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Inflation And The Black Market Exchange Rate In A Repressed Market
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Book Synopsis Inflation and the Black Market Exchange Rate in a Repressed Market by : Ms.Valerie Cerra
Download or read book Inflation and the Black Market Exchange Rate in a Repressed Market written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2016-08-03 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper-depreciation of the black market exchange rate reflects prices in the most distorted goods markets.
Book Synopsis Black Markets for Foreign Exchange, Real Exchange Rates, and Inflation by : Brian Pinto
Download or read book Black Markets for Foreign Exchange, Real Exchange Rates, and Inflation written by Brian Pinto and published by World Bank Publications. This book was released on 1988 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation could rise permanently and substantially as a result of unifying official and black market exchange rates, even if real government spending remains constant.
Book Synopsis The Liquidation of Government Debt by : Ms. Carmen Reinhart
Download or read book The Liquidation of Government Debt written by Ms. Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative ½ of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Book Synopsis Transition, the First Ten Years by : Pradeep Mitra
Download or read book Transition, the First Ten Years written by Pradeep Mitra and published by World Bank Publications. This book was released on 2002 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The wide variation in transition economies raises questions about differences in economic growth, the applicability of transition policies, and the advantages of economic reform. This report seeks to answer these questions.
Book Synopsis Models of Disequilibrium and Shortage in Centrally Planned Economies by : C.M. Davis
Download or read book Models of Disequilibrium and Shortage in Centrally Planned Economies written by C.M. Davis and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The centrally planned economies (CPEs) of the Soviet Union and Eastern Europe have experienced severe imbalances in domestic and external markets over the past several decades. As a result, they have been chronically afflicted by problems such as excess demand, repressed inflation, deficits of commodities, queues, waiting lists, and forced savings. Economists have responded to these phenomena by developing appropriate theoretical and empirical models of CPEs. Of particular note have been the pioneering studies of Richard Portes on disequilibrium econometric models and Janos Kornai on the shortage economy. Each approach has attracted followers who have produced numerous, innovative macro- and microeconomic models of Poland, Czechoslovakia, the German Democratic Republic, Hungary, and the USSR. These models have proved to be of considerable value in the analysis of the causes, consequences and remedies of disequilibrium phenomena. Inevitably, the new research has also generated controversies both between and within the schools of shortage and disequilibrium modelling, concerning the fundamental nature of the socialist economy, theoretical concepts and definitions, the specification of models, estimation techniques, interpretation of empirical findings, and policy recommend ations. Furthermore, the research effort has been energetic but incomplete, so many gaps exist in the field.
Book Synopsis Regional Economic Outlook, April 2017, Western Hemisphere Department by : Mr.Hamid Faruqee
Download or read book Regional Economic Outlook, April 2017, Western Hemisphere Department written by Mr.Hamid Faruqee and published by International Monetary Fund. This book was released on 2017-05-19 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: With the global economy gaining some momentum, economies of Latin America and the Caribbean are recovering from a recession at the regional level in 2016. This gradual improvement can be understood as tale of two adjustments, external and fiscal, that are ongoing in response to earlier shocks. But headwinds from commodity terms-of-trade shocks and country-specific domestic factors are fading, paving the way for real GDP to grow by about 1 percent in 2017. Regional activity is expected to pick up further momentum in 2018, but at a slower pace than previously anticipated, while medium-term growth is projected to remain modest at about 2.6 percent. The outlook is shaped by key shifts in the global economic and policy landscape—where slow growth, low productivity, and high income inequality are creating pressure for a shift toward inward- looking policies in some advanced economies. Domestic fundamentals and developments, however, will continue to play a significant role in determining growth for the region. At the same time, risks to the outlook have widened in a setting of higher global uncertainty. In this challenging external context, countries should aim for completing fiscal and external adjustments to preserve or rebuild policy buffers. Charting a course toward higher, sustainable, and more equitable growth will also require strengthening structural reforms. Specifically, closing infrastructure gaps, improving the business environment, governance, and education outcomes, and encouraging female labor participation are necessary to boost medium-term growth and foster income convergence. Chapters in this report examine the ongoing external adjustment to terms-of-trade shifts, drivers of capital flows to the region, the role of the investor base, and macroeconomic impact of migration and remittances.
Book Synopsis Parallel Exchange Rates in Developing Countries by : Miguel A. Kiguel
Download or read book Parallel Exchange Rates in Developing Countries written by Miguel A. Kiguel and published by Springer. This book was released on 2016-07-27 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: '...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
Book Synopsis The Economies of South Eastern Europe by : C. Papazoglou
Download or read book The Economies of South Eastern Europe written by C. Papazoglou and published by Springer. This book was released on 2005-05-04 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of the main factors that affected the course of the countries of South-Eastern Europe during transition, contributing, as a result, to their disappointing economic performance. Thus, the role of initial conditions and issues concerning the effectiveness of macroeconomic stabilization and structural reforms are at the centre of the analysis. Furthermore, this volume focuses on developments and issues concerning international trade patterns, foreign direct investment and the impact of the Euro on the exchange rate policies of the countries in the region.
