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Banking Crises And Exchange Rate Regimes
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Book Synopsis Banking Crises and Exchange Rate Regimes by : Ilker Domaç
Download or read book Banking Crises and Exchange Rate Regimes written by Ilker Domaç and published by World Bank Publications. This book was released on 2000 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuing a policy of exchange rate stability reduces the probability of banking crises, particularly in developing countries.
Book Synopsis Banking Crises and Exchange Rate Regimes by : Ilker Domac
Download or read book Banking Crises and Exchange Rate Regimes written by Ilker Domac and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuing a policy of exchange rate stability reduces the probability of banking crises, particularly in developing countries.Domaccedil; and Peria investigate the links between banking crises and exchange rate regimes, using a comprehensive data set that includes developed and developing countries over the last two decades.In particular, they examine whether the choice of exchange rate regime affects the likelihood, cost, and duration of banking crises.Empirical results indicate that adopting a fixed exchange rate diminishes the likelihood of a banking crisis in developing countries. But once a banking crisis occurs, its real costsőin terms of forgone output growth - are higher for countries with more stringent exchange rate requirements.The duration of crises seems not to be affected by exchange rate policy. Instead, it is influenced mainly by the size of the credit boom before the crisis.This paper - a joint product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region, and Finance, Development Research Group - is part of a larger effort in the Bank to understand the causes of banking crises. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Exchange Rate Management and Crisis Susceptibility by : Mr.Atish R. Ghosh
Download or read book Exchange Rate Management and Crisis Susceptibility written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2014-01-24 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still safer than the middle? And where to draw the line between safe floats and risky intermediate regimes? Our findings, based on a sample of 50 EMEs over 1980-2011, show that macroeconomic and financial vulnerabilities are significantly greater under less flexible intermediate regimes—including hard pegs—as compared to floats. While not especially susceptible to banking or currency crises, hard pegs are significantly more prone to growth collapses, suggesting that the security of the hard end of the prescription is largely illusory. Intermediate regimes as a class are the most susceptible to crises, but “managed floats”—a subclass within such regimes—behave much more like pure floats, with significantly lower risks and fewer crises. “Managed floating,” however, is a nebulous concept; a characterization of more crisis prone regimes suggests no simple dividing line between safe floats and risky intermediate regimes.
Book Synopsis Monetary Policy and Exchange Rate Regimes by : Eliana Cardoso
Download or read book Monetary Policy and Exchange Rate Regimes written by Eliana Cardoso and published by American Univ in Cairo Press. This book was released on 2006-02-15 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy and Exchange Rate Regimes: Options for the Middle East examines some of the most pressing issues facing policymakers today. The authors offer answers to such questions as: Are the choices of exchange rate regime limited to hard fixing or fully floating? Are capital flight and banking crises avoidable? What is the best way to coordinate monetary and fiscal policies? The answers to these questions draw on the vast literature available on these topics as well as the lessons learned from recent crises, especially in East Asia and Latin America. Beside its broad coverage, this volume includes rich analyses on specific countries of the Middle East. It merits a wide readership, but policymakers seeking to achieve macroeconomic stability and growth will find it particularly useful.
Book Synopsis Monetary and Exchange Rate Systems by : Louis-Philippe Rochon
Download or read book Monetary and Exchange Rate Systems written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining critical perspectives with a positive contribution to economic policy, both national and international, this book considers the causes and consequences of recent financial crises presenting cutting-edge material.
Book Synopsis Exchange Rate Regimes and Macroeconomic Stability by : Lok Sang Ho
Download or read book Exchange Rate Regimes and Macroeconomic Stability written by Lok Sang Ho and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
Book Synopsis Evolution and Performance of Exchange Rate Regimes by : Mr.Kenneth Rogoff
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Book Synopsis Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy by : Ms.Alicia García-Herrero
Download or read book Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy written by Ms.Alicia García-Herrero and published by International Monetary Fund. This book was released on 1997-09-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The experiences of seven countries that have undergone banking crises show that crises have significant implications for the short-run stability of the demand for money, the money multiplier, the transmission mechanism, and the signal variables of monetary policy. Monetary and credit instability, coupled with changes in the nature of the monetary and credit aggregates, complicate monetary management. These findings may require redesigning monetary instruments in favor of faster-reacting instruments, such as open market operations, and introducing additional indicators of the monetary stance, such as asset price and exchange rate movements. More frequent reviews of monetary programs may also be necessary.
