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Author : Willem Hendrik Buiter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (246 download)
Download or read book Fiscal Prerequisites for a Viable Managed Exchange Rate Regime written by Willem Hendrik Buiter and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Prerequisites for a Viable Managed Exchange Rate Regime written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Willem H. Buiter
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (1 download)
Download or read book Fiscal Prerequisites for a Viable Managed Exchange Rate Regime written by Willem H. Buiter and published by . This book was released on 1986 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper first reviews the budget identities of the fiscal and monetary authorities and the solvency constraint or present value budget-constraint of the consolidated public sector, for closed and open economies. It then discusses the new conventional wisdom concerning the fiscal roots of inflation and the budgetary prerequisites for generating and stopping hyperinflation. The popular rational expectations "Unpleasant Monetarist Arithmetic" model of Sargent and Wallace has ambiguous inflation implications from an increase in the fundamental deficit and is incapable of generating hyperinflation. The only runaway, explosive or unstable behavior it can exhibit is "hyperdeflation"! In the open economy, the need to maintain a managed exchange rate regime does not impose any constraint on the growth rate of domestic credit, arising through the government's need to remain solvent. Obstfeld's proposition to the contrary is due to the omission of government bonds and borrowing. There is not yet any "deep structural" theory justifying the (exogenous) lower bounds on the stock of foreign exchange reserves characteristic of the collapsing exchange rate literature. Absent such a theory of "international liquidity," one cannot model satisfactorily a foreign exchange crisis that is not at the same time a government solvency crisis. Given such a lower bound, the existence or absence of a pecuniary opportunity cost to holding reserves is shown to condition the fiscal and financial actions consistent with prolonged survival of the managed exchange rate regime
Author : Willem Hendrik BUITER
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book BORROWING TO DEFEND THE EXCHANGE RATE AND THE TIMING AND MAGNITUDE OF SPECULATIVE ATTACKS: FISCAL PREREQUISITES FOR A VIABLE MANAGED EXCHANGE RATE REGIME. PART 1 written by Willem Hendrik BUITER and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Betty C. Daniel
Publisher : International Monetary Fund
ISBN 13 : 1451855451
Total Pages : 19 pages
Book Rating : 4.4/5 (518 download)
Download or read book Fiscal Policy and the Predictability of Exchange Rate Collapse written by Ms.Betty C. Daniel and published by International Monetary Fund. This book was released on 1997-10-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that the long-run viability of a fixed exchange rate regime imposes constraints on monetary policy. This paper shows that, in a model with forward-looking agents, short-run viability imposes a fiscal constraint. When policy change, which destroys long-run viability, also violates the fiscal constraint, collapse is instantaneous. Delayed predictable collapse requires satisfaction of the fiscal constraint.
Author : Francesco Giavazzi
Publisher : Cambridge University Press
ISBN 13 : 9780521389051
Total Pages : 452 pages
Book Rating : 4.3/5 (89 download)
Download or read book The European Monetary System written by Francesco Giavazzi and published by Cambridge University Press. This book was released on 1988 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. The international environment - 2. Disinflation, external adjustment and cooperation - 3. Exchange rates, capital mobility and monetary coordination - 4. The future og the European monetary system.
Author : Mrs.Gilda Fernandez
Publisher : International Monetary Fund
ISBN 13 : 1589064763
Total Pages : 29 pages
Book Rating : 4.5/5 (89 download)
Download or read book Moving to a Flexible Exchange Rate written by Mrs.Gilda Fernandez and published by International Monetary Fund. This book was released on 2006-01-09 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 406 pages
Book Rating : 4.:/5 (318 download)
Download or read book Choosing an Exchange Rate Regime written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-09-15 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contiene: Introduction; Choice of exchange rate regime for a smaller economy: a survey of some key issues; Financial market integration and exchange rate policy; Exchange rate experiences of small EMS countries: Belgium, Denmark, and the Netherlands; Exchange rate policy, inflation, and unemployment: the Nordic EFTA countries; Exchange rate policy in advanced commodity-exporting countries: Australia and New Zealand; Credibility and asymmetries in the EMS; Fiscal contraints of a fixed exchange rate regime; Postscript: exchange rate policy in Canada.
