Dealing with large and volatile capital flows and the role of the IMF
... gross inflows to EMEs, which coincided with a slowdown in major EMEs, the steep fall in oil prices (and other commodity prices) and a marked appreciation of the US dollar. Cross-border capital flows can have many benefits for both AEs and EMEs; however, they may also carry risks, which require appro ...
... gross inflows to EMEs, which coincided with a slowdown in major EMEs, the steep fall in oil prices (and other commodity prices) and a marked appreciation of the US dollar. Cross-border capital flows can have many benefits for both AEs and EMEs; however, they may also carry risks, which require appro ...
Emerging Equity Markets in a Globalizing World
... markets have historically outperformed developed markets. The geometric average excess return (over and above a US Treasury bill) for emerging markets over the sample was 8.0%, compared to only 3.7% for developed markets (MSCI World). Because the emerging market index has much higher volatility th ...
... markets have historically outperformed developed markets. The geometric average excess return (over and above a US Treasury bill) for emerging markets over the sample was 8.0%, compared to only 3.7% for developed markets (MSCI World). Because the emerging market index has much higher volatility th ...
the impact of the global financial and economic crisis - UN
... with the already large ranks of the poor growing by nearly 10 million people by 2010. Conservative estimates put lost income in 2009 alone at over 70 billion dollars, more than twice the amount of net development assistance received by the Least Developed Countries in 2006. In these circumstances, t ...
... with the already large ranks of the poor growing by nearly 10 million people by 2010. Conservative estimates put lost income in 2009 alone at over 70 billion dollars, more than twice the amount of net development assistance received by the Least Developed Countries in 2006. In these circumstances, t ...
China`s Economic Fluctuations
... such as garlic, were grown on a large scale for sale in South Korea and other foreign markets. In both cases, similar policy underpinnings make the different paths successful. These underpinnings are investments in transportation and communications and investments in education. In both counties, the ...
... such as garlic, were grown on a large scale for sale in South Korea and other foreign markets. In both cases, similar policy underpinnings make the different paths successful. These underpinnings are investments in transportation and communications and investments in education. In both counties, the ...
Changes in Twelfth District Local Banking Market Structure during a
... This paper finds that concentration in urban local markets across the Twelfth District has increased moderately, while concentration in rural markets has decreased. However, changes in concentration have varied widely, and quite a few markets have shown relatively large increases in concentration. I ...
... This paper finds that concentration in urban local markets across the Twelfth District has increased moderately, while concentration in rural markets has decreased. However, changes in concentration have varied widely, and quite a few markets have shown relatively large increases in concentration. I ...
Volatility: Implications for Value and Glamour Stocks
... Equity market volatility is typically a source of investor fear. Frequently, investors rely on fight-or-flight responses and run away from markets when volatility is high. We set out to study the implications of high and low volatility regimes and their effect on value and glamour stock returns. Vol ...
... Equity market volatility is typically a source of investor fear. Frequently, investors rely on fight-or-flight responses and run away from markets when volatility is high. We set out to study the implications of high and low volatility regimes and their effect on value and glamour stock returns. Vol ...
capital account liberalization in the wamz: gap analysis
... Gambia. This may be an indication of the willingness on the part of member countries to gradually move towards full capital account liberalization, especially among member countries of the WAMZ in the first instance. The restrictions on outflows ranges from money market instrument, financial credit, ...
... Gambia. This may be an indication of the willingness on the part of member countries to gradually move towards full capital account liberalization, especially among member countries of the WAMZ in the first instance. The restrictions on outflows ranges from money market instrument, financial credit, ...
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... 1994 Mexican “Tequila crisis,” and since then, the 1998 “Russian virus.” Emerging markets economic crises, in general, have been characterized as contagious. According to Webster’s dictionary, contagion is defined as “a disease that can be communicated rapidly through direct or indirect contact.” Em ...
... 1994 Mexican “Tequila crisis,” and since then, the 1998 “Russian virus.” Emerging markets economic crises, in general, have been characterized as contagious. According to Webster’s dictionary, contagion is defined as “a disease that can be communicated rapidly through direct or indirect contact.” Em ...
