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Re Establishing Credible Nominal Anchors After A Financial Crisis
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Book Synopsis Re-Establishing Credible Nominal Anchors After a Financial Crisis by : Mr.Christopher J. Jarvis
Download or read book Re-Establishing Credible Nominal Anchors After a Financial Crisis written by Mr.Christopher J. Jarvis and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
Book Synopsis Re-Establishing Credible Nominal Anchors after a Financial Crisis by : Andrew Berg
Download or read book Re-Establishing Credible Nominal Anchors after a Financial Crisis written by Andrew Berg and published by . This book was released on 2006 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
Book Synopsis Managing Financial Crises by : Mr.Charles Collyns
Download or read book Managing Financial Crises written by Mr.Charles Collyns and published by International Monetary Fund. This book was released on 2003-04-10 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.
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.
Book Synopsis Globalization and the International Financial System by : Peter Isard
Download or read book Globalization and the International Financial System written by Peter Isard and published by Cambridge University Press. This book was released on 2005 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic globalization has given rise to frequent and severe financial crises in emerging market economies. Other countries are also unsuccessful in their efforts to generate economic growth and reduce poverty. This book provides perspectives on various aspects of the international financial system that contribute to financial crises and growth failures, and discusses the remedies that economists have proposed for addressing the underlying problems. It also sheds light on a central feature of the international financial system that remains mysterious to many economists and most non-economists: the activities of the International Monetary Fund and the factors that influence its effectiveness. Dr Isard offers policy perspectives on what countries can do to reduce their vulnerabilities to financial crises and growth failures, and a number of general directions for systemic reform. The breadth of the agenda provides grounds for optimism that the international financial system can be strengthened considerably without revolutionary change.
Book Synopsis Why Inflation Targeting? by : Charles Freedman
Download or read book Why Inflation Targeting? written by Charles Freedman and published by International Monetary Fund. This book was released on 2009-04-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
Book Synopsis Monetary Policy Strategy by : Frederic S. Mishkin
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund
Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Book Synopsis Monetary Policy in the Aftermath of Currency Crises by : Mr.Taimur Baig
Download or read book Monetary Policy in the Aftermath of Currency Crises written by Mr.Taimur Baig and published by International Monetary Fund. This book was released on 1998-12-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates monetary policy and its relationship with the exchange rate in five Asian crisis countries. The findings are compared with previous currency crises in recent history. The paper finds no evidence of overly tight monetary policy in the Asian crisis countries in 1997 and early 1998, nor evidence that high interest rates led to weaker exchange rates. The usual trade-off between inflation and output when raising interest rates suggested the need for a softer monetary policy in the crisis countries to combat recession. However, in some countries, corporate balance sheet considerations called for the reversal of overly depreciated currencies through firmer monetary policy.
Book Synopsis The Great Inflation by : Michael D. Bordo
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
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.
Book Synopsis Essays in International Finance and Development by : Jonathon Adams-Kane
Download or read book Essays in International Finance and Development written by Jonathon Adams-Kane and published by . This book was released on 2008 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Policy written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-04-05 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economic Policy The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economic policy Chapter 2: Keynesian economics Chapter 3: Macroeconomics Chapter 4: Stagflation Chapter 5: Inflation Chapter 6: Monetarism Chapter 7: Rational expectations Chapter 8: New Keynesian economics Chapter 9: Agricultural Policy Chapter 10: Fiscal policy Chapter 11: Deficit spending Chapter 12: Monetary policy Chapter 13: Money creation Chapter 14: Convertibility plan Chapter 15: Fiscalism Chapter 16: Monetary authority Chapter 17: Modern monetary theory Chapter 18: AP Macroeconomics Chapter 19: Inflationary bias Chapter 20: David I. Meiselman Chapter 21: Incomes policy (II) Answering the public top questions about economic policy. (III) Real world examples for the usage of economic policy in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Economic Policy.
