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Foreign Exchange Intervention And The Dutch Disease
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Book Synopsis Foreign Exchange Intervention and the Dutch Disease by : Julia Faltermeier
Download or read book Foreign Exchange Intervention and the Dutch Disease written by Julia Faltermeier and published by International Monetary Fund. This book was released on 2017-03-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal foreign exchange (FX) intervention policy in response to a positive terms of trade shock and associated Dutch disease episode in a small open economy model. We find that during a Dutch disease episode tradable production drops below the socially optimal level, resulting in lower welfare under learningby- doing (LBD) externalities. FX reserves accumulation improves welfare by preventing a large appreciation of the real exchange rate and by inducing an efficient reallocation between the tradable and non-tradable sectors. For an empirically plausible parametrization of LBD externalities, the model predicts that in response to a 10 percent increase in commodity prices FX reserves should increase by 1.5 percent of GDP. We also find that the welfare gains from optimally using FX reserves are twice as high as the gains from relying only on monetary policy. These results suggest that FX intervention is a beneficial policy to counteract the loss of competitiveness during a Dutch disease episode.
Book Synopsis Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? by : Mr.Ruy Lama
Download or read book Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? written by Mr.Ruy Lama and published by International Monetary Fund. This book was released on 2010-08-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Book Synopsis Foreign Exchange Intervention and the Dutch Disease by : Julia Faltermeier
Download or read book Foreign Exchange Intervention and the Dutch Disease written by Julia Faltermeier and published by International Monetary Fund. This book was released on 2017-03-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal foreign exchange (FX) intervention policy in response to a positive terms of trade shock and associated Dutch disease episode in a small open economy model. We find that during a Dutch disease episode tradable production drops below the socially optimal level, resulting in lower welfare under learningby- doing (LBD) externalities. FX reserves accumulation improves welfare by preventing a large appreciation of the real exchange rate and by inducing an efficient reallocation between the tradable and non-tradable sectors. For an empirically plausible parametrization of LBD externalities, the model predicts that in response to a 10 percent increase in commodity prices FX reserves should increase by 1.5 percent of GDP. We also find that the welfare gains from optimally using FX reserves are twice as high as the gains from relying only on monetary policy. These results suggest that FX intervention is a beneficial policy to counteract the loss of competitiveness during a Dutch disease episode.
Book Synopsis Is Exchange Rate Stabilization a+L4510n Appropriate Cure for the Dutch Disease? by : Juan Pablo Medina Guzman
Download or read book Is Exchange Rate Stabilization a+L4510n Appropriate Cure for the Dutch Disease? written by Juan Pablo Medina Guzman and published by International Monetary Fund. This book was released on 2010-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Book Synopsis Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? by : Ruy Lama
Download or read book Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? written by Ruy Lama and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Book Synopsis Foreign Exchange Regimes for Dutch Disease Prone LDCs by : Daniel M. Schydlowsky
Download or read book Foreign Exchange Regimes for Dutch Disease Prone LDCs written by Daniel M. Schydlowsky and published by . This book was released on 1993 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Booming Sector and Dutch Disease Economics by : Warner Max Corden
Download or read book Booming Sector and Dutch Disease Economics written by Warner Max Corden and published by . This book was released on 1982 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Policymakers' Guide to Dutch Disease by : Owen Matthew Barder
Download or read book A Policymakers' Guide to Dutch Disease written by Owen Matthew Barder and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is sometimes claimed that an increase in aid might cause Dutch Disease - that is, an appreciation of the real exchange rate which can slow the growth of a country's exports - and that aid increases might thereby harm a country's long-term growth prospects. This essay argues that it is unlikely that a long-term, sustained and predictable increase in aid would, through the impact on the real exchange rate, do more harm than good, for three reasons. First, there is not necessarily an adverse impact on exports from Dutch Disease, and any impact on economic growth may be small. Second, aid spent in part on improving the supply side - investments in infrastructure, education, government institutions and health - result in productivity benefits for the whole economy, which can offset any loss of competitiveness from the Dutch Disease effect. Third, the welfare of a nation's citizens depends on their consumption and investment, not just output. Even on pessimistic assumptions, the additional consumption and investment which the aid finances is larger than any likely adverse impact on output. However, the macroeconomic effects of aid can cause substantial harm if the aid is not sustained until its benefits are realized. The costs of a temporary loss of competitiveness might well exceed the benefits of the short-term increase in aid. To avoid doing harm, aid should be sustained and predictable, and used in part to promote economic growth. This maximizes the chances that the long-term productivity and growth benefits will offset the adverse effects - which may be small if they exist at all - that big aid surges may pose as a result of Dutch Disease.