DOES THE CURRENT ACCOUNT MATTER?* By Sebastian Edwards University of California, Los Angeles
... embarrassment of sorts by the economics profession. As a result, during the last few years macroeconomists in academia, in the multilateral institutions and in investment banks have been frantically developing crisis “early warning” models. These models have focused on a number of variables, includi ...
... embarrassment of sorts by the economics profession. As a result, during the last few years macroeconomists in academia, in the multilateral institutions and in investment banks have been frantically developing crisis “early warning” models. These models have focused on a number of variables, includi ...
The Costs of Sovereign Default
... This paper contributes to a large literature examining the costs of sovereign default, surveyed in Borensztein and Panizza (2009). Using quarterly time series, Levy Yeyati and Panizza (2011) find that output generally falls in anticipation of a sovereign default and that the default itself tends to ...
... This paper contributes to a large literature examining the costs of sovereign default, surveyed in Borensztein and Panizza (2009). Using quarterly time series, Levy Yeyati and Panizza (2011) find that output generally falls in anticipation of a sovereign default and that the default itself tends to ...
Balance of Payments Textbook, 1996
... an economy’s claims on the rest of the world and the value of that economy’s financial liabilities to the rest of the world. The difference between an economy’s stock of international financial assets and financial liabilities is that part of an economy’s net worth attributable to, or derived from, ...
... an economy’s claims on the rest of the world and the value of that economy’s financial liabilities to the rest of the world. The difference between an economy’s stock of international financial assets and financial liabilities is that part of an economy’s net worth attributable to, or derived from, ...
Export and domestic sales: their interrelationship and determinants
... Interrelationship between Export and Domestic Sales impact export sales. Likewise, should firms benefit from their export sales in the form of learning that can be applied to domestic markets (e.g., Salomon and Shaver, 2005), then we would expect the reciprocal effect: export sales positively impac ...
... Interrelationship between Export and Domestic Sales impact export sales. Likewise, should firms benefit from their export sales in the form of learning that can be applied to domestic markets (e.g., Salomon and Shaver, 2005), then we would expect the reciprocal effect: export sales positively impac ...
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... embarrassment of sorts by the economics profession. As a result, during the last few years macroeconomists in academia, in the multilateral institutions and in investment banks have been frantically developing crisis “early warning” models. These models have focused on a number of variables, includi ...
... embarrassment of sorts by the economics profession. As a result, during the last few years macroeconomists in academia, in the multilateral institutions and in investment banks have been frantically developing crisis “early warning” models. These models have focused on a number of variables, includi ...
Does Supply or Demand Drive the Credit Cycle?
... side, strong economic growth, rapid income convergence, rising house prices, and low real interest rates were forceful drivers. In some countries, pro-cyclical fiscal policies further added to the domestic demand boom. On the supply side, unprecedented inflows of external funding into the region inc ...
... side, strong economic growth, rapid income convergence, rising house prices, and low real interest rates were forceful drivers. In some countries, pro-cyclical fiscal policies further added to the domestic demand boom. On the supply side, unprecedented inflows of external funding into the region inc ...
TOWARD A NEW DESIGN FOR INTERNATIONAL H.
... The Bretton Woods system as designed was largely the result of the work of two economists and civil servants, one British, one American: John Maynard Keynes and Harry Dexter White. Both Keynes's and White's systems, as coherent designs, reflected the context of then-existing circumstances in a frame ...
... The Bretton Woods system as designed was largely the result of the work of two economists and civil servants, one British, one American: John Maynard Keynes and Harry Dexter White. Both Keynes's and White's systems, as coherent designs, reflected the context of then-existing circumstances in a frame ...
Time-Varying Arrival Rates of Informed and Uninformed Trades
... days. This result suggests that with our dynamic specification PIN can be used in event studies. We believe that our results will have an impact in three areas of finance. First, institutional investors need to predict trading costs in order to evaluate the efficiency of alternative trading strategies. ...
... days. This result suggests that with our dynamic specification PIN can be used in event studies. We believe that our results will have an impact in three areas of finance. First, institutional investors need to predict trading costs in order to evaluate the efficiency of alternative trading strategies. ...
