On the Benefits of Dollarization when Stabilization Policy is Not Credible and Financial Markets are Imperfect

Download On the Benefits of Dollarization when Stabilization Policy is Not Credible and Financial Markets are Imperfect PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (318 download)

DOWNLOAD NOW!


Book Synopsis On the Benefits of Dollarization when Stabilization Policy is Not Credible and Financial Markets are Imperfect by : Enrique G. Mendoza

Download or read book On the Benefits of Dollarization when Stabilization Policy is Not Credible and Financial Markets are Imperfect written by Enrique G. Mendoza and published by . This book was released on 2000 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines two potential benefits that emerging economies may derive from dollarization. First, dollarization may eliminate distortions induced by the lack of credibility of monetary policy. Second, dollarization may weaken financial frictions that result in endogenous credit constraints. The analysis is based on numerical simulations of a two-sector dynamic, stochastic general equilibrium model calibrated to Mexican data. The results indicate that policy uncertainty and credit constraints are very costly distortions. The mean welfare gains of eliminating policy uncertainty range between 6.4 and 9 percent of the trend level of consumption per capita. The mean welfare gain of weakening credit frictions is about 4.6 percent.

Causes and Problems of Dollarization

Download Causes and Problems of Dollarization PDF Online Free

Author :
Publisher : GRIN Verlag
ISBN 13 : 3346187918
Total Pages : 26 pages
Book Rating : 4.3/5 (461 download)

DOWNLOAD NOW!


Book Synopsis Causes and Problems of Dollarization by : Fabio Botta

Download or read book Causes and Problems of Dollarization written by Fabio Botta and published by GRIN Verlag. This book was released on 2020-06-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Economics - Foreign Trade Theory, Trade Policy, grade: 1,3, University of Leipzig (Institute for Economic Policy), course: Financial Development and Innovation in Developing Countries and Emerging Markets, language: English, abstract: This paper discusses the causes and problems associated with dollarization. Based on the results, it addresses the questions of how high dollarization rates can be evaluated and, in particular, whether it is advisable to opt for full dollarization (FD) or to what extent policymakers should rather aim for de-dollarization. As an introduction to the discussion, Chapter 2 will give a short illustration of the theoretical concepts of dollarization. Chapter 3 will then explain the causes of dollarization. The subsequent description of the advantages of FD in Chapter 4, which can also be cited as a reason for high rates of dollarization,3 leads directly to the problems associated with dollarization in Chapter 5. These problems arise – unless otherwise stated – both from high dollarization rates and from FD. The research up to Chapter 5 concentrates on a more theoretical level. The discussion on how to evaluate the causes and problems in Chapter 6 tries to link theoretical concepts with more general empirical analyses. Chapter 7 provides a brief conclusion of the most important findings and concludes with recommendations for future research. “Dollarization has evolved as one of the noteworthy features of globalization during the last two decades.” Although Mr. Yilmaz, the then Governor of the Central Bank of the Republic of Turkey, said this sentence at a conference on dollarization in December 2006, it remains more relevant than ever. Due to the increasing integration of the international financial system, the lifting of restrictions on capital mobility and the growing volume of trade, the debate on dollarization met with a growing interest in the 1990s. Nonetheless, today's economic journals are still filled with new publications on dollarization.

The Dollarization Debate

Download The Dollarization Debate PDF Online Free

Author :
Publisher : Oxford University Press
ISBN 13 : 0190288671
Total Pages : 476 pages
Book Rating : 4.1/5 (92 download)

DOWNLOAD NOW!


Book Synopsis The Dollarization Debate by : Dominick Salvatore

Download or read book The Dollarization Debate written by Dominick Salvatore and published by Oxford University Press. This book was released on 2003-03-27 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.

Knowledge, Information, and Expectations in Modern Macroeconomics

Download Knowledge, Information, and Expectations in Modern Macroeconomics PDF Online Free

Author :
Publisher : Princeton University Press
ISBN 13 : 0691223939
Total Pages : pages
Book Rating : 4.6/5 (912 download)

DOWNLOAD NOW!