Book Synopsis The Economic Prospects of the CIS by : Gur Ofer
Download or read book The Economic Prospects of the CIS written by Gur Ofer and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful volume features surveys of 10 of the 12 members of the Commonwealth of Independent States (CIS), the successor organisation to the USSR. . . I heartily recommend this book for all economists interested in the economic transition of the CIS. Roy Gardner, Comparative Economic Studies The country studies (and the editors introduction) contain a wealth of statistical information that will be appreciated by many readers. . . Those interested in a broad overview will focus on the introduction and the conclusion, where the editors offer their synthesis of the ten country studies. This synthesis in itself is an important achievement that summarizes the wealth of country findings in a compact and easily readable format. Those who need more detail will greatly benefit from the in-depth treatment of the ten countries in the core chapters. The high level of scholarship of this volume ensures its usefulness, not only to academics and researchers specializing in transition, but also to development and comparative economists working on issues of economic growth. The specific country studies will be of value to economists assigned to the region by international organizations or to local economists interested to have a western perspective on developments in their countries. In summary, this is an important addition to the literature that summarizes the record of transition during the decade of the 1990s. Zvi Lerman, Slavic Review [This] book is to be commended for several reasons. First of all, it makes predominantly native research available to English speakers. Secondly, it has managed to provide separate chapters for as many as ten of the twelve members of the Commonwealth of Independent States and has not allowed its treatment of Russia to dominate the discussion. Thirdly, its approach to the theme of economic prospects is both country-oriented and comparative. And finally, it fulfills its remit in considering the future as well as the present. W.V. Wallace, Slavonic and East European Review Professors Gur Ofer and Richard Pomfret have created a volume in which timely and lucid combination of analyses, extensive information and clear-cut knowledge of what went wide of the mark during the 1990s in the Soviet bloc are all well presented. They offer economic and institutional analyses to help understand alternative routes to economic growth in the CIS. Bruno S. Sergi, Economics of Transition This first comprehensive application of the new growth accounting to systemic transition in ten ex-Soviet republics puts weak governance public and corporate and capital paucity as the key retardants to market-led dynamism today. The country-specific analyses, embedded in a rich description of resource, demographic and political environments, shows that these economies, as yet little touched by globalisation, need to build institutions qualitatively attractive to FDI and to technology transfer if their catch-up rate is to satisfy the aspirations of their still poverty-racked peoples. Michael Kaser, St Antony s College, Oxford, UK This book brings together ten original studies on the transition and growth experience and the foundations for long-term growth of the newly independent states created by the dissolution of the Soviet Union. Beginning with an overview of the common pre-1992 background and comparative information on the post-1992 performance of the Commonwealth of Independent States (CIS) countries, the authors continue by reviewing the Soviet background and post-independence experience. They then emphasise both the uniformity and diversity of the twelve CIS countries recent history. The problem of explaining economic growth in transition economies is also explored, and individual in-depth country studies are presented. The contributors to the book are a combination of in-country researchers with in-depth local knowledge and access to data, and international economists with technical expertise and experience of long-ter
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475544162 Total Pages :20 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2016 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2016 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2016-09-30 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.
Book Synopsis Transition Economics by : Gerard Turley
Download or read book Transition Economics written by Gerard Turley and published by Routledge. This book was released on 2012-07-26 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Celebrating twenty years of transition from socialism to capitalism, this book is designed to be the core textbook for undergraduate courses in transition economics and comparative economic systems. Given the passage of time, Transition Economics: Two Decades On reviews and accounts for the outcomes in the so-called transition economies and, from an academic perspective, takes the reader through developments and issues in the twenty years of transition from plan to market. Treating its subject matter thematically, the book incorporates much of the transition economics literature and evidence that have evolved over the past two decades. In particular, the authors focus on the most important aspects of economic transition, including: The initial conditions at the outset of transition Paradigms and patterns of transition The main transition policies and economic reforms The performance of transition countries and firms The lessons from transition The textbook covers a wide range of both contemporary microeconomic and macroeconomic issues, in over thirty ex-socialist European and Asian countries, including Russia and China. Transition Economics: Two Decades On is more than just a book about a particular part of the world or the transformation that was experienced at a particular time in history. The authors believe that the study of the economics of transition gives the reader an insight into theories, policies, reforms, legacies, institutions, processes and lessons that have application and relevance, beyond the specific transition from plan to market, to other parts of the world and to other times in history.
