Credibility Capital Controls And The Ems

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Credibility. Capital Controls, and the EMS

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451927037
Total Pages : 34 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Credibility. Capital Controls, and the EMS by : International Monetary Fund

Download or read book Credibility. Capital Controls, and the EMS written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital controls. In our model, capital controls themselves affect credibility, reducing it in the absence of exchange-rate bands but enhancing it when there are such bands. We also show that it is difficult to reconcile the non-zero width of the bands with the credibility-based interpretation of the EMS.

Credibility, Capital Controls, and the EMS.

Author : Timothy Lane
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Credibility, Capital Controls, and the EMS. by : Timothy Lane

Download or read book Credibility, Capital Controls, and the EMS. written by Timothy Lane and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: A common rationale for EMS membership is that it enhances the credibility of a central bank`s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital controls. In our model, capital controls themselves affect credibility, reducing it in the absence of exchange-rate bands but enhancing it when there are such bands. We also show that it is difficult to reconcile the non-zero width of the bands with the credibility-based interpretation of the EMS.

Credibility, Capital Controls, and the EMS

Author : Timothy David Lane
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Credibility, Capital Controls, and the EMS by : Timothy David Lane

Download or read book Credibility, Capital Controls, and the EMS written by Timothy David Lane and published by . This book was released on 1989 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Credibility, Capital Controls, and the EMS

Author : Timothy David Lane
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Credibility, Capital Controls, and the EMS by : Timothy David Lane

Download or read book Credibility, Capital Controls, and the EMS written by Timothy David Lane and published by . This book was released on 1989 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Credibility Or "exit Speed"?

Author : Annamaria Simonazzi
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Credibility Or "exit Speed"? by : Annamaria Simonazzi

Download or read book Credibility Or "exit Speed"? written by Annamaria Simonazzi and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The EMS

Author : Daniel Gros
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The EMS by : Daniel Gros

Download or read book The EMS written by Daniel Gros and published by . This book was released on 1988 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Mobility

Author : Leonardo Leiderman
Publisher : Cambridge University Press
ISBN 13 : 9780521454384
Total Pages : 400 pages
Book Rating : 4.4/5 (543 download)

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Book Synopsis Capital Mobility by : Leonardo Leiderman

Download or read book Capital Mobility written by Leonardo Leiderman and published by Cambridge University Press. This book was released on 1994-07-14 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume examines capital mobility in both industrialised and developing countries.

The Political Economy of Capital Controls

Author : Alberto Alesina
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (2 download)

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Book Synopsis The Political Economy of Capital Controls by : Alberto Alesina

Download or read book The Political Economy of Capital Controls written by Alberto Alesina and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inflation and Wage Behaviour in Europe

Author : Paul de Grauwe
Publisher : Oxford University Press
ISBN 13 : 9780198289869
Total Pages : 372 pages
Book Rating : 4.2/5 (898 download)

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Book Synopsis Inflation and Wage Behaviour in Europe by : Paul de Grauwe

Download or read book Inflation and Wage Behaviour in Europe written by Paul de Grauwe and published by Oxford University Press. This book was released on 1996 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand function, the monetary policy of Germany - the pivotal country in the EMS - and its influence on the stability of the system after the fall of the Berlin Wall. As well as explaining how theEMS worked, the book also offers reasons for its breakdown in 1992-3 under the blow of exogenous shocks and growing policy conflict between member countries.The study identifies several causes of inflation and persistent inflation differentials in the EMS. Among the 'real' causes, particular attention is devoted to sectoral productivity shocks. In some countries, import price shocks, exogenous wage pushes, taxes, and government expenditure are bound tobe important factors. Since theses kinds of shock hit the various economies of the region differently, inflation differntials can persist for several years. The different policies of governments and central banks, and the fact the monetary policies have not always been consistent with the long-runmaintenance of fixed exchange rates, have also played a considerable role in explaining the persistance of inflation differentials.

The Tobin Tax

Author : Mahbub ul Haq
Publisher : Oxford University Press
ISBN 13 : 0195344391
Total Pages : 337 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis The Tobin Tax by : Mahbub ul Haq

Download or read book The Tobin Tax written by Mahbub ul Haq and published by Oxford University Press. This book was released on 1996-07-11 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his 1972 Janeway Lectures at Princeton, James Tobin, the 1981 Nobel Prize winner for economics, submitted a proposal for a levy on international currency transactions. The idea was not greeted with enthusiasm, as the 1970s were a period of optimism and confidence in floating exchange rages. Yet, whenever currency crises erupted during the past decades, the proposal for a levy on international currency transactions would once again arise. In the 1990s, two additional facts have sharpened interest in the Tobin tax proposal. First is the growing volume of foreign exchange trading. Second, interest is coming not only from policymakers and experts concerned with the smooth functioning of financial markets. It is shared by those concerned with public financing of development--the fiscal crisis of the state as well as the growing need for international cooperation on problems such as the environment, poverty, peace and security. This work makes a systematic analysis of the proposal for a foreign exchange transactions levy. Its chapters examine the economic desirability of such a levy, its technical and political feasibility, its revenue potential, the possible uses of that revenue, and related administrative and institutional aspects.

