CAPITAL CONTROLS DURING FINANCIAL CRISES: (2007)
Hali J. Edison, Hali J. Edison, Carmen M. Reinhart, Carmen M. Reinhart
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an...
Hali J. Edison, Ross Levine, Luca Ricci, Torsten Sløk, Hali J. Edison, Ross Levine, ...
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the...
Do indicators of financial crises work? An evaluation of an early warning system (2000)
Hali J. Edison, Hali J. Edison, Hayden Smith
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an...
Asset bubbles, domino effects and 'lifeboats': elements of the East Asian crisis (1998)
Edison, Hali J., Luangaram, Pongsak
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a...
Hali Edison, Hali J. Edison, Jaime Marquez, Jaime Marquez, Karen Johnson, David Lindsey, ...
: This paper uses the transcripts from the FOMC meetings to characterize the interactions between policymakers and macro models in the formulation of U.S. monetary policy. We develop a taxonomy of...
Asset Bubbles, Domino Effects and `Lifeboats': Elements of the East Asian Crisis (1998)
Hali J. Edison, Hali J. Edison, Pongsak Luangaram, Pongsak Luangaram, Marcus Miller, Marcus Miller
: Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a...
Foreign Exchange Intervention and the Australian Dollar: Has it Mattered?
Hali J. Edison, Paul Cashin, Hong Liang
Since the Australian dollar was floated in December 1983, the Australian central bank (Reserve Bank of Australia) has actively intervened in the foreign exchange market. Using daily exchange rate and...
The reaction of exchange rates and interest rates to news releases
This paper examines the response of exchange rates and interest rates--U.S. and foreign--to economic news. The news is associated with the surprise component of the monthly release of six U.S....
Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
Hali J. Edison, Francis E. Warnock
We investigate the impact of two types of financial liberalizations on short- and long-horizon capital flows to emerging markets in a framework that controls for push and pull factors. The first type...
New Economy Stock Valuations and Investmen in the 1990s
This paper investigates whether there is a different impact from changes in "new" and "old" economy stock valuations on private investment for seven OECD economies. A vector autoregressive model is...
Wealth Effects and the New Economy
This paper investigates if there is a different impact from changes in "new" and "old" economy stock valuations on private consumption. Estimating a reduced-form VAR for seven OECD countries for the...
A Simple Measure of the Intensity of Capital Controls
Hali J. Edison, Francis E. Warnock
We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities....
Exchange Rates and Capital Flows
Hali J. Edison, Robin Brooks, Manmohan S. Kumar, Torsten Sløk
Exchange rates , Euro , U.S. dollar , Japanese yen , Capital flows , Economic models ,
Strategies for Fiscal Consolidation in Japan
Japan's key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF's...
Capital Account Liberalization and Economic Performance: Survey and Synthesis
Hali J. Edison, Michael Klein, Luca Antonio Ricci, Torsten Sløk
This paper reviews and discusses issues involved in assessing the relationship between capital account liberalization and economic performance. First, it discusses the different measures of...
International Financial Integration and Economic Growth
Hali J. Edison, Ross Levine, Luca Antonio Ricci, Torsten Sløk
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the...
Asset Bubbles, Leverage and 'Lifeboats': Elements of the East Asian Crisis.
Edison, Hali J, Luangaram, Pongsak, Miller, Marcus
Collapsing credit markets have been blamed for the depth and persistence of the Great Depression in the United States. Could similar mechanisms have played a role in ending the East Asian economic...
Alternative Approaches to Real Exchange Rates and Real Interest Rates: Three Up and Three Down.
Edison, Hali J, Melick, William R
This paper examines the relationship between real exchange rates and real interest rates using three different approaches across four currencies and two horizons with 20 years of data. Each approach...
The Reaction of Exchange Rates and Interest Rates to News Releases.
This paper examines the response of exchange rates and interest rates--US and foreign--to economic news. The news is associated with the surprise component of the monthly release of six US...
Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate (1890-1978).
This paper tests the Purchasing Power Parity (PPP) hypothesis by analyzing t he long-run tendency of the dollar/pound exchange rate using data sin ce 1890. Two different models are considered: (1) a...
The purpose of this paper is to describe and to analyze in some detail the U.K. sector of the Federal Reserv e's Multicountry Model (MCM). The analysis focuses on the effects of shifts in U.K....
Optimal Currency Baskets for Small, Developed Economies.
Edison, Hali J, Vardal, Erling
Optimal weights for a currency basket are derived under the assumption that the objective of the policymaker is to minimize fluctuation in the production of traded goods. Using the formulas derived...
Capital Account Liberalization and Economic Performance: Survey and Synthesis
Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, Torsten Sløk
Do indicators of financial crises work? An evaluation of an early warning system
The object of this paper is to develop an operational early warning system (EWS) that can detect financial crises. To achieve this goal the paper analyses and extends the early warning system...
