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Exchange Rates As Nominal Anchors
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Book Synopsis Exchange Rates as Nominal Anchors by : Sebastian Edwards
Download or read book Exchange Rates as Nominal Anchors written by Sebastian Edwards and published by . This book was released on 1992 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the use of nominal exchange rates as nominal anchors in stabilization programs. The first part deals with the dynamics of inflation in highly indexed economies. It is shown that credible exchange rate anchors will reduce the degree of inflationary inertia. However, if some residual inertia is maintained in some contracts, real exchange rate overvaluation will result. Data from Chile, Mexico and Yugoslavia are used to test the implications of the model. The second part deals with the long run, and uses a 56 countries data set to investigate whether fixed exchange rates have been associated with greater financial discipline.
Book Synopsis Nominal Anchors in the CIS by : Mr.Peter Keller
Download or read book Nominal Anchors in the CIS written by Mr.Peter Keller and published by International Monetary Fund. This book was released on 2003-09-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (i.e., they suffer from "fear of floating"). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.
Book Synopsis Inflation Stabilization and Nominal Anchors by : Guillermo Calvo
Download or read book Inflation Stabilization and Nominal Anchors written by Guillermo Calvo and published by . This book was released on 1992 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Author :Barry J. Eichengreen Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :60 pages Book Rating :4.:/5 (321 download)
Book Synopsis Transition Strategies and Nominal Anchors on the Road to Greater Exchange-rate Flexibility by : Barry J. Eichengreen
Download or read book Transition Strategies and Nominal Anchors on the Road to Greater Exchange-rate Flexibility written by Barry J. Eichengreen and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy by : Mr.Robert P. Flood
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1994-05-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Book Synopsis Targeting the Real Exchange Rate by : Mr.Guillermo Calvo
Download or read book Targeting the Real Exchange Rate written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1994-02-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.
Book Synopsis External Stability Under Alternative Nominal Exchange Rate Anchors by : Mr.S. Nuri Erbas
Download or read book External Stability Under Alternative Nominal Exchange Rate Anchors written by Mr.S. Nuri Erbas and published by International Monetary Fund. This book was released on 1997-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Import and export stability is examined under two alternative nominal exchange rate anchors, the U.S. dollar and the SDR. Stability under the two pegs depends critically on import and export elasticity with respect to exchange rates. The implications of import and export elasticity for an optimal currency basket are also explored. The elasticity estimates for the GCC countries suggest that the SDR peg may not outperform the dollar peg in improving external stability. Nevertheless, switching to some other nominal exchange rate anchor may improve external stability, a possibility that remains to be explored.
Book Synopsis Approaches to Exchange Rate Policy by : Mr.Richard C. Bart
Download or read book Approaches to Exchange Rate Policy written by Mr.Richard C. Bart and published by International Monetary Fund. This book was released on 1994-06-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
Book Synopsis Transition Strategies and Nominal Anchors on the Road to Greater Exchange-rate Flexibility by :
Download or read book Transition Strategies and Nominal Anchors on the Road to Greater Exchange-rate Flexibility written by and published by . This book was released on 1999 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Policy, Exchange Rates, and the International System by : Warner Max Corden
Download or read book Economic Policy, Exchange Rates, and the International System written by Warner Max Corden and published by OUP Oxford. This book was released on 1994 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an outstanding account of exchange rates inthe international monetary system, W. Max Corden considers the essential issues in international macroeconomics.The author takes as his model the macroeconomic situation of a country with an open economy, and explains the effects of domestic fiscal and monetary macroeconomic policy on exchange rates. He clearly analyses the choices faced by governments attempting to manage both the domestic inflation rateand the external exchange rate and current account balance. Professor Corden then discusses the European Exchange Rate mechanism, and provides a sceptical analysis of the possibilities for monetary union in Europe, and for international policy coordination in general. He gives equal weight todiscussion