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Monetary Policy Under A Quasi Fixed Exchange Rate Regime The Case Of France Between 1987 And 1996
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Book Synopsis Monetary Policy Under a Quasi-Fixed Exchange Rate Regime, the Case of France Between 1987 and 1996 by : Benoit Mojon
Download or read book Monetary Policy Under a Quasi-Fixed Exchange Rate Regime, the Case of France Between 1987 and 1996 written by Benoit Mojon and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterized by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of French monetary policy. These show the influence of the EMS constraint on French monetary policy. In particular, since 1987, the shocks of purely domestic French monetary policy (i.e. the variations of the interest rate around the rule of ERM peg target), have only had very little impact on the French economy.
Book Synopsis Monetary Policy Under a Fixed Exchange Rate Regime, the Case of France 1987-1996 by :
Download or read book Monetary Policy Under a Fixed Exchange Rate Regime, the Case of France 1987-1996 written by and published by . This book was released on 1998 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: La France est à la fois membre du Système Monétaire Européen (S.M.E.) et financièrement intégrée avec l'Allemagne. La simultanéité entre le taux d'intérêt français et le taux change franc D-mark y est donc particulièrement sensible. On cherche ici à décrire le comportement de la Banque de France dans ce régime de change "quasi-fixes". Pour cela on utilise une modélisation VAR de ce comportement dans la période postérieure à janvier 1987, date du dernier réalignement du franc dans le SME. La modélisation VAR est un moyen de décomposer la dynamique de séries temporelles interdépendantes, par exemple des variables macroéconomiques, en différentes sources de fluctuations exogènes les unes par rapport aux autres. Par exemple, on identifie des chocs exogènes de politique monétaire. Cette recherche de l'exogénéïté rencontre des problèmes de simultanéité entre les variations de l'instrument de la politique et celles des autres variables macroéconomiques. La modélisation de la politique monétaire en économie ouverte a rendu encore plus difficile la résolution des problèmes de simultanéité car les taux de change, qui sont des variables clefs de la politique monétaire, s'ajustent aussi rapidement que les taux d'intéret. La prise en compte du taux de change rend nécessaire l'interprétation des variations simultanées entre le taux d'intérêt instrument de la banque centrale et le taux de change. Même dans le très court terme, une variation du taux d'intérêt peut s'interpréter soit comme une réponse à un choc de demande de devises, soit comme un mouvement de politique monétaire. Nous proposons dans cet article une identification "procédurale" de la politique monétaire française à la manière de Bernanke et Mihov (1995, 1996). Cette approche permet de résoudre le problème de simultanéité entre taux de change et taux d'intérêt. Nous utilisons deux taux d'intérêt du marché interbancaire français : le taux des appels d'offre qui représente l'instrument de la politique monétaire et le taux au jour le jour. Ce second taux d'intérêt, qui est déterminé par le jeux de l'offre et de la demande sur le marché de la liquidité bancaire s'avère être une bonne variable instrumentale du taux de change franc mark pendant la période considérée. Il nous est donc possible d'identifier des chocs de politique monétaire exogènes par rapport à la gestion des tensions sur l'objectif de change. Le modèle nous permet de construire des indicateurs de tension de la politique monétaire française. Ceux-ci montrent d'une manière originale l'influence de la contrainte du S.M.E. sur la politique monétaire française. Les simulations tirées du modèle VAR soulignent aussi le fait que, depuis 1987, les chocs de politique monétaire spécifiquement français, c'est-à-dire les écarts du taux d'intérêt à une règle de défense du cours pivot du franc, n'ont eu que très peu d'impact sur l'économie française.
Book Synopsis Fixed Exchange Rates and the Autonomy of Monetary Policy by : Romain Veyrune
Download or read book Fixed Exchange Rates and the Autonomy of Monetary Policy written by Romain Veyrune and published by International Monetary Fund. This book was released on 2007-02 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even though both systems faced the same exchange rate constraint. So far, the contingency line provided by the French treasury and capital controls have allowed the zone to combine a fixed exchange rate and a relatively autonomous monetary policy. Financial development and zone enlargement would challenge this relative autonomy for two reasons: (1) the potential cost to the French treasury would increase; and (2) residents would potentially be able to avoid capital controls. For the zone to maintain its fixed exchange rate, close targeting of foreign reserves would become important.
Book Synopsis Monetary Policy Transmission in the Euro Area by : Ignazio Angeloni
Download or read book Monetary Policy Transmission in the Euro Area written by Ignazio Angeloni and published by Cambridge University Press. This book was released on 2003-12-04 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.
Book Synopsis How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union by : Mr.Alexei Kireyev
Download or read book How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2015-05-05 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) is a currency union with a fixed exchange rate and limited capital mobility and, therefore, an independent monetary policy in the short run. The Central Bank of West African States (BCEAO) is conducting the single monetary policy with the main goal of preserving price stability and supporting economic growth. However, the effectiveness of its monetary policy remains low, with a weak reaction of market interest rates and inflation to BCEAO’s policy actions. The paper concludes that, while the institutional setup and the instruments of monetary policy are adequate, the transmission mechanism of monetary policy remains constrained by liquidity management practices, shallow and segmented financial markets, and interest rate rigidities. To improve the effectiveness of monetary policy the BCEAO should be more proactive in determining the stance of fiscal policies, develop financial markets, and liberalize controlled interest rates. The BCEAO is undertaking important reforms in these directions.
Book Synopsis Real and Monetary Aspects of French Exchange Rate Policy Under the Fourth Republic by : Gilles Saint-Paul
Download or read book Real and Monetary Aspects of French Exchange Rate Policy Under the Fourth Republic written by Gilles Saint-Paul and published by . This book was released on 1993 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Monetary Policy Shocks in France, Germany and Italy by : Frank Smets
Download or read book Measuring Monetary Policy Shocks in France, Germany and Italy written by Frank Smets and published by . This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Monetary History of France in the Twentieth Century by : Jean Pierre Patat
Download or read book A Monetary History of France in the Twentieth Century written by Jean Pierre Patat and published by . This book was released on 1990 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Did Monetary Policy Do? by : Carmine Trecroci
Download or read book What Did Monetary Policy Do? written by Carmine Trecroci and published by . This book was released on 2001 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Document de Travail by : Bank of Canada
Download or read book Document de Travail written by Bank of Canada and published by . This book was released on 2004 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis One Market, One Money by : Michael Emerson
Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis The Egyptian Stabilization Experience by : Mr. Arvind Subramanian
Download or read book The Egyptian Stabilization Experience written by Mr. Arvind Subramanian and published by International Monetary Fund. This book was released on 1997-09-01 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the successful Egyptian stabilization experience during the 1990s, focusing on its distinctive features and contrasting them with the recent experiences of other developing countries. The key policy elements were a large fiscal adjustment, use of an exchange rate anchor that has endured for over six years, supported by prudent monetary policies, and early moves to liberalize interest and exchange markets. The outcomes included the avoidance of an output collapse despite the magnitude of fiscal adjustment; avoidance of stresses on the financial system; reversal of endemic dollarization; financial deepening at the expense of the banking system; and maintenance of external viability despite a lackluster export performance.
Book Synopsis Handbook of Exchange Rates by : Jessica James
Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Book Synopsis Monetary and Exchange System Reforms in China by : Mr.Bernard Laurens
Download or read book Monetary and Exchange System Reforms in China written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 1996-09-26 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