Book Synopsis Twin Crises – The Contribution of Overborrowing to Interdependencies of Banking and Currency Crises by : Tim Ebner
Download or read book Twin Crises – The Contribution of Overborrowing to Interdependencies of Banking and Currency Crises written by Tim Ebner and published by GRIN Verlag. This book was released on 2013-02-13 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelorarbeit aus dem Jahr 2009 im Fachbereich VWL - Internationale Wirtschaftsbeziehungen, Note: 2,3, Westfälische Wilhelms-Universität Münster (Institut für Internationale Ökonomie), Sprache: Deutsch, Abstract: The occurrence of twin crises can evoke serious recessions. From 1976 to 2002 there were 38 countries afflicted by at least one twin crisis. McKinnon and Pill (1996, 1997, 1998, 1999) set basic milestones in respect of international overborrowing and drew a linkage to twin crises. Their papers are still increasingly cited by current publications. This paper at first systemizes literature on currency, banking and twin crises and gives a review on several contributions. The second section deals with the third generation model of McKinnon and Pill concerning “The Overborrowing Syndrome”. Their key finding is that loan guarantees may lead via excessive borrowing to a twin crisis. After this, policy conclusions to counteract international overborrowing and a review on the development of theoretical overborrowing papers will complete the second section. In section three it will refer to empirical studies on crises and overborrowing. Section four closes with final remarks.
Book Synopsis The Collapse of Exchange Rate Regimes by : George S. Tavlas
Download or read book The Collapse of Exchange Rate Regimes written by George S. Tavlas and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Book Synopsis Monetary History, Exchange Rates and Financial Markets by : Charles Albert Eric Goodhart
Download or read book Monetary History, Exchange Rates and Financial Markets written by Charles Albert Eric Goodhart and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
Book Synopsis Capital Flows and the Twin Crises by : Mr.Ilan Goldfajn
Download or read book Capital Flows and the Twin Crises written by Mr.Ilan Goldfajn and published by International Monetary Fund. This book was released on 1997-07-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.
Book Synopsis Exchange Rate Chaos by : Charles R. Geisst
Download or read book Exchange Rate Chaos written by Charles R. Geisst and published by Routledge. This book was released on 2002-01-04 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bretton Woods system ensured a quarter of a century of relative stability on the world's financial markets. The quarter of a century which has followed has brought financial chaos and excessive financial volatility. Exchange Rate Chaos: 25 Years of Financial and Consumer Democracy describes and compares US and British financial history during this period. It highlights: * similarites in financial developments between the two countries * consumer democracy: Have the wishes of consumers dominated exchange rate policy? * The decline of the small investor and the hegemony of financial institutions * How the floating exchange rates are manipulated to government advantage One of the few financial histories to deal with the postwar period, this book shows how financial developments have shaped contemporary society and politics.
Book Synopsis Exchange Rate Regimes for Emerging Markets by : John Williamson
Download or read book Exchange Rate Regimes for Emerging Markets written by John Williamson and published by Peterson Institute. This book was released on 2000 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
Book Synopsis Preventing Currency Crises in Emerging Markets by : Sebastian Edwards
Download or read book Preventing Currency Crises in Emerging Markets written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2009-02-15 with total page 783 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Book Synopsis Re-Establishing Credible Nominal Anchors After a Financial Crisis by : Mr.Christopher J. Jarvis
Download or read book Re-Establishing Credible Nominal Anchors After a Financial Crisis written by Mr.Christopher J. Jarvis and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
Book Synopsis Exchange Rate Regime Choice in Historical Perspective by : Michael D. Bordo
Download or read book Exchange Rate Regime Choice in Historical Perspective written by Michael D. Bordo and published by International Monetary Fund. This book was released on 2003-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.