Book Synopsis Essays on Dutch Disease and Exchange Rate Pass-through by :
Download or read book Essays on Dutch Disease and Exchange Rate Pass-through written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Political Ecology of Oil and Gas Activities in the Nigerian Aquatic Ecosystem by : Prince Emeka Ndimele
Download or read book The Political Ecology of Oil and Gas Activities in the Nigerian Aquatic Ecosystem written by Prince Emeka Ndimele and published by Academic Press. This book was released on 2017-11-17 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Political Ecology of Oil and Gas Activities in the Nigerian Aquatic Ecosystem reviews the current status of the ecosystems and economic implications of oil and gas development in Nigeria, a key oil-producing state. The ecological and economic impacts of oil and gas development, particularly in developing nations, are crucial topics for ecologists, natural resource professionals and pollution researchers to understand. This book takes an integrative approach to these problems through the lens of one of the key oil-producing nations, linking natural and human systems through the valuation of ecosystem services. Provides background information on Nigerian aquatic environments, its local history of oil exploration and a review of the physical chemistry of crude oil Reviews global and national perspectives on the oil and gas industry from a physical ecological, to a socio-political and economic ecological perspective Demonstrates real-life situations of the interactions and impacts of Nigerian petroleum production on the environment and local populations through case studies
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 Dealing with Dutch Disease by : Milan Brahmbhatt
Download or read book Dealing with Dutch Disease written by Milan Brahmbhatt and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This note looks at so-called Dutch disease, a phenomenon reflecting changes in the structure of production in the wake of a favorable shock (such as a large natural resource discovery, a rise in the international price of an exportable commodity, or the presence of sustained aid or capital inflows). Where the natural resources discovered are oil or minerals, a contraction or stagnation of manufacturing and agriculture could accompany the positive effects of the shock, according to the theory. The note considers channels through which such natural resource wealth can affect the economy. It also focuses on the development implications of Dutch disease, particularly the potential negative effects related to productivity dynamics and volatility; and concludes with a summary of possible policy responses, including the mix of fiscal, exchange rate, and structural reform policies.
Book Synopsis Real Adjustment Processes under Floating Exchange Rates by : Franz Gehrels
Download or read book Real Adjustment Processes under Floating Exchange Rates written by Franz Gehrels and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".
Book Synopsis Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid by : Ioana Moldovan
Download or read book Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid written by Ioana Moldovan and published by International Monetary Fund. This book was released on 2019-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the optimal setting of fiscal spending and foreign exchange rate intervention policies in response to volatile foreign aid, in a small open economy model that incorporates typical features of low-income countries. Within a class of policy rules, it jointly considers the optimal aid spending and international reserve accumulation policies. The results show that it is optimal to adjust government spending gradually in response to unpredictable fluctuations in aid, while partially accumulating foreign exchange reserves to offset Dutch disease effects. Also, allocating relatively more of the government spending to productive public investment, and less to government consumption, is welfare improving.
Author :Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico Publisher : ISBN 13 :9789291319626 Total Pages :0 pages Book Rating :4.3/5 (196 download)
Book Synopsis Market Volatility and Foreign Exchange Intervention in EMEs by : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Challenges in Expanding Development Assistance by : Mr. Peter S. Heller
Download or read book Challenges in Expanding Development Assistance written by Mr. Peter S. Heller and published by International Monetary Fund. This book was released on 2002-03-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights the macro and microeconomic challenges associated with success of the effort to mobilize 0.7 percent of GNP for official development assistance (ODA). To promote achievement of the Millennium Development Goals, enhanced ODA must be as productive as possible. In weighing the distribution of enhanced ODA among countries, the paper emphasizes the need to limit potentially adverse “real transfer effects.” It recommends a multi-pronged approach to ODA that includes, inter alia, in addition to direct bilateral transfers, enhanced use of trust funds and the financing of global public goods.
Book Synopsis Foreign Exchange Intervention in Inflation Targeters in Latin America by : Mr.Marcos d Chamon
Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-02-28 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.