International Inflation Spillovers Through Input
... Exchange rate movements play no role in synchronizing inflation across countries. In a counterfactual that ignores exchange rate movements when recovering the underlying shocks, the common component in the recovered cost shocks is approximately the same as in the baseline. Because the exchange rate ...
... Exchange rate movements play no role in synchronizing inflation across countries. In a counterfactual that ignores exchange rate movements when recovering the underlying shocks, the common component in the recovered cost shocks is approximately the same as in the baseline. Because the exchange rate ...
Natural resources: Curse or blessing?
... that coca provided have fuelled violence and civilian conflict especially outside the major cities (Angrist and Kugler, 2008). Greenland benefits from a large annual grant from Denmark to ensure a similar GDP per capita to the Danish one. As a result, it has suffered from an appreciated real exchang ...
... that coca provided have fuelled violence and civilian conflict especially outside the major cities (Angrist and Kugler, 2008). Greenland benefits from a large annual grant from Denmark to ensure a similar GDP per capita to the Danish one. As a result, it has suffered from an appreciated real exchang ...
Order Characteristics, Uncertainty and Price Formation in the
... The second hypothesis builds on more recent theoretical models which suggest that informed traders use a mixed strategy of submitting both market and limit orders (e.g. see GPR, 2009; Rosu, 2009). They submit market orders to benefit from short-lived information, and limit orders to benefit from lo ...
... The second hypothesis builds on more recent theoretical models which suggest that informed traders use a mixed strategy of submitting both market and limit orders (e.g. see GPR, 2009; Rosu, 2009). They submit market orders to benefit from short-lived information, and limit orders to benefit from lo ...
NBER WORKING PAPER SERIES THIRTY YEARS OF CURRENT ACCOUNT IMBALANCES,
... United States with a deficit of 5% of GDP and China with a surplus of almost 3% of GDP.1 Policy makers, analysts and academics have focused on the international adjustment process, and have discussed the way in which the correction of these current account imbalances is likely to affect exchange rat ...
... United States with a deficit of 5% of GDP and China with a surplus of almost 3% of GDP.1 Policy makers, analysts and academics have focused on the international adjustment process, and have discussed the way in which the correction of these current account imbalances is likely to affect exchange rat ...
Quantifying the Half-Life of Deviations from PPP
... consumption goods (see Rogoff 1992) or cross-country wealth redistribution effects (see Obstfeld and Rogoff 1995) imply highly persistent deviations from PPP. Similarly, terms-oftrade shocks may have long-lasting effects by affecting the structure of the economy. On the other hand, monetary models o ...
... consumption goods (see Rogoff 1992) or cross-country wealth redistribution effects (see Obstfeld and Rogoff 1995) imply highly persistent deviations from PPP. Similarly, terms-oftrade shocks may have long-lasting effects by affecting the structure of the economy. On the other hand, monetary models o ...
BDO - NEED TO KNOW / Hedge Accounting (IFRS 9 Financial
... Standards Board (IASB) embarked on a comprehensive project to replace IAS 39 with a new financial instruments standard IFRS 9 Financial Instruments. The project was divided into three phases: –– Phase I: Classification and measurement –– Phase II: Impairment of financial assets –– Phase III: Hedge a ...
... Standards Board (IASB) embarked on a comprehensive project to replace IAS 39 with a new financial instruments standard IFRS 9 Financial Instruments. The project was divided into three phases: –– Phase I: Classification and measurement –– Phase II: Impairment of financial assets –– Phase III: Hedge a ...
Corporate Bond Trading on a Limit Order Book Exchange by
... Our sample period is 2014 and we investigate 402 c-bonds denominated in NIS (New Israeli Shekels), of 143 firms, with a minimum market value of at least 100M NIS (approximately $28M during 2014).4 The market cap of these bonds was 95.3% of the TASE c-bond market cap. We use a unique and proprietary ...
... Our sample period is 2014 and we investigate 402 c-bonds denominated in NIS (New Israeli Shekels), of 143 firms, with a minimum market value of at least 100M NIS (approximately $28M during 2014).4 The market cap of these bonds was 95.3% of the TASE c-bond market cap. We use a unique and proprietary ...