Exchange Rate Regimes And Currency Unions

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Currency Unions

Author : Alberto Alesina
Publisher : Hoover Institution Press
ISBN 13 : 0817928464
Total Pages : 99 pages
Book Rating : 4.8/5 (179 download)

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Book Synopsis Currency Unions by : Alberto Alesina

Download or read book Currency Unions written by Alberto Alesina and published by Hoover Institution Press. This book was released on 2013-11-01 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.

Currency Union and Exchange Rate Issues

Author : Ronald MacDonald
Publisher : Edward Elgar Publishing
ISBN 13 : 1849805377
Total Pages : 209 pages
Book Rating : 4.8/5 (498 download)

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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.

Exchange Rate Regime Choice in Historical Perspective

Author : Michael D. Bordo
Publisher : International Monetary Fund
ISBN 13 : 1451857764
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)

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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.

The GCC Monetary Union

Author : Mr.S. Nuri Erbas
Publisher : International Monetary Fund
ISBN 13 : 1451848811
Total Pages : 26 pages
Book Rating : 4.4/5 (518 download)

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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.

Economic Effects of Currency Unions

Author : Silvana Tenreyro
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Economic Effects of Currency Unions by : Silvana Tenreyro

Download or read book Economic Effects of Currency Unions written by Silvana Tenreyro and published by . This book was released on 2003 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new instrumental-variable (IV) approach to estimate the effects of different exchange rate regimes on bilateral outcomes. The basic idea is that the characteristics of the exchange rate regime between two countries (exchange rate variability, fixed or float, autonomous or common currencies) are partially related to the independent decisions of these countries to peg explicitly or de facto to a third currency, notably that of a main anchor. Our approach is to use this component of the exchange rate regime as an IV in regressions of bilateral outcomes. We illustrate the methodology with one specific application: the economic e.ects of currency unions. The likelihood that two countries independently adopt the currency of the same anchor country is used as an instrument for whether they share or not a common currency. Three findings stand out. First, sharing a common currency enhances trade supporting previous work by Rose [2000]. Second, a common currency increases price co-movements; this finding is consistent with the observation that a large part of the variation in real exchange rates is caused by fluctuations in nominal exchange rates. Finally, a common currency decreases the co-movement of shocks to real GDP. This is consistent with the view that currency unions lead to greater specialization.

The Empirics of Exchange Rate Regimes and Trade

Author : Mr.Charalambos G. Tsangarides
Publisher : International Monetary Fund
ISBN 13 : 145196319X
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis The Empirics of Exchange Rate Regimes and Trade by : Mr.Charalambos G. Tsangarides

Download or read book The Empirics of Exchange Rate Regimes and Trade written by Mr.Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2010-02-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of exchange rate regimes on bilateral trade while differentiating the effects of "words" and "deeds". Our findings-based on an extended database for de jure and de facto exchange rate classifications-show that while fixed exchange rate regimes increase trade, there is no systematic difference in the effects of policy announcements versus actions to maintain exchange rate stability. The trade generating effect of more stable exchange rate regimes is however more pronounced when words and actions are aligned, both in the short and long-run. Policy credibility therefore plays an important role in determining the effects of de jure and de facto exchange rate arrangements such that deviations between the two could be costly. In addition, we find evidence that (i) the impact of hard pegs such as currency unions is broadly similar to that of conventional pegs; (ii) the currency union and direct peg effects evolve over time; and (iii) the effects of more stable regimes are heterogeneous across country groups.

Exchange-Rate Regimes and Currency Unions

Author : Ernst Baltensperger
Publisher : Springer
ISBN 13 : 1349220396
Total Pages : 308 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Exchange-Rate Regimes and Currency Unions by : Ernst Baltensperger

Download or read book Exchange-Rate Regimes and Currency Unions written by Ernst Baltensperger and published by Springer. This book was released on 2016-07-27 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.

