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  • 1
    Online Resource
    Online Resource
    On the effectiveness of exchange rate interventions in emerging markets (2014)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (31 S.) , graph. Darst.
    Series Statement: Working paper / OECD Development Centre 324
    Series Statement: OECD Development Centre Working Papers no.324
    Keywords: Wechselkurs ; Wechselkurspolitik ; Schwellenländer ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jxwwfmxfdth-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Fear of Appreciation (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levy-Yeyati, Eduardo Fear of Appreciation
    Keywords: Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate
    Abstract: In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    LAC Semiannual Report October 2014 : Inequality in a Lower Growth Latin America (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464804298
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg.
    Series Statement: Latin American and Caribbean Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Business ; Business Cycle ; Decentralization ; Equity ; Growth ; Inequality ; Inflation ; Macroeconomic Determinants of Inequality ; Social Agenda ; Stability
    Abstract: As usual in this series, Chapter 1 reviews the configuration of global risks and assesses the outstanding short term opportunities and challenges facing the LAC region. We document the significant slowdown in economic activity across the region, and explore the possibility of this being the 'new normal'. In Chapter 2 we assess if the major social gains achieved during the 'Golden Decade', in particular the decline in inequality, will hold in this less supportive environment, and discuss alternative policy responses to preserve and further the equity gains in the region
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0429-8
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Dollarization (2003)
    Cambridge, Mass : MIT Press
    Details
    ISBN: 9780262286527 , 0262286521 , 0585443823 , 9780585443829
    Language: English
    Pages: 1 online resource (ix, 341 p.) , ill
    Series Statement: EBSCOhost eBook Collection
    Parallel Title: Print version Dollarization
    Keywords: Dollarization ; Money ; Dollar, American ; Foreign exchange ; Currency question ; International finance ; International finance ; Dollar, American ; Foreign exchange ; Currency question ; Money ; Dollarization ; Electronic books ; Money. ; Dollar, American. ; Foreign exchange. ; Currency question. ; International finance. ; Currency question ; Dollar, American ; Dollarization ; Foreign exchange ; International finance ; Money ; Amerikaanse dollar ; Wisselkoersen ; Monetaire politiek ; BUSINESS & ECONOMICS ; Foreign Exchange ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Electronic books. ; Electronic books ; Electronic books ; Aufsatzsammlung ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr
    Abstract: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico SturzeneggerDollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden.
    Note: Description based on print version record , Includes bibliographical references and index , Dollarization
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Financial globalization : unequal blessings (2002)
    Washington, D.C : World Bank, Office of the Chief Economist, Latin America and the Caribbean Region, and the Investment Climate Team, Development Research Group
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2903
    Parallel Title: Torre, Augusto de la Financial globalization
    Keywords: Globalization ; International finance ; Globalization ; International finance
    Note: "October 7, 2002 , Includes bibliographical references , Title from title screen as viewed on October 11, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    Living and dying with hard pegs : rise and fall of Argentina's Currency Board (2003)
    Washington, D.C : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2980
    Parallel Title: Torre, Augusto de la Living and dying with hard pegs
    Keywords: Currency boards ; Monetary policy ; Currency boards ; Monetary policy
    Note: "February 24, 2003 , Includes bibliographical references , Title from title screen as viewed on February 26, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    The price of inconvertible deposits : the stock market boom during the Argentine crisis (2003)
    Washington, D.C : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3146
    Parallel Title: Horen, Neeltje van The price of inconvertible deposits
    Keywords: Financial crises ; Stock exchanges ; Financial crises ; Stock exchanges
    Note: "September 26, 2003 , Includes bibliographical references , Title from title screen as viewed on September 29, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Online Resource
    Online Resource
    Market discipline under systemic risk : evidence from bank runs in emerging economies (2004)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3440
    Parallel Title: Levy Yeyati, Eduardo Market discipline under systemic risk
    Keywords: Bank failures ; Capital market ; Risk management ; Bank failures ; Capital market ; Risk management
    Abstract: "Levy-Yeyati, Martinez Peria, and Schmukler show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions can directly threaten the value of deposits by way of dual agency problems. Second, to the extent that banks are exposed to systemic risk, systemic shocks lead to a future deterioration of fundamentals not captured by their current values. Using data from the recent banking crises in Argentina and Uruguay, the authors show that market discipline is indeed quite robust once systemic risk is factored in. As systemic risk increases, the informational content of past fundamentals declines. These episodes also show how few systemic shocks can trigger a run irrespective of ex-ante fundamentals. Overall, the evidence suggests that in emerging economies, the notion of market discipline needs to account for systemic risk. This paper--a product of the Finance Team, Development Research Group--is part of a larger effort in the group to study market discipline"--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 10/29/2004 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online Resource
    Online Resource
    International financial integration through the law of one price (2006)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3897
    Parallel Title: Schmukler, Sergio L International financial integration through the law of one price
    Keywords: International economic integration ; International finance ; International economic integration ; International finance
    Abstract: "The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage. Applying to equity markets recent methodological developments in the purchasing power parity literature, they show that nonlinear Threshold Autoregressive (TAR) models properly capture the behavior of the cross market premium. The estimates reveal the presence of narrow non-arbitrage bands and indicate that price differences outside these bands are rapidly arbitraged away, much faster than what has been documented for good markets. Moreover, the authors find that financial integration increases with market liquidity. Capital controls, when binding, contribute to segment financial markets by widening the non-arbitrage bands and making price disparities more persistent. Crisis episodes are associated with higher volatility, rather than by more persistent deviations from the law of one price. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 4/24/2006 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Crises, capital controls, and financial integration (2008)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 4770
    Parallel Title: Levy Yeyati, Eduardo Crises, capital controls, and financial integration
    Keywords: Capital movements ; Financial crises ; Capital movements ; Financial crises
    Abstract: "This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The cross-market premium (the ratio between the domestic and international market price of cross-listed stocks) provides a valuable measure of how capital controls and crises affect integration. The paper shows that, contrary to the common perception that capital controls can be easily evaded, they do affect the cross-market premium. Controls on capital inflows put downward pressure on domestic markets relative to international ones, generating a negative premium. The opposite happens with controls on capital outflows. This signals the inability of market participants to engage in perfect arbitrage, due to the segmentation of domestic markets from international ones induced by capital controls. Crises affect financial integration by generating more volatility in the cross-market premium and putting more downward pressure on domestic prices. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 3/19/2009 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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