F3 - International Finance

• Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring

  Staff Working Paper 2007-10 Philipp Maier

  This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2

• Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy

  Staff Working Paper 2006-37 Carlos De Resende

  Consumption volatility relative to output volatility is consistently higher in emerging economies than in developed economies.

  Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F3, F32, F34, F4, F41

• Governance and the IMF: Does the Fund Follow Corporate Best Practice?

  Staff Working Paper 2006-32 Eric Santor

  The governance challenges facing the International Monetary Fund (IMF) are not simply limited to representation and voice, and the associated question of quota allocation.

  Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F3

• The Turning Black Tide: Energy Prices and the Canadian Dollar

  Staff Working Paper 2006-29 Ramzi Issa, Robert Lafrance, John Murray

  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.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Exchange rates JEL Code(s): F, F3, F31

• Can Affine Term Structure Models Help Us Predict Exchange Rates?

  Staff Working Paper 2006-27 Antonio Diez de los Rios

  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.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Exchange rates, Interest rates JEL Code(s): E, E4, E43, F, F3, F31, G, G1, G12, G15

• The International Monetary Fund's Balance-Sheet and Credit Risk

  Staff Working Paper 2006-21 Ryan Felushko, Eric Santor

  The authors examine the characteristics of International Monetary Fund (IMF) lending from the 1960s to 2005.

  Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F3

• A Structural Error-Correction Model of Best Prices and Depths in the Foreign Exchange Limit Order Market

  Staff Working Paper 2006-8 Ingrid Lo, Stephen Sapp

  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.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Financial markets JEL Code(s): C, C3, D, D8, F, F3, F31

• Structural Change in Covariance and Exchange Rate Pass-Through: The Case of Canada

  Staff Working Paper 2006-2 Lynda Khalaf, Maral Kichian

  The authors address empirically the implications of structural breaks in the variance-covariance matrix of inflation and import prices for changes in pass-through.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C5, C52, E, E3, E31, F, F3, F31, F4, F40

• An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia

  Staff Working Paper 2005-38 Marc-André Gosselin, Nicolas Parent

  Over the past few years, the ability of the United States to finance its current account deficit has been facilitated by massive purchases of U.S.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial stability, International topics JEL Code(s): C, C2, C23, F, F3, F31, G, G1, G15

• Has Exchange Rate Pass-Through Really Declined in Canada?

  Staff Working Paper 2005-29 Hafedh Bouakez, Nooman Rebei

  Several empirical studies suggest that exchange rate pass-through has declined in recent years in industrialized countries.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Exchange rates, Inflation and prices, International topics JEL Code(s): F, F3, F4