International Economic Cooperation

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241815
Total Pages : 346 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Economic Cooperation by : Martin Feldstein

Download or read book International Economic Cooperation written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-11-01 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A readable, balanced, and provocative view of the prospects for fruitful international economic cooperation. The papers are realistic: each discusses the difficulties involved in reaching cooperative solutions or procedures as well as the benefits of doing so. The discussion among the conference participants is lively, interesting, and insightful."--William H. Branson, Princeton University

International Financial Markets

Author : Leonardo Auernheimer
Publisher : University of Chicago Press
ISBN 13 : 0226032159
Total Pages : 342 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis International Financial Markets by : Leonardo Auernheimer

Download or read book International Financial Markets written by Leonardo Auernheimer and published by University of Chicago Press. This book was released on 2010-04-15 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the globalization of financial markets continues, we urgently need to understand the crises that have plagued these markets and the policies best suited to preventing such crises in the future. In this book, a prominent group of economists and policymakers blend conceptual analysis and policy discussion in seven well-integrated papers, analyzing the nature of capital flows, alternative exchange-rate regimes, and the roles of international financial institutions. After a guided tour by the editor and a historical exploration, some of the world's leading theorists and policy analysts examine the benefits and pitfalls of capital movements and controls. In the second portion, papers examine the recent experiences of Argentina and Mexico, with Charles Calomiris—whose proposals for a new world financial architecture have elicited wide attention—contributing a response. The volume concludes with a roundtable discussion of the report of the International Financial Institutions Advisory Commission, in which the chair of the commission, Allan H. Meltzer, both comments on the report and responds to questions about it. The material presented here will become a standard reference for analysts, policymakers, and the interested general public. Contributors: Leonardo Auernheimer, Matthew Bishop, Michael D. Bordo, Charles Calomiris, Guillermo A. Calvo, Augustin Carstens, Michael P. Dooley, Pablo E. Guidotti, T. Britton Harris, John P. Lipsky, Guillermo Ortiz Martinez, Allan H. Meltzer, Andrew Powell, Rene Stulz, Carl E. Walsh

IMF Staff papers

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451930933
Total Pages : 212 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1996-01-01 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been “effective “ in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments’ debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.

IMF Staff papers, Volume 42 No. 3

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 145197339X
Total Pages : 280 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers, Volume 42 No. 3 by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers, Volume 42 No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1995-01-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes long-term exchange rate modeling. The paper reviews the literature that tests for a unit root in real exchange rates and the closely related work on testing for a unit root in the residual from a regression of the nominal exchange rate on relative prices. It argues that the balance of evidence is supportive of the existence of some form of long-term exchange rate relationship. The paper highlights that the form of this relationship, however, does not accord exactly with a traditional representation of the long-term exchange rate.

Capital Controls, Exchange Rates, and Monetary Policy in the World Economy

Author : Sebastian Edwards
Publisher : Cambridge University Press
ISBN 13 : 9780521597111
Total Pages : 452 pages
Book Rating : 4.5/5 (971 download)

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Book Synopsis Capital Controls, Exchange Rates, and Monetary Policy in the World Economy by : Sebastian Edwards

Download or read book Capital Controls, Exchange Rates, and Monetary Policy in the World Economy written by Sebastian Edwards and published by Cambridge University Press. This book was released on 1997-06-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

Economics in a Changing World

Author : Edmar L. Bacha
Publisher : Springer
ISBN 13 : 1349234583
Total Pages : 323 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Economics in a Changing World by : Edmar L. Bacha

Download or read book Economics in a Changing World written by Edmar L. Bacha and published by Springer. This book was released on 2016-07-27 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is Volume 4 of the Proceedings of the 10th World Economic Congress held in Moscow in 1992 under the auspices of the International Economic Association. It considers various aspects of economic policy and development and issues in developing countries of domestic economic management and policy reform, under conditions of increased economic openness.

Prospects for Monetary Cooperation and Integration in East Asia

Author : Ulrich Volz
Publisher : MIT Press
ISBN 13 : 0262013991
Total Pages : 339 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Prospects for Monetary Cooperation and Integration in East Asia by : Ulrich Volz

Download or read book Prospects for Monetary Cooperation and Integration in East Asia written by Ulrich Volz and published by MIT Press. This book was released on 2010 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asian countries were notably uninterested in regional monetary integration until the late 1990's, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. --