Book Synopsis Poland's Jump to the Market Economy by : Jeffrey Sachs
Download or read book Poland's Jump to the Market Economy written by Jeffrey Sachs and published by MIT Press. This book was released on 1994-08-22 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy In Poland's jump to the Market Economy, Jeffrey Sachs provides an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy. The greatest challenges to economic reform, Sachs points out, have been primarily political in nature, rather than social or even economic. Sachs reviews Poland's striking progress since the start of the economic reforms three years ago, which he helped to design. He discusses the gains - more than half of employment and GDP is now in the private sector, exports to Western Europe have more than doubled, and economic growth and confidence are returning - as well as the serious problems that remain - high unemployment, a chronic fiscal deficit, the slow pace of privatization of large industrial enterprises, and the fragility of multiparty coalition governments.Sachs points out that leadership is crucial to economic reform in a newly democratic setting, as is the West's timely economic assistance. In Poland's case, the Zloty Stabilization Fund and the two-stage debt cancellation have been essential to keeping the reform program on track. Poland's example has had a powerful impact on reforms throughout the region, including the former Soviet Union, and has done much to dispel the fear that the citizens themselves, allegedly made lazy by decades of socialism, would reject the competitive rigors of a market economy. Overall, Sachs remains firmly convinced of the potential for successful economic reforms in Poland and the rest of the region.
Book Synopsis Collected Works of Domenico Mario Nuti, Volume I by : Saul Estrin
Download or read book Collected Works of Domenico Mario Nuti, Volume I written by Saul Estrin and published by Springer Nature. This book was released on 2023-05-20 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the first of two volumes, brings together the work of Domenico Mario Nuti to highlight his significant and varied contribution to economics. Bringing together works from across Nuti’s career, his distinctive intellectual framework is exemplified in relation to discussions on the drivers of economic growth and development, the most efficient economic system, the organisation of firms, and how economies should be managed. This volume gives particular attention to socialist economic systems, and the transition of former socialist countries to market economies. This book, through the inclusion of an introduction, aims to contextualise his ideas and illustrate their continued relevance. It will be of wide interest to students and researchers.
Book Synopsis African Economies in Transition by : Jo Ann Paulson
Download or read book African Economies in Transition written by Jo Ann Paulson and published by Springer. This book was released on 2016-07-27 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative assessment of the reform efforts in African economies during the 1980s and early 1990s, with the focus on economic liberalization in those socialist countries which began from a position of pervasive state intervention. A companion theoretical volume (0-333-66545-7) examines the changing role of the state during the period of transition. This volume examines the important debate on agricultural reforms in the period, and provides in-depth country studies of the transition economies, covering Congo, Madagascar, Tanzania and the impact of war on transition in Angola and Mozambique. These books are the first in an important new series in association with the Centre for the Study of African Economies, University of Oxford.
Book Synopsis Forced Savings and Repressed Inflation in the Soviet Union by : Mr.Mario I. Bléjer
Download or read book Forced Savings and Repressed Inflation in the Soviet Union written by Mr.Mario I. Bléjer and published by International Monetary Fund. This book was released on 1991-06-01 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: In countries such as the Soviet Union, where wealth is mainly stored in monetary assets, the behavior of the money to income ratio is a poor indicator of the growth of undesired monetary balances (monetary overhang). In those countries a monetary overhang is primarily a wealth overhang, which has to be analyzed by evaluating deviations of actual from desired wealth holdings; this requires an empirical analysis of consumption and saving decisions. In this paper, we present estimates of a consumption function for the Soviet Union, from which an evaluation of the monetary overhang existing at the end of 1990 is derived.
Book Synopsis Economics of Transition by : Hüsnü Kizilylli
Download or read book Economics of Transition written by Hüsnü Kizilylli and published by Routledge. This book was released on 2019-05-23 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1998, this volume responded to the recent fall of the Soviet Union and looks at the process of transitioning away from Socialist economies, including case studies in the former Soviet Union, Poland, Hungary, China, East Germany and other Socialist countries. Taking the view that economic and political indicators suggest a lack of success in the post-Soviet transformation process, Kızılyallı argues that they have been unsuccessful due to poor planning. Kızılyallı notes an abandonment of the previous system and an ineffective implementation of market capitalism which have led to these negative outcomes. The new method developed herein provides a partial solution through estimating the correct exchange rate based on world prices and under conditions of macroeconomic equilibrium, while also allowing planning for sequencing market reforms. Reform issues are then discussed, followed by the reform experiences of Poland, Hungary, East Germany, China and the former Soviet Union. Lastly, developments in macroeconomic theory are reviewed in light of these case studies. Kızılyallı concludes that both neoclassical and new Keynesian theories fail to provide an economically meaningful framework for analysis of current economic and employment problems, nor for their cure.
Download or read book North Korea written by Ian Jeffries and published by Routledge. This book was released on 2013-06-17 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is much intense interest in North Korea at present. This partly arises from questions about Korea's nuclear capability and intentions, and about the extent to which North Korea may be viewed as 'a rogue state' or part of 'the axis of evil'. In addition, however, North Korea has recently begun experimenting with reforms along Chinese lines. The vigour with which these will be pursued, and related questions about the degree of engagement, or otherwise, with South Korea are also important issues. This book provides full details of economic and political developments in North Korea since 1989 when the communist world began to change irrevocably.