A new interpretation of the coordination problem and its empirical significance
Matthew B. Canzoneri, Hali J. Edison
Econometric models ; Fiscal policy ; Germany ; International economic relations ; Japan ; Monetary policy
Is the ECU an optimal currency basket?
European currency unit ; Foreign exchange rates
An empirical analysis of policy coordination in the United States, Japan and Europe
Fiscal policy ; Monetary policy ; International economic relations ; Japan ; Germany
Hali J. Edison, Jaime R. Marquez, Ralph W. Tryon
Econometric models ; International economic relations
Foreign currency operations: an annotated bibliography
Foreign exchange - Law and legislation ; Foreign exchange rates
Re-assessment of the relationship between real exchange rates and real interest rates: 1974-1990
Hali J. Edison, B. Dianne Pauls
Foreign exchange rates ; International finance
Purchasing power parity and uncovered interest rate parity: the United States 1974-1990
Hali J. Edison, William R. Melick
Interest rates ; Purchasing power ; Foreign exchange rates
A utility based comparison of some models of exchange rate volatility
Kenneth D. West, Hali J. Edison, Dongchul Cho
Econometric models ; Foreign exchange rates
Understanding the empirical literature on purchasing power parity: the post-Bretton Woods era
Hali J. Edison, Joseph E. Gagnon, William R. Melick
Foreign exchange ; Purchasing power
European Monetary System (Organization) ; Foreign exchange rates ; Dollar, American
Alternative approaches to real exchange rates and real interest rates: three up and three down
Hali J. Edison, William R. Melick
Foreign exchange rates ; Interest rates
Asset bubbles, domino effects and 'lifeboats': elements of the East Asian crisis
Hali J. Edison, Pongsak Luangaram, Marcus Miller
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a...
U.S. monetary policy and econometric modeling: tales from the FOMC transcripts 1984-1991
This paper uses the transcripts from the FOMC meetings to characterize the interactions between policymakers and macro models in the formulation of U.S. monetary policy. We develop a taxonomy of...
Capital controls during financial crises: the case of Malaysia and Thailand
Hali J. Edison, Carmen M. Reinhart
This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes...
Monetary policy independence in the ERM: was there any?
Hali J. Edison, Ronald MacDonald
Recently proposals for introducing greater exchange rate fixity into the behavior of key exchange rates have become fashionable. One proposal, for example, suggests that a target zone arrangement for...
Do indicators of financial crises work? an evaluation of an early warning system
The object of this paper is to develop an operational early warning system (EWS) that can detect financial crises. To achieve this goal the paper analyzes and extends the early warning system...
A simple measure of the intensity of capital controls
Hali J. Edison, Francis E. Warnock
We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities....
Cross-board listings, capital controls, and equity flows to emerging markets
Hali J. Edison, Francis E. Warnock
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border...
U.S. investors' emerging market equity portfolios: a security-level analysis
Hali J. Edison, Francis E. Warnock
We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by...
Asset Bubbles, Domino Effects and 'Lifeboats': Elements of the East Asian Crisis
Edison, Hali J, Luangaram, Pongsak, Miller, Marcus
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the US. Could similar mechanisms have played a role in ending the East Asian miracle? After a...
U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis
Hali J. Edison, Francis E. Warnock
We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by...
Capital Account Liberalization and Economic Performance: Survey and Synthesis
Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, Torsten Sløk
Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets
Hali J. Edison, Francis E. Warnock
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border...
U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis
Hali J. Edison, Francis E. Warnock
We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by...
Cross-border listings, capital controls, and equity flows to emerging markets
Edison, Hali J., Warnock, Francis E.
We investigate the impact of two types of financial liberalizations on short- and long-horizon capital flows to emerging markets in a framework that controls for push and pull factors. The first type...
Capital Account Liberalization and Economic Performance: Survey and Synthesis
Hali J. Edison, Michael W. Klein, Luca Ricci, Torsten Sloek
This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of...
International Financial Integration and Economic Growth
Hali J. Edison, Ross Levine, Luca Ricci, Torsten Slok
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the...
A Utility Based Comparison of Some Models of Exchange Rate Volatility
Kenneth D. West, Hali J. Edison, Dongchul Cho
When estimates of variances are used to make asset allocation decisions, underestimates of population variances lead to lower expected utility than equivalent overestimates: a utility based criterion...
Australia and New Zealand Exchange Rates: A Quantitative Assessment
Hali J. Edison, Hali J. Edison, Francis Vitek, Francis Vitek
The paper describes three empirical models commonly used to conduct exchange rate assessments and applies them to data for Australia and New Zealand. The baseline results using data and mediumterm...