F - International Economics
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Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy
Consumption volatility relative to output volatility is consistently higher in emerging economies than in developed economies. -
Governance and the IMF: Does the Fund Follow Corporate Best Practice?
The governance challenges facing the International Monetary Fund (IMF) are not simply limited to representation and voice, and the associated question of quota allocation. -
Multinationals and Exchange Rate Pass-Through
The authors examine the impact of multinational enterprises (MNEs) on exchange rate pass-through in an environment where an MNE engages in Cournot (quantity) competition with domestic and foreign rivals. -
The Turning Black Tide: Energy Prices and the Canadian Dollar
The authors revisit the relationship between energy prices and the Canadian dollar in the Amano and van Norden (1995) equation, which shows a negative relationship such that higher real energy prices lead to a depreciation of the Canadian dollar. -
Can Affine Term Structure Models Help Us Predict Exchange Rates?
The author proposes an arbitrage-free model of the joint behaviour of interest and exchange rates whose exchange rate forecasts outperform those produced by a random-walk model, a vector autoregression on the forward premiums and the rate of depreciation, and the standard forward premium regression. -
Convergence in a Stochastic Dynamic Heckscher-Ohlin Model
The authors characterize the equilibrium for a small economy in a dynamic Heckscher-Ohlin model with uncertainty. -
The International Monetary Fund's Balance-Sheet and Credit Risk
The authors examine the characteristics of International Monetary Fund (IMF) lending from the 1960s to 2005. -
Institutional Quality, Trade, and the Changing Distribution of World Income
Conventional wisdom holds that institutional changes and trade liberalization are two main sources of growth in per capita income around the world. -
A Structural Error-Correction Model of Best Prices and Depths in the Foreign Exchange Limit Order Market
Traders using the electronic limit order book in the foreign exchange market can watch the posted price and depth of the best quotes change over the day.