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Exchange Rate Regime Considerations In An Oil Economy
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Book Synopsis Exchange Rate Regime Considerations in an Oil Economy by : Oya Celasun
Download or read book Exchange Rate Regime Considerations in an Oil Economy written by Oya Celasun and published by International Monetary Fund. This book was released on 2003-03-04 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief overview of the evolution of exchange rate policy in the Islamic Republic of Iran from 1993 to 2002 and reviews the basic criteria for the choice of the exchange rate regime in the medium term. The analysis highlights the merits of an intermediate regime which would allow the authorities to smooth out excessive short-term exchange rate fluctuations while letting nominal exchange rate movements facilitate real exchange rate adjustments called for by major oil price shocks.
Book Synopsis Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations by : Ms. Rina Bhattacharya
Download or read book Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations written by Ms. Rina Bhattacharya and published by International Monetary Fund. This book was released on 2022-11-11 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.
Download or read book Yemen written by Mr.Faisal Ahmed and published by International Monetary Fund. This book was released on 2007-01-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the likely implications of declining oil production on Yemen's equilibrium exchange rate, and discusses policy options to ensure a smooth transition to a nonoil economy. The empirical results suggest that, as oil production and foreign exchange earnings fall, the Yemeni rial will have to adjust downward in real effective terms to keep pace with the equilibrium exchange rate. In light of strong pass-through from exchange rate depreciation to domestic inflation, this could entail a substantial depreciation in nominal terms. Given the nature of the adjustment, a floating exchange rate regime appears to be the best option, if supported by appropriate macroeconomic policies. However, given public fixation on a exchange rate stability, a softly managed float would be a better option for Yemen whereby the central bank may have to lead the market toward the equilibrium exchange rate.
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 Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy by : Aliya Algozhina
Download or read book Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy written by Aliya Algozhina and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Islamic Republic of Iran by : International Monetary Fund
Download or read book Islamic Republic of Iran written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-03-01 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Iran has received much attention from a geopolitical and regional standpoint, but its economic challenges have not attracted a similar degree of interest. With a population of 69 million, considerable hydrocarbon resources, a dynamic and entrepreneurial middle class, and a relatively well-educated labor force, Iran's economic potential is considerable. This volume takes stock of critical developments in the Iranian economy in recent years. The study reviews the key issues and policy responses, highlights the nature of the challenges ahead, and draws implications for the next phase of reforms. The authors conclude that major challenges remain, although significant advances have been made in recent years in opening up the economy to international trade and foreign direct investment, encouraging the private sector, removing exchange restrictions, reforming the tax system, and enhancing macroeconomic management.
Book Synopsis The GCC Monetary Union by : Mr.S. Nuri Erbas
Download or read book The GCC Monetary Union written by Mr.S. Nuri Erbas and published by International Monetary Fund. This book was released on 2003-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Book Synopsis Inflation Targeting and Exchange Rate Management In Less Developed Countries by : Mr. Marco Airaudo
Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr. Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Book Synopsis Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters by : International Monetary Fund
Download or read book Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-23 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Declining commodity prices during mid-2014-2016 posed significant challenges to commodity-exporting economies. The severe terms of trade shock associated with a sharp fall in world commodity prices have raised anew questions about the viability of pegged exchange rate regimes. More recently, the COVID-19 pandemic and the measures needed to contain its spread have been associated with a significant disruption in several economic sectors, in particular, travel, tourism, and hospitality industry, adding to the downward pressure on commodity prices, a sharp fall in foreign exchange earnings, and depressed economic activity in most commodity exporters. This paper reviews country experiences with different exchange rate regimes in coping with commodity price shocks and explores the role of flexible exchange rates as a shock absorber, analyzing the macroeconomic impact of adverse term-of-trade shocks under different regimes using event study and panel vector autoregression techniques. It also analyzes, conceptually and empirically, policy and technical considerations in making exchange rate regime choices and discusses the supporting policies that should accompany a given regime choice to make that choice sustainable. It offers lessons that could be helpful to the Caribbean commodity-exporters.
Book Synopsis Global Implications of Lower Oil Prices by : Mr. Aasim M. Husain
Download or read book Global Implications of Lower Oil Prices written by Mr. Aasim M. Husain and published by International Monetary Fund. This book was released on 2015-07-14 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Book Synopsis Currency Union and Exchange Rate Issues by : Ronald MacDonald
Download or read book Currency Union and Exchange Rate Issues written by Ronald MacDonald and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union. Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.
Book Synopsis China’s Evolving Exchange Rate Regime by : Mr.Sonali Das
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Author :Mr.Charalambos G. Tsangarides Publisher :International Monetary Fund ISBN 13 :1589067282 Total Pages :352 pages Book Rating :4.5/5 (89 download)
Book Synopsis Exchange Rate Analysis in Support of IMF Surveillance by : Mr.Charalambos G. Tsangarides
Download or read book Exchange Rate Analysis in Support of IMF Surveillance written by Mr.Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2008-09-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange rate issues in various member countries, both small and large, from the least economically developed to the most advanced, and from those whose currencies circulate only locally to those whose currencies are of global importance. Each year, IMF staff produce dozens of studies on exchange rate issues, some published by the IMF, others in various professional journals or books. This book aims to give a flavor of the topics the IMF staff typically examine under the broad rubric of exchange rate analysis, encompassing several topics: determination and impact of the real exchange rate, assessing competitiveness and the equilibrium real exchange rate in specific countries or country groups, and considerations in the choice of exchange rate regime.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475516150 Total Pages :49 pages Book Rating :4.4/5 (755 download)
Book Synopsis Islamic Republic of Iran by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Islamic Republic of Iran written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-04-04 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Iran focuses on the Targeted Subsidy Reform Law (TSRL). This is the basic law governing the implementation of the subsidy reform in Iran. The TSRL envisaged bringing subsidized prices close to international levels over a five-year period. The paper reviews the implementation of the first phase of the subsidy reform, with a particular emphasis on macroeconomic management. The sharp depreciation of the exchange rate and high inflation significantly undermined progress under the reform. High inflation partially reversed the relative price change under the reform.
Book Synopsis Exchange Rate Economics by : Ronald MacDonald
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Book Synopsis Lifting the Oil Curse by : Ulrich Bartsch
Download or read book Lifting the Oil Curse written by Ulrich Bartsch and published by International Monetary Fund. This book was released on 2004-01-23 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can a country turn oil revenues into a blessing rather than a curse? with growing international interest in new offshore oil deposits in sub-Saharan Africa, there is also greater scrutiny of the reasons why many oil-producing countries in the region have experienced disappointing economic performance over the past 20 to 30 years. This paper discusses the latest thinking on best-practice institutions and policies, compares this thinking with current practice in African oil-exporting countries, and presents a plan for the future, taking into account African policymakers'concerns.
Book Synopsis Exchange Rate Regime Considerations for Jordan and Lebanon by : Ms.Rina Bhattacharya
Download or read book Exchange Rate Regime Considerations for Jordan and Lebanon written by Ms.Rina Bhattacharya and published by International Monetary Fund. This book was released on 2003-06-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the nature of output shocks in Jordan and Lebanon in the recent past, on the price sensitivity of exports from Jordan, and on currency and asset substitution in both countries. It does not directly address the issue of whether the current exchange rate in either country is overvalued or not, nor does it discuss the issue of an appropriate exit strategy from the current peg.
