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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...

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...

Measuring Competitiveness
			: Trade in Goods or Tasks?

Measuring Competitiveness : Trade in Goods or Tasks? »

Volume/Issue: 2013/100

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Mika Saito , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484325803.001

ISBN: 9781484325803

Keywords: Real Effective Exchange Rate, Global Supply Chains, reer, global supply, intermediate inputs, domestic production, gross exports, General,

With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or go...

Bank Asset Quality in Emerging Markets
			: Determinants and Spillovers

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

DOI: http://dx.doi.org/10.5089/9781475502237.001

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...

The External Impact of China'S Exchange Rate Policy
			: Evidence From Firm Level Data

The External Impact of China'S Exchange Rate Policy : Evidence From Firm Level Data »

Volume/Issue: 2011/155

Series: IMF Working Papers

Author(s): Barry Eichengreen , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781455290680.001

ISBN: 9781455290680

Keywords: exchange rate, external impact, stock market, stock returns, external finance, exchange rates, Macroeconomic Aspects Of International Trade And Finance, General Financial Markets,

We examine the impact of renminbi revaluation on foreign firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in...

The Real Exchange Rate and Employment in China

The Real Exchange Rate and Employment in China »

Volume/Issue: 2011/148

Series: IMF Working Papers

Author(s): Mai Dao , and Ruo Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455269464.001

ISBN: 9781455269464

Keywords: Real exchange rate, Sectoral Reallocation, exchange rate, real exchange, exchange rates, real appreciation, Wages, Compensation, and Labor Costs: General, Macroeconomic Aspects Of International Trade And Finance,

We examine the impact of real exchange rate fluctuations on sectoral and regional employment in China from 1980 to 2008. In contrast to theoretical predictions, employment in both the tradable and non-tradable sect...

Sovereign Spreads and Contagion Risks in Asia

Sovereign Spreads and Contagion Risks in Asia »

Volume/Issue: 2011/134

Series: IMF Working Papers

Author(s): Filiz Unsal , and Carlos Caceres

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259397.001

ISBN: 9781455259397

Keywords: Sovereign spreads, contagion, market price of risk, exchange rate, exchange rate risk, euro, international monetary fund, Financial Markets and the Macroeconomy, General Financial Markets: General (includes Measurement and Data), General Financial Markets,

This paper explores how much of the movements in the sovereign spreads of Asian economies over the course of the global financial crisis has reflected shifts in (i) global risk aversion; (ii) country-specific risks...