
Keywords: Asia crisis, interest rates and exchange rates, currency crises, balance of payments crises, exchange rate, banking, banking system, exchange rates, foreign exchange
This paper tells the story of the Asian financial crisis by addressing four questions: What were the causes of the crisis, how did the crisis unfold, what were the policy responses, and what have been the outcomes?...

Balance of Payments Anti-Crises »
Source: Balance of Payments Anti-Crises
Volume/Issue: 2009/134
Series: IMF Working Papers
Author(s): Isabel Yan , and Michael Kumhof
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 June 2009
ISBN: 9781451872811
Keywords: Balance of payments anti-crises, inflation dynamics, foreign exchange, exchange rate, inflation targeting,
Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciatio...

Bank Asset Quality in Emerging Markets »
Source: Bank Asset Quality in Emerging Markets : Determinants and Spillovers
Volume/Issue: 2012/71
Series: IMF Working Papers
Author(s): Reinout De Bock , and Alexander Demyanets
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 March 2012
ISBN: 9781475502237
Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General
This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

Bivariate Assessments of Real Exchange Rates Using PPP Data »
Source: Bivariate Assessments of Real Exchange Rates Using PPP Data
Volume/Issue: 2008/153
Series: IMF Working Papers
Author(s): Juan Zalduendo
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 June 2008
ISBN: 9781451870114
Keywords: Real exchange rate, exchange rate, real exchange rates
This paper focuses on assessments of real exchange rates using PPP data and examines their limitations when these are based exclusively on bivariate estimations. It begins by presenting an analytical framework of t...

Broad Money Demand and Asset Substitution in China »
Source: Broad Money Demand and Asset Substitution in China
Volume/Issue: 2009/131
Series: IMF Working Papers
Author(s): Ge Wu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 June 2009
ISBN: 9781451872781
Keywords: asset substitution, exchange rate, interest rate, equation, statistics, cointegration, inflation,
Recent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward a more flexible exchange rate regime, and rapid development of capital markets, have changed s...

Can Higher Reserves Help Reduce Exchange Rate Volatility? »
Source: Can Higher Reserves Help Reduce Exchange Rate Volatility?
Volume/Issue: 2004/189
Series: IMF Working Papers
Author(s): M. Nowak , Ketil Hviding , and Luca Ricci
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 October 2004
ISBN: 9781451859645
Keywords: Foreign exchange volatility, reserve adequacy, exchange rate, exchange rate volatility, effective exchange rate, exchange rate regime, real effective exchange rate, International Finance: General,
This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging market countries. The study employs a panel of 28 countries over the period 1986-2002. Several co...

Characterizing Exchange Rate Regimes in Post-Crisis East Asia »
Source: Characterizing Exchange Rate Regimes in Post-Crisis East Asia
Volume/Issue: 2001/152
Series: IMF Working Papers
Author(s): Taimur Baig
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 October 2001
ISBN: 9781451857092
Keywords: exchange rate regime, volatility, Asian crisis, exchange rate, exchange rates, random walk, exchange rate volatility, standard deviation, International Monetary Arrangements and Institutions,
This paper examines the behavior of the exchange rates of selected emerging market East Asian economies in the aftermath of the Asian crisis. The results suggest that movements in the Asia-5 currencies (Indonesia,...

China »
Source: China : Sources of Real Exchange Rate Fluctuations
Volume/Issue: 2004/18
Series: IMF Working Papers
Author(s): Tao Wang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 February 2004
ISBN: 9781451843675
Keywords: real exchange rate, structural VAR, exchange rate, effective exchange rate, real effective exchange rate, exchange rate fluctuations, Multiple or Simultaneous Equation Models: Time-Series Models, Open Economy Macroeconomics, Economywide Country Studies: Asia including Middle East,
This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic...