Jan Babecky's Books

Sustainable Real Exchange Rates in the New Eu Member States

What Did the Great Recession Change?

By: Ms.Katerina Smídková,Jan Babecky,Mr.Ales Bulir

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Sustainable Real Exchange Rates in the New Eu Member States

What Did the Great Recession Change?

By: Ms.Katerina Smídková,Jan Babecky,Mr.Ales Bulir

The Great Recession affected export and import patterns in our sample countries, and these changes, coupled with a more volatile external environment, have profound impact on our estimates of real exchange rate misalignments and projections of sustainable real exchange rates. We find that real misalignments in several countries with pegged exchange rates and excessive external liabilities widened relative to earlier estimates. While countries with balanced net trade positions are expected to continue to experience appreciation during 2010-2014, several currencies are likely to require real depreciation to maintain sustainable net external debt. Our estimates point to somewhat larger disequilibria than those of IMF country teams, however, any estimates of equilibrium exchange rates are subject to sizable uncertainty.

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International Monetary Fund

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ISBN 10

1455205281

ISBN 13

9781455205288

Output and Inflation Co-movement

An Update on Business-Cycle Stylized Facts

By: Michal Andrle,Jan Bruha,Mr.Serhat Solmaz

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Output and Inflation Co-movement

An Update on Business-Cycle Stylized Facts

By: Michal Andrle,Jan Bruha,Mr.Serhat Solmaz

What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document.

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International Monetary Fund

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ISBN 10

1475569165

ISBN 13

9781475569162

Sustainable Real Exchange Rates in the New Eu Member States

What Did the Great Recession Change?

By: Ms.Katerina Smídková,Jan Babecky,Mr.Ales Bulir

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Sustainable Real Exchange Rates in the New Eu Member States

What Did the Great Recession Change?

By: Ms.Katerina Smídková,Jan Babecky,Mr.Ales Bulir

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International Monetary Fund

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ISBN 10

1455205281

ISBN 13

9781455205288

Sustainable Real Exchange Rates in the New EU Member States

Is FDI a Mixed Blessing?

By: Jan Babecký,Aleš Buliř,Kateřina Šmídková

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Sustainable Real Exchange Rates in the New EU Member States

Is FDI a Mixed Blessing?

By: Jan Babecký,Aleš Buliř,Kateřina Šmídková

This study analyses the various macroeconomic opportunities and challenges created by the foreign direct investment (FDI) inflows in the new member states. This essay focuses on the various macroeconomic opportunities and challenges created by the foreign direct investment (FDI) inflows in the new member states (NMS). We question whether the macroeconomic performance of the NMS is furthered through the FDI's overall positive impact on the trade balance or whether it can actually worsen the performance. Our findings suggest that in some NMS the integration gain, foreseen by the financial markets, may be reflected in a sustainable appreciation of the real exchange rate. Such real appreciation is in most cases moderate enough to allow for smooth nominal convergence required for to the euro adoption. In some cases, however, this appreciation is very fast, especially in the NMS with a low net external debt and massive FDI inflows, making it challenging to fulfill the Maastricht criteria. The Maastricht criteria may be difficult to meet also in those NMS where FDI has been channeled predominantly into services, housing construction, or nontradable sectors in general. In these countries we observe increasing net external debt without a corresponding improvement in the trade balance and these economies might be required to depreciate their currencies in real terms to sustain the external balance."--Document home p.

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ISBN 10

9279111795

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9789279111792

Book's by Jan Babecky

Sustainable Real Exchange Rates in the New Eu Member States

Sustainable Real Exchange Rates in the New Eu Member States

Output and Inflation Co-movement

Output and Inflation Co-movement

Sustainable Real Exchange Rates in the New Eu Member States

Sustainable Real Exchange Rates in the New Eu Member States

Sustainable Real Exchange Rates in the New EU Member States

Sustainable Real Exchange Rates in the New EU Member States

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