International Currency Arrangements and Policies

Author : Julius Horváth
Publisher : Nova Publishers
ISBN 13 : 9781600212260
Total Pages : 130 pages
Book Rating : 4.2/5 (122 download)

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Book Synopsis International Currency Arrangements and Policies by : Julius Horváth

Download or read book International Currency Arrangements and Policies written by Julius Horváth and published by Nova Publishers. This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with exchange rate arrangements and exchange rate policies. Chapter 2 classifies exchange rates into flexible, intermediate and rigid arrangements. The book is subdivided into an arrangement of free float, managed float, pegged but adjustable, target zone, crawling peg, hard peg, currency board, dollarisation, and monetary union. This chapter also discusses hypothesis of vanishing intermediate exchange rate arrangements as well as it deals with differentiation between de jure, and de facto exchange rate arrangements. Chapter 3 deals with the issue of choosing an appropriate exchange rate arrangement. The book briefly characterises basic approaches of how to choose an exchange rate regime. Furthermore, the book reviews considerations stemming from the optimum currency area literature. Chapter 4 deals with problems of exchange rate, which were encountered by the most developed transition countries. After discussing the initial stabilisation problems of the early 1990s, it provides a general overview of the macroeconomic situation and exchange rates arrangements in these countries in the period 1990-2004. Also the book discusses issues connected with the future introduction of the euro into these countries. Chapter 5 provides the reader with two case studies. First, a discussion of the Czech experience in the transition period till the crisis in May 1997 is presented. Second, a discussion of the Hungarian experience concerning banking and exchange rate policy in the 1990s till the early years of this century. Finally, Chapter 6 discusses different historical periods from the viewpoint of currency arrangements.

Monetary Unions and Hard Pegs

Author : George M. von Furstenberg
Publisher : Oxford University Press, USA
ISBN 13 : 0199271402
Total Pages : 399 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Monetary Unions and Hard Pegs by : George M. von Furstenberg

Download or read book Monetary Unions and Hard Pegs written by George M. von Furstenberg and published by Oxford University Press, USA. This book was released on 2004-03-25 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial services with global reach are becoming ever more important in the conduct and organization of the trade and investment of nations, and currencies that lack international standing lose out in this business. The result of financial development has been destabilizing currency and portfolio substitution -- in favour of international currencies and against local ones.This book analyses formal approaches to overcoming monetary divisions within countries and within integrating regions, focusing on the consequences of monetary union for trade among union members and their financial development and stability. The authors discuss hard pegs such as those attempted by the currency board of Argentina, outright dollarization, such as in Ecuador, and multilateral monetary union, as in Europe, the least reversible form of monetary union and the most powerful elixir offinancial integration and trade.The political classes and central banks in most countries have been reluctant to admit the market- and technology-driven forces of currency consolidation, much less yield to them. International financial institutions too are still in the habit of proffering advice about national monetary and exchange-rate policies on the assumption that getting rid of both is not even an option. Emerging-market countries, in particular, have to choose between retaining what independent monetary means they stillhave -- and can safely use in the presence of widespread liability dollarization and currency mismatches -- and formally replacing the domestic with an international currency to reduce exposure to debilitating financial crises. In concrete investigations of this choice, this volume shows thatmonetary union deserves a much more sympathetic hearing.

Evolution and Performance of Exchange Rate Regimes

Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451875843
Total Pages : 85 pages
Book Rating : 4.4/5 (518 download)

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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.

On the Distribution of Exchange Rate Regime Treatment Effects on International Trade

Author : Sabrina Dorn
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (773 download)

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Book Synopsis On the Distribution of Exchange Rate Regime Treatment Effects on International Trade by : Sabrina Dorn

Download or read book On the Distribution of Exchange Rate Regime Treatment Effects on International Trade written by Sabrina Dorn and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Exchange Rate Regimes in East Asia

Author : Masahiro Kawai
Publisher : Routledge
ISBN 13 : 1134351925
Total Pages : 588 pages
Book Rating : 4.1/5 (343 download)

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Book Synopsis Exchange Rate Regimes in East Asia by : Masahiro Kawai

Download or read book Exchange Rate Regimes in East Asia written by Masahiro Kawai and published by Routledge. This book was released on 2004-08-02 with total page 588 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a deepening debate in East Asia about the prospects for common exchange rate arrangements, even including the formation of a common currency in the longer term. This raises a complex set of issues and this volume provides a detailed yet comprehensive examination of key issues in the debate. It looks, for example, at the nature and extent of linkages in East Asia, in terms of trade and foreign investment, finance, labour, and consumption, investment and output. It examines how the exchange rate affects various aspects of economies. And it critically analyzes various proposals for currency regimes for the region, including floating exchange rates, basket pegs, and currency union.

