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Exchange Rate Policy And Devaluation In Malawi
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Book Synopsis Exchange Rate Policy and Devaluation in Malawi by : Karl Pauw
Download or read book Exchange Rate Policy and Devaluation in Malawi written by Karl Pauw and published by Intl Food Policy Res Inst. This book was released on 2013-03-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Malawian economy has in recent months been plagued by a severe foreign exchange crisis, fueled in part by a steadily rising import bill, sharp successive declines in tobacco export prices, the suspension of direct government budget support from several development partners in 2011, and an all-time low in international investor confidence. Up until the regime change in April 2012, the government resisted calls for a devaluation, which at the time resulted in a thriving parallel foreign exchange market. At its peak, the Malawi kwacha was trading at a premium of up to 100 percent in this secondary market. Economic theory shows that such a situation has adverse implications for an economy in terms of the balance-of-payments adjustment process and income distribution in the economy. Those with access to foreign exchange at the official rate are able to extract rents by selling foreign currency or imported goods at inflated prices. Imports sold domestically are then often valued at the parallel exchange rate rather than the official rate, with the parallel market rate serving as the only adjustment mechanism through which equilibrium can be restored in the balance of payments. This has a significant impact on domestic inflation to the detriment of consumers, while those with preferential access to foreign exchange at the official rate capture large rents. A simulation exercise using an economywide model for Malawi considers how the economy responds to different types of foreign exchange shocks under fixed and flexible exchange rate regimes. While the foreign exchange crisis in itself has severe negative implications for the economy, our results suggest that the economy responds much better to these types of shocks under a flexible exchange rate regime (that is, devaluations or a free-floating currency). Our main simulation shows that under the latter policy, gross domestic product growth, although negative, is 1.5 percentage points higher than under a fixed exchange rate policy. Similarly, poverty is 6.9 percentage points lower. A relaxation of the exchange rate policy, however, is only part of the solution; in the longer run, good governance and sound macroeconomic policy that is conducive to growth are needed to address the underlying structural problems in the economy that also contribute to foreign exchange shortages.
Book Synopsis Understanding Inflation in Malawi by : Dong Frank Wu
Download or read book Understanding Inflation in Malawi written by Dong Frank Wu and published by International Monetary Fund. This book was released on 2017-03-13 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the role of the pass-through of the exchange rate and policydeterminants in driving inflation. Using linear and nonlinear frameworks, the paper finds: (i) after the switch to a floating exchange rate regime in 2012, nonfood prices not only directly influence headline inflation, but also have an significant impact on food inflation via second round effects; (ii) the pass-through of the exchange rate to headline inflation has jumped from zero to 11 percent under the floating regime, after controlling for other factors; (iii) the improved significance of T-bill rates in shaping inflation flags its importance in Malawi’s monetary framework although the monetary transmission mechanism needs further strengthening; (iv) the increased impact of broad money underscores the necessity for fiscal discipline and central bank independence.
Book Synopsis Estimation of the Equilibrium Real Exchange Rate for Malawi by : Mr.Johan Mathisen
Download or read book Estimation of the Equilibrium Real Exchange Rate for Malawi written by Mr.Johan Mathisen and published by International Monetary Fund. This book was released on 2003-05-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.