Book Synopsis Knowledge, Information, and Expectations in Modern Macroeconomics by : Philippe Aghion

Download or read book Knowledge, Information, and Expectations in Modern Macroeconomics written by Philippe Aghion and published by Princeton University Press. This book was released on 2021-01-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at which new technologies arise and information about markets is dispersed, information imperfections, and the heterogeneity of beliefs as determinants of an economy's performance. The contributions, which represent a breadth of contemporary theoretical approaches, cover topics including the real effects of monetary disturbances, difficulties in expectations formation, structural factors in unemployment, and sources of technical progress. Based on an October 2001 conference honoring Phelps, this incomparable volume provides the most comprehensive and authoritative account in years of the present state of macroeconomics while also pointing to its future. The fifteen chapters are by the editors and by Daron Acemoglu, Jess Benhabib, Guillermo A. Calvo, Oya Celasun, Michael D. Goldberg, Bruce Greenwald, James J. Heckman, Bart Hobijn, Peter Howitt, Hehui Jin, Charles I. Jones, Michael Kumhof, Mordecai Kurz, David Laibson, Lars Ljungqvist, N. Gregory Mankiw, Dale T. Mortensen, Maurizio Motolese, Stephen Nickell, Luca Nunziata, Wolfgang Ochel, Christopher A. Pissarides, Glenda Quintini, Ricardo Reis, Andrea Repetto, Thomas J. Sargent, Jeremy Tobacman, and Gianluca Violante. Commenting are Olivier J. Blanchard, Jean-Paul Fitoussi, Mark Gertler, Robert E. Hall, Robert E. Lucas, Jr., David H. Papell, Robert A. Pollak, Robert M. Solow, Nancy L. Stokey, and Lars E. O. Svensson. Also included are reflections by Phelps, a preface by Paul A. Samuelson, and the editors' introduction.

Financial Policies in Emerging Markets

Download Financial Policies in Emerging Markets PDF Online Free

Author :
Publisher : MIT Press
ISBN 13 : 9780262025256
Total Pages : 282 pages
Book Rating : 4.0/5 (252 download)

DOWNLOAD NOW!


Book Synopsis Financial Policies in Emerging Markets by : Mario I. Bléjer

Download or read book Financial Policies in Emerging Markets written by Mario I. Bléjer and published by MIT Press. This book was released on 2002 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.

Fall 2000

Download Fall 2000 PDF Online Free

Author :
Publisher : Brookings Institution Press
ISBN 13 : 9780815714323
Total Pages : 316 pages
Book Rating : 4.7/5 (143 download)

DOWNLOAD NOW!


Book Synopsis Fall 2000 by : Andres Velasco

Download or read book Fall 2000 written by Andres Velasco and published by Brookings Institution Press. This book was released on 2000-10-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries of Latin America and the Caribbean have experienced dramatic changes in economic policy in the last decade, decisively moving toward more open market systems. The reforms have gone hand in hand with a remarkable increase in the quality of the policy debate in the area. This new journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers from the region to share high-quality research directly applied to policy issues within and among those countries. Contents of the first issue: "Macroeconomic Volatility in Latin America: Facts and Policy Implications," Richard Caballero (MIT); "Regulation of Privatized Utilities: Issues and Lessons," Ronald Fischer and Pablo Serra (University of Chile); "Determinants of Crime and Violence in Latin America," Norman Loayza (Central Bank of Chile) and Daniel Lederman (World Bank); "Crisis and the Poor: Socially Responsible Macroeconomics," Nora Lustig (World Bank); "Regulation and Deregulation: Lessons from Latin American Labor Markets," Carmen Pagis-Serra (IDB) and James Heckman (Chicago); "Why is There So Much Economic Insecurity in Latin America?," Dani Rodrik (Harvard).

Heglme-switching in Exchange Rate Policy and Balance Sheet Effects

Download Heglme-switching in Exchange Rate Policy and Balance Sheet Effects PDF Online Free

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)

DOWNLOAD NOW!


Book Synopsis Heglme-switching in Exchange Rate Policy and Balance Sheet Effects by :

Download or read book Heglme-switching in Exchange Rate Policy and Balance Sheet Effects written by and published by World Bank Publications. This book was released on with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Working Paper Series

Download Working Paper Series PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)

DOWNLOAD NOW!


Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 2000 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Download Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.4/5 (983 download)

DOWNLOAD NOW!


Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

The Dynamics of Asian Financial Integration

Download The Dynamics of Asian Financial Integration PDF Online Free

Author :
Publisher : Taylor & Francis
ISBN 13 : 1136847626
Total Pages : 342 pages
Book Rating : 4.1/5 (368 download)

DOWNLOAD NOW!


