Description : The IMF's development of the Code of Good Practices on Transparency in Monetary and Financial Policies and the introduction of safeguards assessments have increased emphasis on transparency of the disclosures made in central bank financial statements. This paper, which updates WP/00/186, looks at the disclosure requirements for central banks under International Financial Reporting Standards and provides practical guidance for those responsible for preparing central bank financial statements.
Description : Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which includes an estimate of foreign cash holdings. Moreover, we find that an excess supply of effective broad money is inflationary, while other excess money measures are not, and that effective broad money growth has the strongest and most persistent effect on short-run inflation.
Description : In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.
Description : ‘Dollar Chatroom’ is a book of extracts from live, verbatim, internet conversations between Stock Market Traders. Selected to be easily read and entertaining, both on and off topic plus after hours. Including 49 posted illustrations and charts, from the wise and perceptive to the downright bizarre.. . Find out what it is like to sit in front of a computer screen for anywhere between 10 minutes a week and 16 hours a day to earn your living in the company of 1000 other like minded individuals.. . And who your buddies are.. . Choose your weapons.. . Stocks, Indices, Forex, Oil, Metals, Futures, Options, Swaps, ETF’s, CFD’s, FOMC.. . what else ya got..? Includes the 2008 Worldwide Stock Market Crash – The Beginning of the End..? Includes the 2008 USA Presidential Election. Oh, and by the way, don’t forget to take your sunglasses in the plane, right..? There’s always blue sky and sunshine above the clouds.. . And another thing, if you read a funnier book this year, let me know, will you.. ?
Description : This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and also includes data on the timing of currency crises and sovereign debt crises. The database extends and builds on the Caprio, Klingebiel, Laeven, and Noguera (2005) banking crisis database, and is the most complete and detailed database on banking crises to date.
Description : This paper explores and quantifies several aspects of the performance of currency unions using an augmented version of the gravity model and focusing on two samples, the world and Africa. Our empirical findings suggest that, in principle, membership in a currency union should benefit Africa as much as it does the rest of the world. In addition, we find evidence from both samples that the effect of currency unions on trade is large, almost a doubling; currency unions are associated with trade creation, increase price co-movements among members, and make trade more stable; and longer duration of currency union membership brings about more benefits, although with some diminishing returns.
Description : This paper investigates whether the linkages between economic growth in Russia and growth in other countries in the region have weakened over time, particularly following the 1998 Russian crisis. It specifies an econometric model that includes standard growth determinants as well as Russian economic growth, and which allows for the effects of Russian growth to vary over time. The paper finds that Russian growth was indeed a significant determinant of regional economic growth prior to the Russian crisis, but that this link weakened significantly thereafter.
Description : Germany's export market share increased since 2000, while most industrial countries experienced declines. This study explores four explanations and evaluates their empirical contributions: (i) improved cost competitiveness, (ii) ties to fast growing trading partners, (iii) increased demand for capital goods, and (iv) regionalized production of goods (e.g. offshoring). An export model is estimated covering the period 1993-2005. The dominant factors explaining the increase in market share are trade relationships with fast growing countries and regionalized production in the export sector. Improved cost competitiveness had a comparatively smaller impact. There is no conclusive evidence of increased demand for capital goods.