 | Terms-of-Trade Cycles and External Adjustment Author/Editor: Gustavo Adler, Nicolas E Magud, Alejandro M Werner. Release Date:February, 2017 We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find more...
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| The Cost of Foreign Exchange Intervention : Concepts and Measurement Author/Editor: Gustavo Adler, Rui Mano. Release Date:April, 2016 The accumulation of large foreign asset positions by many central banks through sustained
foreign exchange (FX) intervention has raised questions about its associated fiscal costs.
This more...
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| Foreign Exchange Intervention under Policy Uncertainty Author/Editor: Gustavo Adler, Ruy Lama, Juan Pablo Medina Guzman. Release Date:March, 2016 We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. more...
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| Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? Author/Editor: Olivier J. Blanchard, Gustavo Adler, Irineu E. de Carvalho Filho. Release Date:July, 2015 Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the more...
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| Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach Author/Editor: Gustavo Adler, Noemie Lisack, Rui Mano. Release Date:June, 2015 We study the effect of foreign exchange intervention on the exchange rate relying on aninstrumental-variables panel approach. We find robust evidence that intervention affects thelevel of the more...
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| Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises Author/Editor: Gustavo Adler, Eugenio M Cerutti. Release Date:February, 2015 The presence of foreign banks in emerging markets has increased markedly over the last two decades, raising questions about their potentially stabilizing or destabilizing role during times of more...
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 | Latin America : New Challenges to Growth and Stability Author/Editor: Dora M. Iakova, Luis M. Cubeddu, Gustavo Adler, Sebastian Sosa. Release Date:December, 2014 Over the past fifteen years countries in Latin America made tremendous progress in strengthening their economies and improving living standards. Although output fell temporarily during the global more...
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| Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role? Author/Editor: Gustavo Adler, Marie-Louise Djigbenou, Sebastian Sosa. Release Date:April, 2014 We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on more...
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| Four Decades of Terms-of-Trade Booms: Saving-Investment Patterns and a New Metric of Income Windfall Author/Editor: Gustavo Adler, Nicolas E Magud. Release Date:May, 2013 We study the history of terms-of-trade booms (during 1970–2012), with a focus on Latin America, through the prisms of a simple metric that quantifies the associated income windfall. We also more...
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 | External Conditions and Debt Sustainability in Latin America Author/Editor: Gustavo Adler, Sebastian Sosa. Release Date:January, 2013 Highly favorable external conditions have helped Latin America strengthen its economic fundamentals over the last decade. But, has the region built enough buffers to guard itself from a weakening of more...
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