LEADER 04883oam 22010694 450 001 9910788696603321 005 20230828230406.0 010 $a1-4623-4476-3 010 $a1-4527-1584-X 010 $a1-283-51824-4 010 $a1-4519-0904-7 010 $a9786613830692 035 $a(CKB)3360000000443993 035 $a(EBL)3014445 035 $a(SSID)ssj0000939932 035 $a(PQKBManifestationID)11596386 035 $a(PQKBTitleCode)TC0000939932 035 $a(PQKBWorkID)10938517 035 $a(PQKB)10106759 035 $a(OCoLC)694141102 035 $a(MiAaPQ)EBC3014445 035 $a(IMF)WPIEE2006110 035 $a(EXLCZ)993360000000443993 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Role of Interest Rates in Business Cycle Fluctuations in Emerging Market Countries : $eThe Case of Thailand 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (24 p.) 225 1 $aIMF Working Papers 300 $a"May 2006." 311 $a1-4518-6370-5 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. INTEREST RATES AND BUSINESS CYCLES""; ""III. THE GLOBAL ECONOMY MODEL WITH THE FINANCIAL ACCELERATOR""; ""IV. THE EFFECTS OF A 1 PERCENT U.S. INTEREST RATE HIKE""; ""V. A REPEAT OF THE GLOBAL BOND MARKET ROUT OF 1994?""; ""VI. WHAT ROLE FOR MONETARY POLICY?""; ""VII. CONCLUSION""; ""REFERENCES"" 330 3 $aEmerging market countries have enjoyed an exceptionally favorable economic environment throughout 2004, 2005, and early 2006. In particular, accommodative U.S. monetary policy in recent years has helped create an environment of low interest rates in international capital markets. However, if world interest rates were to take a sudden upward course, this would lead to less hospitable financing conditions for emerging market countries. The purpose of this paper is to measure the effects of world interest rate shocks on real activity in Thailand. The analysis incorporates balance sheet related credit market frictions into the IMF?s Global Economy Model (GEM) and finds that Thailand would best minimize the adverse effects of rising world interest rates if it were to follow a flexible exchange rate regime. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/110 606 $aBusiness cycles$zThailand$xEconometric models 606 $aForeign exchange rates$zThailand$xEconometric models 606 $aInterest rates$zThailand$xEconometric models 606 $aAccounting$2imf 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aFinance$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aExchange rate arrangements$2imf 606 $aFinancial statements$2imf 606 $aExchange rate flexibility$2imf 606 $aReal interest rates$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFinance, Public$2imf 606 $aInterest rates$2imf 606 $aFinancial services industry$2imf 607 $aUnited States$2imf 615 0$aBusiness cycles$xEconometric models. 615 0$aForeign exchange rates$xEconometric models. 615 0$aInterest rates$xEconometric models. 615 7$aAccounting 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aCurrency 615 7$aForeign exchange 615 7$aFinance 615 7$aFinancial reporting, financial statements 615 7$aExchange rate arrangements 615 7$aFinancial statements 615 7$aExchange rate flexibility 615 7$aReal interest rates 615 7$aEmerging and frontier financial markets 615 7$aFinance, Public 615 7$aInterest rates 615 7$aFinancial services industry 712 02$aInternational Monetary Fund.$bAsia and Pacific Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788696603321 996 $aThe Role of Interest Rates in Business Cycle Fluctuations in Emerging Market Countries$93823294 997 $aUNINA