Book Synopsis The Dynamics of Asian Financial Integration by : Michael Devereux

Download or read book The Dynamics of Asian Financial Integration written by Michael Devereux and published by Taylor & Francis. This book was released on 2011-05-03 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Implementing Official Dollarization

Download Implementing Official Dollarization PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1455200654
Total Pages : 33 pages
Book Rating : 4.4/5 (552 download)

DOWNLOAD NOW!


Book Synopsis Implementing Official Dollarization by : Mr.Luis Ignacio Jácome

Download or read book Implementing Official Dollarization written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2010-04-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilaterally introduce a new legal tender, describes the relevant operational issues to smooth the transition toward the use of the new currency, and identifies key structural reforms that are necessary to favor the sustainability over time of this monetary regime. The paper is aimed at providing preliminary guidance to policy makers and practitioners adopting official dollarization. The paper does not take a position on how appropriate this monetary arrangement is. Experiences from adopting dollarization in Ecuador, El Salvador, Kosovo, Montenegro, and Timor-Leste are illustrated briefly.

Institutions, Globalisation and Empowerment

Download Institutions, Globalisation and Empowerment PDF Online Free

Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1847200168
Total Pages : 359 pages
Book Rating : 4.8/5 (472 download)

DOWNLOAD NOW!


Book Synopsis Institutions, Globalisation and Empowerment by : K. C. Roy

Download or read book Institutions, Globalisation and Empowerment written by K. C. Roy and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining aspects of social and economic institutions, and exploring their operation as a result of globalisation, this book approaches the issue of globalisation from a perspective of how the forces of globalisation are transforming domestic, social and economic institutions to create greater opportunities for empowerment in individual countries.

Economic Transition in Central and Eastern Europe

Download Economic Transition in Central and Eastern Europe PDF Online Free

Author :
Publisher : Cambridge University Press
ISBN 13 : 1316582949
Total Pages : 376 pages
Book Rating : 4.3/5 (165 download)

DOWNLOAD NOW!


Book Synopsis Economic Transition in Central and Eastern Europe by : Daniel Gros

Download or read book Economic Transition in Central and Eastern Europe written by Daniel Gros and published by Cambridge University Press. This book was released on 2004-03-25 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analysing the key problems facing the transition countries in Central and Eastern Europe, this accessible book describes the legacy of the central planners, the progress achieved so far and the need for further reforms. It documents the outstanding successes and failures, and analyses why certain approaches to transition have worked and others have not. It tests where transition is over and shows how some countries have graduated from 'transition' to 'integration' through their efforts to join the European Union (EU). It discusses the costs and benefits of the eastern enlargement of the EU. The specific experiences of German unification, the Soviet Union's disintegration, and Russia's complex reforms are examined, as are the specific issues that need to be addressed in the Balkans. The book concludes by indicating how the expanding EU could help the poor performers through inclusion in a continent-wide integrated economic area.

Policy Research Working Papers

Download Policy Research Working Papers PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 498 pages
Book Rating : 4.:/5 (8 download)

DOWNLOAD NOW!


Book Synopsis Policy Research Working Papers by :

Download or read book Policy Research Working Papers written by and published by . This book was released on 2005 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Preventing Currency Crises in Emerging Markets

Download Preventing Currency Crises in Emerging Markets PDF Online Free

Author :
Publisher : University of Chicago Press
ISBN 13 : 9780226184944
Total Pages : 782 pages
Book Rating : 4.1/5 (849 download)

DOWNLOAD NOW!


Book Synopsis Preventing Currency Crises in Emerging Markets by : Sebastian Edwards

Download or read book Preventing Currency Crises in Emerging Markets written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2002-11-15 with total page 782 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Download Inflation Targeting and Exchange Rate Management In Less Developed Countries PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1475523165
Total Pages : 65 pages
Book Rating : 4.4/5 (755 download)

DOWNLOAD NOW!


Book Synopsis Inflation Targeting and Exchange Rate Management In Less Developed Countries by : Mr.Marco Airaudo

Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.

A Critical View of Inflation Targeting

Download A Critical View of Inflation Targeting PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)

DOWNLOAD NOW!


Book Synopsis A Critical View of Inflation Targeting by : Michael Kumhof

Download or read book A Critical View of Inflation Targeting written by Michael Kumhof and published by . This book was released on 2001 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: