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China's Evolving Exchange Rate Regime

China's Evolving Exchange Rate Regime »

Volume/Issue: 2019/50

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2019

DOI: http://dx.doi.org/10.5089/9781498302029.001

ISBN: 9781498302029

Keywords: Exchange markets, Real effective exchange rates, Central banks, Exchange rate policy, Nominal effective exchange rate, reminbi, exchange rate, foreign exchange market, liquidity, RMB

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquid...

Chinese Imports
			: What's Behind the Slowdown?

Chinese Imports : What's Behind the Slowdown? »

Volume/Issue: 2016/106

Series: IMF Working Papers

Author(s): Joong Shik Kang , and Wei Liao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2016

DOI: http://dx.doi.org/10.5089/9781484368626.001

ISBN: 9781484368626

Keywords: Imports; Rebalancing; Exchange Rate; Onshoring

Real imports in China have decelerated significantly over the last two years to below 4 percent (yoy) from double-digit growth in previous years. Weaker investment, partly due to progress in rebalancing from invest...

Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Inflation Targeting and Exchange Rate Regimes in Emerging Markets »

Volume/Issue: 2015/228

Series: IMF Working Papers

Author(s): Christian Ebeke , and Armand Fouejieu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2015

DOI: http://dx.doi.org/10.5089/9781513586267.001

ISBN: 9781513586267

Keywords: Inflation targeting, Exchange rate regime, Non-linearities, exchange rate, inflation, central bank, General, Globalization: General, All Countries,

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample...

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

How to De-Dollarize Financial Systems in the Caucasus and Central Asia? »

Volume/Issue: 2015/203

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Amr Hosny , and Gregory Hadjian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513507279.001

ISBN: 9781513507279

Keywords: financial dollarization, financial development, de-dollarization, exchange, exchange rate, currency, inflation, deposits, General,

Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector develo...

A New Look at the Determinants of Growth in Asian Countries

A New Look at the Determinants of Growth in Asian Countries »

Volume/Issue: 2015/195

Series: IMF Working Papers

Author(s): Manuk Ghazanchyan , Janet Stotsky , and Qianqian Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2015

DOI: http://dx.doi.org/10.5089/9781513524535.001

ISBN: 9781513524535

Keywords: growth, exchange rate, exchange rate regime, economies, currency, General, Open Economy Macroeconomics, Economic Growth of Open Economies, General, Asia including Middle East,

This study examines the drivers of growth in Asian countries, with focus on the role of investment, the exchange rate regime, financial risk, and capital account openness. We use a panel data set of a sample of Asi...

Determinants of Firm Profitability in Colombia's Manufacturing Sector
			: Exchange Rate or Structural?

Determinants of Firm Profitability in Colombia's Manufacturing Sector : Exchange Rate or Structural? »

Volume/Issue: 2015/97

Series: IMF Working Papers

Author(s): Naomi Griffin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2015

DOI: http://dx.doi.org/10.5089/9781484364222.001

ISBN: 9781484364222

Keywords: Real exchange rate, structural changes, exchange rate, imports, demand, real effective exchange rate, Firm Performance: Size, Diversification, and Scope, General,

The appreciation of the real exchange rate over the past several years is considered one of the key drivers behind the weak performance of Colombia's manufacturing sector in recent years. This paper examines the ef...

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies »

Volume/Issue: 2015/18

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498334037.001

ISBN: 9781498334037

Keywords: unconventional monetary policy, interest rates, exchange rate, international monetary fund, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have...

Conventional and Insidious Macroeconomic Balance-Sheet Crises

Conventional and Insidious Macroeconomic Balance-Sheet Crises »

Volume/Issue: 2014/160

Series: IMF Working Papers

Author(s): Bas Bakker , and Leslie Lipschitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2014

DOI: http://dx.doi.org/10.5089/9781498389044.001

ISBN: 9781498389044

Keywords: crises, capital inflows, exchange rate, real effective exchange rate, effective exchange rate, General, Macroeconomic Aspects of International Trade and Finance, Globalization: General,

This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbalances and balance sheet vulnerabilities. They typically occur af...

Determinants of International Tourism

Determinants of International Tourism »

Volume/Issue: 2014/82

Series: IMF Working Papers

Author(s): Alexander Culiuc

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2014

DOI: http://dx.doi.org/10.5089/9781484383032.001

ISBN: 9781484383032

Keywords: Gravity model, Real exchange rate, Small islands, tourist, tourists, tourist arrivals, tourism receipts, Country and Industry Studies of Trade,

The paper estimates the impact of macroeconomic supply- and demand-side determinants of tourism, one of the largest components of services exports globally, and the backbone of many smaller economies. It applies th...

Testing the Prebisch-Singer Hypothesis since 1650
			: Evidence from Panel Techniques that Allow for Multiple Breaks

Testing the Prebisch-Singer Hypothesis since 1650 : Evidence from Panel Techniques that Allow for Multiple Breaks »

Volume/Issue: 2013/180

Series: IMF Working Papers

Author(s): Rabah Arezki , Kaddour Hadri , Prakash Loungani , and Yao Rao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2013

DOI: http://dx.doi.org/10.5089/9781484341155.001

ISBN: 9781484341155

Keywords: Primary, commodities, Unit, root tests, Multiple, Structural breaks, Volatility, commodity markets, price fluctuations, transport costs

In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting a...