Book Synopsis The Role of Exchange Rate and Monetary Policy in the Monetary Approach to the Balance of Payments by : Exley B. D. Silumbu
Download or read book The Role of Exchange Rate and Monetary Policy in the Monetary Approach to the Balance of Payments written by Exley B. D. Silumbu and published by . This book was released on 1995 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Policy and Export Performance in Malawi by : Judith Jane Zulu
Download or read book Exchange Rate Policy and Export Performance in Malawi written by Judith Jane Zulu and published by . This book was released on 1994 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Exchange and Exchange Rate Policy Issues in Eastern and Southern Africa by : H. P. Bandawe
Download or read book Foreign Exchange and Exchange Rate Policy Issues in Eastern and Southern Africa written by H. P. Bandawe and published by . This book was released on 1985 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Look at Exchange Rate and Monetary Policy in Malawi by : Kisu Simwaka
Download or read book A Look at Exchange Rate and Monetary Policy in Malawi written by Kisu Simwaka and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper assesses whether the exchange rate is affected by monetary policy and whether these effects are permanent or transitory. The paper takes the position that monetary policy is very crucial to exchange rate management. A real effective exchange rate model is estimated to generate real effective exchange rate misalignment. Causality tests are performed between several measures of monetary shocks (consistent with other empirical works) and the real effective exchange rate misalignment. The results show that excess money supply predicts real effective exchange rate misalignment with no feedback effects. In the second stage, a model of nominal exchange rate is estimated. Since we find co-integration, the model is estimated with first difference of the non-stationary variables, level variables and the co-integrating vector. Results indicate that a nominal exchange rate over the period is determined by real income growth, rate of inflation, money supply growth and real effective exchange rate misalignment. The adjustment speed from the error correction term is consistent with a market-determined exchange rate responding to excess money supply.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451828016 Total Pages :95 pages Book Rating :4.8/5 (28 download)
Book Synopsis Malawi: Selected Issues and Statistical Appendix by : International Monetary Fund
Download or read book Malawi: Selected Issues and Statistical Appendix written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-08-16 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates the path of the equilibrium real exchange for Malawi. Based on a dynamic model of a small open economy, the paper identifies and discusses the dynamics between certain fundamental variables and the real exchange rate. It also investigates the presence of a long-term relationship between the real exchange rate and the explanatory variables, and estimates both the equilibrium real exchange rate and the speed at which it converges toward its equilibrium level. The paper also discusses episodes of discrepancies between the real effective exchange rate and its equilibrium level.
Book Synopsis Exchange Rate Policy and Adjustment in Africa by : Pierre Jacquemot
Download or read book Exchange Rate Policy and Adjustment in Africa written by Pierre Jacquemot and published by . This book was released on 1988 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Supply Response to Exchange Rate Reform in Sub-Saharan Africa by : Mustapha Rouis
Download or read book The Supply Response to Exchange Rate Reform in Sub-Saharan Africa written by Mustapha Rouis and published by World Bank Publications. This book was released on 1994 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Management, Macro-credit Restraint, and Structural Adjustment in Malawi During 1981-1987 by : Exley B. D. Silumbu
Download or read book Exchange Rate Management, Macro-credit Restraint, and Structural Adjustment in Malawi During 1981-1987 written by Exley B. D. Silumbu and published by . This book was released on 1990 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Exchange Rate Policy on Malawi's Agricultural Exports (1980-1995) by : Joseph E. Symon
Download or read book The Impact of Exchange Rate Policy on Malawi's Agricultural Exports (1980-1995) written by Joseph E. Symon and published by . This book was released on 1997 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Liberalization of Foreign Exchange Markets and Economic Growth in Sub-Saharan Africa by : Nguyuru Haruna Ibrahim Lipumba
Download or read book The Liberalization of Foreign Exchange Markets and Economic Growth in Sub-Saharan Africa written by Nguyuru Haruna Ibrahim Lipumba and published by . This book was released on 1997 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Liberalization of Foreign Exchange Markets & Economic Growth in Sub-Saharan Africa offers an historical rationale for intervention in foreign exchange markets to promote long-term development. It also reviews exchange rate theory & balance of payments management & their application to African countries. The publication is part of the Research for Action series which discusses policy-oriented research on the main strategic issues of development & international cooperation, as well as on the interaction between domestic & global changes.
Book Synopsis A Retrospective on the Bretton Woods System by : Michael D. Bordo
Download or read book A Retrospective on the Bretton Woods System written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2007-12-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484366808 Total Pages :105 pages Book Rating :4.4/5 (843 download)
Book Synopsis Annual Report on Exchange Arrangements and Exchange Restrictions 2013 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-12-15 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Book Synopsis Malawi by : International Monetary Fund
Download or read book Malawi written by International Monetary Fund and published by International Monetary Fund. This book was released on 1996-08-26 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes economic developments in Malawi during the 1990s. Malawi’s economy began to deteriorate in late 1991 as a result of a series of exogenous shocks. These shocks included two major droughts, a severe weakening in the terms of trade, and a suspension of donor nonhumanitarian aid owing to concern over governance. As a consequence, the average real GDP growth fell from 6 percent a year in 1989–91 to -3 percent a year in 1992–94. Savings and investment also fell considerably.
Book Synopsis Currencies, Commodities and Consumption by : Kenneth W. Clements
Download or read book Currencies, Commodities and Consumption written by Kenneth W. Clements and published by Cambridge University Press. This book was released on 2013-01-31 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