Exchange Rate Regime Transitions

Author : Paul R. Masson
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Exchange Rate Regime Transitions by : Paul R. Masson

Download or read book Exchange Rate Regime Transitions written by Paul R. Masson and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some have argued that the only sustainable regimes are free floating and hard exchange rate commitments--essentially currency boards or monetary unions (Eichengreen, 1994, 1998; Obstfeld and Rogoff, 1995). For instance, Eichengreen (1994, pp. 4-5) says that ..". contingent policy rules to hit explicit exchange rate targets will no longer be viable in the twenty-first century ... Countries ... will be forced to choose between floating exchange rates on the one hand and monetary unification on the other." Similarly, Obstfeld and Rogoff (1995, pp. 74) state ..". there is little, if any, comfortable middle ground between floating rates and the adoption of a common currency." Hence, in the view of these authors, in the future we will see a disappearance of the middle ground that corresponds to soft commitments to some sort of intermediate exchange rate regime--adjustable pegs, crawling pegs, or bands, and perhaps also managed floating. This view is sometimes called the "two poles" or "hollowing out" (e.g., Eichengreen, 1994, pp. 6) theory of exchange rate regimes, and is based on the observation that higher capital mobility makes exchange rate commitments increasingly fragile. However, like the optimal currency area literature, which is essentially static, an explicit or implicit assumption is made that regimes are chosen to last forever, and from this perspective, one would only choose a regime that could be sustained once and for all. Only the hardest peg and the absence of any exchange rate commitment whatsoever are likely to qualify on that basis. Thus Eichengreen (1994, pp. 5), states "This will rule out the maintenance for extended periods of pegged but adjustable exchange rates, crawling pegs, and other regimes in which governments pre-announce limits on exchange rate fluctuations ..." (italics added).

Three Exchange Rate Regimes and a Monetary Union

Author : Carsten Krabbe Nielsen
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Three Exchange Rate Regimes and a Monetary Union by : Carsten Krabbe Nielsen

Download or read book Three Exchange Rate Regimes and a Monetary Union written by Carsten Krabbe Nielsen and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Se estudian tres diferentes regímenes de tipos de cambio en un modelo estocástico OLG con capital libre en mercados incompletos.

Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade

Author : Ms.Emilia Magdalena Jurzyk
Publisher : International Monetary Fund
ISBN 13 : 145198006X
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade by : Ms.Emilia Magdalena Jurzyk

Download or read book Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade written by Ms.Emilia Magdalena Jurzyk and published by International Monetary Fund. This book was released on 2004-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between fixed exchange rate arrangements and trade using a gravity model of international trade together with bilateral trade data from 24 countries from the Caribbean and Latin America for the period 1960-2001. The analysis indicates that a credible fixed peg has a positive impact on the value of bilateral trade. Moreover, the positive impact on trade is more pronounced with a stricter definition of the fixed peg or a longer duration of the peg. This supports the argument that the credibility of an exchange rate peg is an important element to determine bilateral trade. There is, however, no evidence to suggest that a currency union provides additional benefits.

"From Floating to Monetary Union

Author : Eduard Hochreiter
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis "From Floating to Monetary Union by : Eduard Hochreiter

Download or read book "From Floating to Monetary Union written by Eduard Hochreiter and published by . This book was released on 2004 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Exchange Rate Regimes and Economic Linkages

Author : Jong-Wha Lee
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Exchange Rate Regimes and Economic Linkages by : Jong-Wha Lee

Download or read book Exchange Rate Regimes and Economic Linkages written by Jong-Wha Lee and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how the exchange rate regime influences economic linkages across countries. We divide the exchange rate regime into three classifications: currency union, peg and floating exchange rates. Unlike most studies solely focusing on the relationship between anchor and client countries, the exchange rate regime between any two countries is inferred based on their relationship to the common anchor currency. Then we empirically explore how the various exchange rate regimes impact on bilateral trade, output co-movement and financial integration. Financial integration is measured by the degree of risk sharing reflected in consumption co-movement relative to output comovement. We find that, while currency union has the greatest effect, the peg regime also significantly boosts trade. We also find that, while the peg regime contributes to both output and consumption co-movements, the currency union strengthens only consumption co-movement and possibly lowers output co-movement. These findings are interpreted that the currency union, the strictest form of pegged regimes, leads to higher industry specialization and better risk sharing opportunities than the less strict peg regime.