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Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? »

Source: Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Volume/Issue: 2015/159

Series: IMF Working Papers

Author(s): Olivier Blanchard , Gustavo Adler , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2015

ISBN: 9781513585840

Keywords: exchange rate, gross capital flows, exchange, market, General,

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these...

Chapter 15. Kosovo: Watching the Global Crisis from the Sidelines

Chapter 15. Kosovo: Watching the Global Crisis from the Sidelines »

Source: How Emerging Europe Came Through the 2008/09 Crisis : An Account by the Staff of the IMF's European Department

Series: Books

Author(s): Bas Bakker , and Christoph Klingen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 August 2012

ISBN: 9781616353810

Keywords: capital inflows, public finances, fiscal policy, public debt, capital adequacy

Kosovo’s financial and economic integration with the global economy is limited. Since the end of the Kosovo war in 1999, the emphasis has been on rebuilding the coun...

The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact

The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact »

Source: The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact

Volume/Issue: 2009/280

Series: IMF Working Papers

Author(s): R. Gelos , Robert Rennhack , James Walsh , and Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874259

Keywords: Global crisis, transmission of shocks, cross-country linkages, current account balance, exchange rate, exchange rates,

We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth foreca...

Global Monetary Tightening

Global Monetary Tightening »

Source: Global Monetary Tightening : Emerging Markets Debt Dynamics and Fiscal Crises

Volume/Issue: 2014/215

Series: IMF Working Papers

Author(s): Julio Escolano , Christina Kolerus , and Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

ISBN: 9781475584691

Keywords: Debt dynamics, sovereign debt crisis, unconventional, debt, bond, interest, Monetary Policy (Targets, Instruments, and Effects), International Lending and Debt Problems

This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global ris...

Global Spillovers into Domestic Bond Markets in Emerging Market Economies*

Global Spillovers into Domestic Bond Markets in Emerging Market Economies* »

Source: Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Volume/Issue: 2013/264

Series: IMF Working Papers

Author(s): Laura Jaramillo , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2013

ISBN: 9781484328446

Keywords: Emerging Market Economies, Fiscal Deficit, Global Spillovers, bond, bond yields, domestic bond, sovereign bond, Financial Markets and the Macroeconomy,

While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domest...

Global Value Chains and the Exchange Rate Elasticity of Exports

Global Value Chains and the Exchange Rate Elasticity of Exports »

Source: Global Value Chains and the Exchange Rate Elasticity of Exports

Volume/Issue: 2015/252

Series: IMF Working Papers

Author(s): Swarnali Ahmed , Maximiliano Appendino , and Michele Ruta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2015

ISBN: 9781513531793

Keywords: Real Exchange Rate, Global Value Chains, exports, exchange, value, elasticity, trade, Country and Industry Studies of Trade, All Countries,

This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some...

Globalization and Catching-Up

Globalization and Catching-Up »

Source: Globalization and Catching-Up : From Recession to Growth in Transition Economies

Volume/Issue: 2000/100

Series: IMF Working Papers

Author(s): Grzegorz Kolodko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451852394

Keywords: transition, institution-building, recession, growth, transition countries, gdp per capita, external shocks

The transitional recession in countries of Eastern Europe and the Former Soviet Union has lasted much longer than expected. The legacy of the past and recent policy mistakes have both contributed to the slow progre...

Household Credit, Global Financial Cycle, and Macroprudential Policies

Household Credit, Global Financial Cycle, and Macroprudential Policies »

Source: Household Credit, Global Financial Cycle, and Macroprudential Policies : Credit Register Evidence from an Emerging Country

Volume/Issue: 2018/13

Series: IMF Working Papers

Author(s): Mircea Epure , Irina Mihai , Camelia Minoiu , and José-Luis Peydró

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2018

ISBN: 9781484338599

Keywords: Household credit, Romania, Europe, Central banks and their policies, macroprudential policies, global financial cycle, cross-border spillovers, General

We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing a...

II The Setting for Adjustment: Initial Positions and Global Environment

II The Setting for Adjustment: Initial Positions and Global Environment »

Source: IMF Conditionality : Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings

Series: Occasional Papers

Author(s): Louis Dicks-Mireaux , Miguel Savastano , Adam Bennett , María Carkovic S. , Mauro Mecagni , James John , and Susan Schadler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1995

ISBN: 9781557754929

Keywords: inflation, terms of trade, capital inflows, exchange rate, real interest rates

Almost without exception, the initial positions of the countries under review were dire. Most were suffering the effects of long-standing institutional and structural weaknesses, fiscal excesses, and deficie...

A network analysis of global banking
			: 1978-2009

A network analysis of global banking : 1978-2009 »

Volume/Issue: 2011/74

Series: IMF Working Papers

Author(s): Javier Reyes , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455227051.001

ISBN: 9781455227051

Keywords: cross-border bank lending, network analysis, banking, banking crises, banking statistics, contagion, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

In this paper we explore the properties of the global banking network using cross-border bank lending data for 184 countries over 1978-2009. Specifically, we analyze financial interconnectedness using network metri...