Book Synopsis Publications Catalog by : International Monetary Fund
Download or read book Publications Catalog written by International Monetary Fund and published by . This book was released on 2004 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary System written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-26 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Monetary System When it comes to the economy of a country, a monetary system is a system that utilizes the provision of money by the government. Generally speaking, the national treasury, the mint, the central banks, and the commercial banks are the components that make up modern monetary systems. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Monetary system Chapter 2: Currency Chapter 3: Gold standard Chapter 4: Commodity money Chapter 5: Seigniorage Chapter 6: Reserve currency Chapter 7: Monetary policy Chapter 8: Medium of exchange Chapter 9: Fractional-reserve banking Chapter 10: Money creation Chapter 11: International finance Chapter 12: History of the United States dollar Chapter 13: Silver standard Chapter 14: History of money Chapter 15: Modern monetary theory Chapter 16: Money Chapter 17: Metallism Chapter 18: Credit theory of money Chapter 19: United States dollar Chapter 20: Fiat money Chapter 21: Chartalism (II) Answering the public top questions about monetary system. (III) Real world examples for the usage of monetary system in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Monetary System.
Download or read book Monetary Policy written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-21 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Monetary Policy The policy that is adopted by the monetary authority of a nation to impact monetary and other financial conditions in order to achieve broader goals such as high employment and price stability is referred to as monetary policy. The contribution of monetary policy to economic stability and the maintenance of exchange rates that are predictable with respect to other currencies are two further aspects of monetary policy. In today's world, the majority of central banks in rich countries conduct their monetary policy within the framework of inflation targeting. On the other hand, the majority of central banks in developing countries target some type of fixed exchange rate regime with their monetary policies. Targeting the money supply is a third monetary policy technique that was widely used throughout the 1980s. However, its popularity has decreased since then, despite the fact that it is still the official strategy in a number of emerging nations. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Monetary policy Chapter 2: Central bank Chapter 3: Inflation Chapter 4: Interest rate Chapter 5: Monetary policy of the United States Chapter 6: Money supply Chapter 7: Exchange rate Chapter 8: Devaluation Chapter 9: Open market operation Chapter 10: Foreign exchange reserves Chapter 11: Money creation Chapter 12: Impossible trinity Chapter 13: Mundell-Fleming model Chapter 14: Plano Real Chapter 15: Inflation targeting Chapter 16: Currency intervention Chapter 17: Exchange-rate flexibility Chapter 18: Sterilization (economics) Chapter 19: History of monetary policy in the United States Chapter 20: Monetary policy of the Philippines Chapter 21: Fear of floating (II) Answering the public top questions about monetary policy. (III) Real world examples for the usage of monetary policy in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Monetary Policy.
Download or read book Gold Standard written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-03 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Gold Standard An example of a monetary system that adheres to the gold standard is one in which the standard economic unit of account is determined by a predetermined amount of gold. From the 1870s until the early 1920s, and from the late 1920s until 1932, as well as from 1944 until 1971, when the United States unilaterally terminated convertibility of the United States dollar to gold, effectively ending the Bretton Woods system, the gold standard served as the foundation for the international monetary system. Notwithstanding this, a few of states possess significant gold reserves. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Gold standard Chapter 2: Currency Chapter 3: Euro Chapter 4: Deflation Chapter 5: Specie Payment Resumption Act Chapter 6: Reserve currency Chapter 7: Monetary policy Chapter 8: Bimetallism Chapter 9: Bretton Woods system Chapter 10: Indian rupee Chapter 11: European Monetary System Chapter 12: History of the United States dollar Chapter 13: Silver standard Chapter 14: Nixon shock Chapter 15: Barry Eichengreen Chapter 16: Money Chapter 17: Snake in the tunnel Chapter 18: A Monetary History of the United States Chapter 19: United States dollar Chapter 20: Fiat money Chapter 21: History of monetary policy in the United States (II) Answering the public top questions about gold standard. (III) Real world examples for the usage of gold standard in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Gold Standard.
