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Economics of Sovereign Wealth Funds

Economics of Sovereign Wealth Funds »

Series: Books

Author(s): Udaibir Das , Adnan Mazarei , and Han Hoorn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2010

DOI: http://dx.doi.org/10.5089/9781589069275.071

ISBN: 9781589069275

Keywords: investors, bonds, investment strategies, principals, financial markets

The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapte...

International Capital Flows and Development
			: Financial Openness Matters

International Capital Flows and Development : Financial Openness Matters »

Volume/Issue: 2010/235

Series: IMF Working Papers

Author(s): Luca Ricci , Thierry Tressel , and Dennis B. S. Reinhardt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455209354.001

ISBN: 9781455209354

Keywords: Lucas paradox, financial openness, capital inflows, capital account openness, Financial Aspects of Economic Integration, Economic Growth And Aggregate Productivity,

Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, whe...

International Evidence on Recovery from Recessions

International Evidence on Recovery from Recessions »

Volume/Issue: 2009/183

Series: IMF Working Papers

Author(s): Valerie Cerra , Sweta Saxena , and Ugo Panizza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

DOI: http://dx.doi.org/10.5089/9781451873306.001

ISBN: 9781451873306

Keywords: Growth, Recession, Rebound, Output loss, exchange rate, recessions, exchange rate regime,

Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence...

An Analysis of So-Called Export-led Growth

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

DOI: http://dx.doi.org/10.5089/9781451870787.001

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...

Global Volatility and Forex Returns in East Asia

Global Volatility and Forex Returns in East Asia »

Volume/Issue: 2008/208

Series: IMF Working Papers

Author(s): Sanjay Kalra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

DOI: http://dx.doi.org/10.5089/9781451870664.001

ISBN: 9781451870664

Keywords: Forex returns, GARCH models, volatility, exchange rate, standard deviation, statistics, heteroscedasticity,

During 2001-07, increases in mature market volatility were associated with declines in forex returns for East Asian countries, consistent with an overall "flight to safety" effect. Estimates from GARCH models sugge...

Can Higher Reserves Help Reduce Exchange Rate Volatility?

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

DOI: http://dx.doi.org/10.5089/9781451859645.001

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...

Post-Crisis Exchange Rate Policy in Five Asian Countries
			: Filling in the "Hollow Middle"?

Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"? »

Volume/Issue: 2001/170

Series: IMF Working Papers

Author(s): Leonardo Hernández , and Peter Montiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

DOI: http://dx.doi.org/10.5089/9781451858426.001

ISBN: 9781451858426

Keywords: exchange rate policy, exchange rate, crisis countries, pre-crisis, post-crisis period, exchange rates

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesi...

Characterizing Exchange Rate Regimes in Post-Crisis East Asia

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

DOI: http://dx.doi.org/10.5089/9781451857092.001

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,...

Reserve Adequacy in Emerging Market Economics

Reserve Adequacy in Emerging Market Economics »

Volume/Issue: 2001/143

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

DOI: http://dx.doi.org/10.5089/9781451856347.001

ISBN: 9781451856347

Keywords: Reserves, vulnerability, capital flight, exchange rate, currency board, external debt, exchange rates, foreign exchange

This paper analyzes reserve adequacy in emerging market countries. It argues that the old rule of thumb of maintaining reserves equivalent to three months of imports has become obsolete and that, instead, a new ben...

The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries

The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries »

Volume/Issue: 2000/19

Series: IMF Working Papers

Author(s): Atish Ghosh , and Gabriela Basurto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2000

DOI: http://dx.doi.org/10.5089/9781451843736.001

ISBN: 9781451843736

Keywords: Asia currency crisis, exchange rate, monetary model, monetary policy, money demand

Sharp exchange rate depreciations in the East Asian crisis countries (Indonesia, Korea, and Thailand) raised doubts about the efficacy of increasing interest rates to defend the currency. Using a standard monetary...