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Author/Editor:
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Tchakarov, Ivan ; Elekdag, Selim
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Publication Date:
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May 01, 2006
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Electronic Access:
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Free Full text
(PDF file size is 486KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Emerging market countries have enjoyed an exceptionally favorable economic environment throughout 2004, 2005, and early 2006. In particular, accommodative U.S. monetary policy in recent years has helped create an environment of low interest rates in international capital markets. However, if world interest rates were to take a sudden upward course, this would lead to less hospitable financing conditions for emerging market countries. The purpose of this paper is to measure the effects of world interest rate shocks on real activity in Thailand. The analysis incorporates balance sheet related credit market frictions into the IMF’s Global Economy Model (GEM) and finds that Thailand would best minimize the adverse effects of rising world interest rates if it were to follow a flexible exchange rate regime.
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Order a print copy
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Series:
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Working Paper No. 06/110
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Subject(s):
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Interest rates | Thailand | Business cycles | Emerging markets | Exchange rate regimes | International trade | Economic models
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Author's Keyword(s):
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Exchange rate regime | global economy model | Thailand |
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English
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Publication Date:
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May 01, 2006
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ISBN/ISSN:
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0 / 1934-7073
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Format:
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Paper
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Stock No:
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WPIEA2006110
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Pages:
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24
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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