Author : Willem H. Buiter
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.X/5 (2 download)
Download or read book Macroeconomic Policy During a Transition to Monetary Union written by Willem H. Buiter and published by . This book was released on 1995 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451946686
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)
Download or read book Fiscal Constraints of a Fixed Exchange Rate Regime written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-12-29 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective constraint is on the degree of monetary financing, which bears an uncertain relationship to the size of the budget deficit; that, from a systemic perspective, the financial stability of the currency area can be ensured by making the monetary and fiscal authorities independent of one another; and that the case for coordination of fiscal policies—whatever its merits—is not enhanced by the creation of a fixed exchange rate regime.
Author : H.M. Scobie
Publisher : Springer Science & Business Media
ISBN 13 : 9401113041
Total Pages : 206 pages
Book Rating : 4.4/5 (11 download)
Download or read book The European Single Market written by H.M. Scobie and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks. In addition the book contains, in Chapter 2, the text of a memorial lecture on Trade and Financial Relationships of the US and Europe given by this author in New York. The lecture, known as the Henry George Lecture, was given at St John's University in New York in April 1993. The workshops were part of a series of workshops, the first of which was hosted by the Central Bank of Finland. At these workshops usually some 20 central banks from Europe, the Federal Reserve Board and various other central banks were present. Furthermore the workshops contain papers from international organizations such as the OECD, European Commission, Bank for International Settlement, government ministries, commercial banks, re search institutes and academics from Europe and elsewhere. The two workshops from which some of these papers were drawn were those held at the Central Bank of the Netherlands and the Central Bank of Austria. The workshop held at the Central Bank of the Netherlands (De Nederlandsche Bank), was on Policy Coordination, and took place during 2-4 November, 1992. The one held at the Central Bank of Austria (6stereichische Bank), was on Policy Formulation in Interdependent Market, and took place during 24-26 March 1993.
Author : John Williamson
Publisher : Peterson Institute
ISBN 13 : 9780881322934
Total Pages : 110 pages
Book Rating : 4.3/5 (229 download)
Download or read book Exchange Rate Regimes for Emerging Markets written by John Williamson and published by Peterson Institute. This book was released on 2000 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
Author : David K. H. Begg
Publisher : Centre for Economic Policy Research
ISBN 13 :
Total Pages : 134 pages
Book Rating : 4.F/5 ( download)
Download or read book Monetary and Exchange Rate Policies, EMU and Central and Eastern Europe written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 1999 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines European transition economies and their need to find a robust strategy for macroeconomic policy in the period leading up to accession and in preparation for joining EMU.
Author : Mr.Atish R. Ghosh
Publisher : International Monetary Fund
ISBN 13 : 1484383974
Total Pages : 46 pages
Book Rating : 4.4/5 (843 download)
Download or read book Exchange Rate Management and Crisis Susceptibility written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2014-01-24 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still safer than the middle? And where to draw the line between safe floats and risky intermediate regimes? Our findings, based on a sample of 50 EMEs over 1980-2011, show that macroeconomic and financial vulnerabilities are significantly greater under less flexible intermediate regimes—including hard pegs—as compared to floats. While not especially susceptible to banking or currency crises, hard pegs are significantly more prone to growth collapses, suggesting that the security of the hard end of the prescription is largely illusory. Intermediate regimes as a class are the most susceptible to crises, but “managed floats”—a subclass within such regimes—behave much more like pure floats, with significantly lower risks and fewer crises. “Managed floating,” however, is a nebulous concept; a characterization of more crisis prone regimes suggests no simple dividing line between safe floats and risky intermediate regimes.
Author : Paul R. Masson
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (318 download)
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).
Author : Gilda Fernandez
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book From Fixed to Float written by Gilda Fernandez and published by International Monetary Fund. This book was released on 2004-07 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with the new regime, establishing an alternative nominal anchor in the context of a new monetary policy framework, and building the capacity of market participants to manage exchange rate risks and of supervisory authorities to regulate and monitor them. It also assesses the factors that influence the pace of exit and the appropriate sequencing of exchange rate flexibility and capital account liberalization.
Author : Willem H. Buiter
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (321 download)
Download or read book International Macroeconomics written by Willem H. Buiter and published by Oxford University Press, USA. This book was released on 1990 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together 12 essays on macroeconomic policy in the open economy. The subject matter is divided equally between analyses of the internal and external adjustment problems of small open economies and studies of the behaviour of large interdependent countries.