of the present US-centred international monetary system outside the ERM, and combines theoretical models with an account of the actual determination of floating exchange rates. Although the book itself is orientated towards monetary rather than trade issues, the author discusses twotopical issues: the role of protectionist policies, and the idea of competitiveness. Finally, he looks at the future of the international monetary system and the series of current reform proposals.Students will find this book useful because the author covers essential issues lucidly and authoritatively. The exposition is entirely non-mathematical. Postgraduate students and academics will be interested since Corden is a distinguished writer on international trade and policy, and hisarguments are powerfully presented.New to this edition:This is a revised and expanded edition of a previous book by Corden, Inflation, Exchange Rates and the World Economy, the third edition of which was published in 1985. In this new book, Professor Corden has fully rewritten the text, but retains the discursive, informal, reader-friendly style ofthe earlier editions. In this new edition, Professor Corden has included two new chapters which extend the treatment of macroeconomic policy, separating it into its fiscal and monetary branches. He also includes a new chapter on the role of the current account balance in determining macroeconomicpolicy. The author has brought his account of the present international monetary context up to date - characterised as the non-system - and has included a new analysis of European monetary issues, incorporating a review of the progress of the EMS towards full monetary union. The book also containsa provocative discussion of two highly topical issues: trade protection, and competitiveness, including both new theoretical analysis and such events as the recent GATT agreement.
Book Synopsis Exchange-Rate Policies For Emerging Market Economies by : Richard J Sweeney
Download or read book Exchange-Rate Policies For Emerging Market Economies written by Richard J Sweeney and published by Routledge. This book was released on 2019-03-13 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
Book Synopsis Exchange Rate Policy in Developing Countries: Some Analytical Issues by : Bijan B. Aghevli
Download or read book Exchange Rate Policy in Developing Countries: Some Analytical Issues written by Bijan B. Aghevli and published by World Bank Publications. This book was released on 1991-05-15 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.
Book Synopsis Nominal Anchor Exchange Rate Policies as a Domestic Distortion by : Anne O. Krueger
Download or read book Nominal Anchor Exchange Rate Policies as a Domestic Distortion written by Anne O. Krueger and published by . This book was released on 1997 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes a nominal anchor exchange rate policy as a domestic distortion, in the tradition of international trade theory. It is shown that, in addition to the problems of sustainability and exit pinpointed in the exchange rate literature, a nominal anchor exchange rate policy, while in force, drives a wedge between the domestic and the international intertemporal marginal rates of substitution. The welfare cost of the Mexican use of the nominal anchor exchange rate policy prior to December 1994 is then estimated.
Book Synopsis Nominal Anchors in the CIS. by : Peter M. Keller
Download or read book Nominal Anchors in the CIS. written by Peter M. Keller and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (i.e., they suffer from fear of floating). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.
Book Synopsis Real Exchange Rate Targeting Under Capital Controls by : Mr.Peter Montiel
Download or read book Real Exchange Rate Targeting Under Capital Controls written by Mr.Peter Montiel and published by International Monetary Fund. This book was released on 1991-07-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the issue of whether the money supply can serve as a nominal anchor for the domestic price level under real exchange rate targeting. When capital controls are perfect so that there is complete separation between official and unofficial markets for foreign exchange, the domestic inflation rate can be stabilized, but only at the expense of a widening gap between official and parallel market exchange rates. When cross - transactions between the two markets are permitted, the steady state of the model is identical to that of a model without capital controls and, hence, the money supply cannot serve as a nominal anchor for the price level in the long run. If capital controls are nevertheless maintained temporarily, and are known to be temporary, targeting the money supply fails to stabilize the rate of inflation even in the short run.
Book Synopsis Exchange-rate-based Stabilization Under Imperfect Credibility by : Guillermo A. Calvo
Download or read book Exchange-rate-based Stabilization Under Imperfect Credibility written by Guillermo A. Calvo and published by . This book was released on 1991 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
