The paper compares the credibility of currency boards and (standard) pegs. Abandoning a currency board requires a time-consuming legislative process and an abolition will thus be previously expected. Therefore, a currency board solves the time inconsistency problem of monetary policy. However, policy can react to unexpected shocks only with a time lag, thus the threat of large shocks makes the ...

A currency area can be a self-validating optimal policy regime, even when monetary unification does not foster real economic integration and intra-industry trade. In our model firms choose the degree of exchange rate pass-through onto export prices accounting for expected monetary policies, and monetary authorities choose optimal policy rules taking firms’ pass-through as given. We show that th...

Using sovereign CDS spreads and currency option data for Mexico and Brazil, we document that CDS spreads covary with both the currency option implied volatility and the slope of the implied volatility curve in moneyness. We propose a joint valuation framework, in which currency return variance and sovereign default intensity follow a bivariate diffusion with contemporaneous correlation. Estimat...

(/32-M) involving a commercially available monoclonal antibody, we used a second monoclonal antibody, produced in our laboratory, for affinity-chromatographic purification of /32-M. Both monoclonal antibodies bound to all of the charge isomers of f32-M identified by two-dimensional gel electrophoresis. Polyethylene glycol was used to separate the phases after incubation for 3 h at room temperat...

the frequent occurrence of currency crises in recent years brought the early warning literature back in the researchers spotlight. in recent years, concept of an early warning system (ews) developed that should be able to identify various costly events, such as currency crises, early enough for policy makers to reduce the costs. this study attempted by using iran's economy quarterly data d...

Sudden stops can be characterized by sharp reversals in capital inflows, large declines in output, and steep collapses in real asset prices (Mendoza and Smith, 2009). In almost all recent crises, capital account reversals amounting to more than 10% of an afflicted country’s GDP have occurred (Calvo and Reinhart, 1999 and Nabli, 1999). More specifically, reversals in capital flows to emergin...

Re-denomination was not only a zero dropping and new coin minting operation but also a significant milestone in Turkey. Before the currency reform, multiple zeros had posed several difficulties in expressing monetary values, transactions, bookkeeping and statistical records, data processing software, payment systems, price labels etc. So, removing six zeros from national currency became a ...

INTRODUCTION Many patients in Community Mental Health Teams have a diagnosis of depression F32, recurrent depression F33, and depression and anxiety F41.2, and such patients are often considered by team managers as being suitable for discharge to primary care. It is necessary to describe factors that influence outcomes, specifically discharge, in order to identify suitable patients who might co...

â â â â â  abstract: â  as the number of independent countries increases and their economies become more integrated, we would expect to observe more multi-country currency ::::union::::s. this paper explores the pros and cons for different countries to adopt as an anchor the us dollar, the euro or the yen. in addition, it addresses the question of how co-movement of outputs and prices would res...