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Author : Bruno Chiarini
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)
Download or read book The Exchange Rate in a Disinflation Programme written by Bruno Chiarini and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Andres Arias Leiva
Publisher : International Monetary Fund
ISBN 13 : 1451860528
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)
Download or read book Monetary and Exchange Rate Dynamics During Disinflation written by Mr.Andres Arias Leiva and published by International Monetary Fund. This book was released on 2005-02-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases in which the central bank intervenes in the foreign exchange market but does not preannounce the use of an exchange rate anchor. The number of the de facto ERBS is twice as large as that of de jure ERBS. Output dynamics during disinflation do not differ significantly between these two groups. We conclude that empirical studies on the effects of exchange rate anchors must seek to disentangle the effects of their announcement from those related to their role in the remonetization process.
Author : Steven Kamin
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rate Rules in Support of Disinflation Programs in Developing Countries written by Steven Kamin and published by . This book was released on 1991 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jorge Roldos
Publisher : International Monetary Fund
ISBN 13 : 1451954425
Total Pages : 36 pages
Book Rating : 4.4/5 (519 download)
Download or read book Supply-Side Effects of Disinflation Programs written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 1994-07-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the short-run and long-run supply-side effects of disinflation programs in a two-sector economy. Fixing the exchange rate reduces the wedge between the return on foreign assets and that on domestic capital, leading to an increase in the latter. After an initial real exchange rate appreciation and increase in the production of nontradables—due to a consumption boom—the new capital is gradually installed in the tradable sector. During this transitional period, further real appreciation takes place—as the expansion of the tradable sector pulls labor away from the nontradable sector—together with investment-driven deficits in the current account. We conclude that when appreciation and deficits are due to supply-side rigidities, rather than to credibility and/or price stickiness, no further policies (i.e., capital controls, incomes policies) are advisable.
Author : Mr.Jorge Roldos
Publisher : International Monetary Fund
ISBN 13 : 1451851340
Total Pages : 26 pages
Book Rating : 4.4/5 (518 download)
Download or read book On Credible Disinflation written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 1993-11-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of a credible, gradual exchange rate based disinflation program in a two sector economy. After an initial real exchange rate depreciation, the reductions in the rate of devaluation reduce the monetary wedge generated by a cash in advance constraint, leading to a gradual increase in absorption that yields progressive real exchange rate appreciations and current account deficits. An initial boom in economic activity is not followed by a later contraction, as labor supply expands during the whole length of the program.
Author : Steven B. Kamin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Exchange Rate Rules in Support of Disinflation Program in Developing Countries written by Steven B. Kamin and published by . This book was released on 1991 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maria Luiza Falcão Silva
Publisher : Routledge
ISBN 13 : 0429837208
Total Pages : 347 pages
Book Rating : 4.4/5 (298 download)
Download or read book Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies written by Maria Luiza Falcão Silva and published by Routledge. This book was released on 2018-08-17 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.
Author : Alex Cukierman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4./5 ( download)
Download or read book How Much to Commit to an Exchange Rate Rule written by Alex Cukierman and published by World Bank Publications. This book was released on 1992 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cost of reneging is a key reason policymakers hold back from strong commitments in their exchange rate policy. The stronger the commitment to an exchange rate rule, the more costly it is to deviate from it.
Author :
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (14 download)
Download or read book Exchange Rate Rules in Support of Disinflation Programs in Developing Countries written by and published by . This book was released on 1991 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rates, Inflation and Disinflation written by Sebastian Edwards and published by . This book was released on 1993 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between exchange rates, inflation and disinflation in Latin America. The analysis concentrates on two central issues. First, the historical experience with fixed exchange rates in four Latin American countries is investigated. It is shown that even though these countries had the ability to undertake independent monetary policy, they chose to play by the "rules of the game". Until 1973, when the first oil shock took place, these countries strictly respected the constraints imposed by fixed exchange rates on their domestic credit policy. Between that date and the late 1980s, when the fixed rates were finally abandoned, they tried to ignore these constraints. This generated losses of reserves and increased inflation. The second issue addressed in the paper refers to the use of a nominal exchange rate anchor to reduce inflation. Data on Chile, Mexico and Venezuela are used to investigate the extent to which alternative exchange rate regimes affect inflationary inertia. It is found that fixing the exchange rate will not, on its own, reduce the degree of inertia.
Author : Mr.Alexander W. Hoffmaister
Publisher : International Monetary Fund
ISBN 13 : 1451852215
Total Pages : 46 pages
Book Rating : 4.4/5 (518 download)
Download or read book Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1995-10-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both analytical models and casual empiricism suggest that the timing of the recessionary costs associated with inflation stabilization in chronic inflation countries may depend on the nominal anchor which is used. Under money-based stabilization, the recession occurs at the beginning of the program, while under exchange rate-based stabilization the recession occurs later in the program. This paper provides a first attempt to formally test this hypothesis using a vector-autoregression model for Uruguay. The impulse response of output to different stabilization policies is broadly consistent with the “recession-now-versus-recession-later” hypothesis. The evidence also suggests, however, that the effectiveness of a monetary anchor in reducing inflation is hindered by the high degree of dollarization of the Uruguayan economy.
Author : Sharmini Coorey
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.3/5 ( download)
Download or read book Designing Disinflation Programs in Transition Economies written by Sharmini Coorey and published by . This book was released on 1997 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Miguel Alberto Kiguel
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4./5 ( download)
Download or read book The Business Cycle Associated with Exchange-rate-based Stabilization written by Miguel Alberto Kiguel and published by World Bank Publications. This book was released on 1990 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disinflation programs in chronic inflation countries do not normally follow the usual Phillips curve tradeoff in the medium run. Instead of having a sharp recession in the early stage of stabilization, there often is an initial expansion of output followed by a recession and balance of payments difficulties. This pattern is related to programs that use the exchange rate as an instrument of disinflation.
Author : Miguel Alberto Kiguel
Publisher : World Bank Publications
ISBN 13 : 7071614113
Total Pages : 38 pages
Book Rating : 4.0/5 (716 download)
Download or read book Exchange Rate Based Stabilization in Argentina and Chile written by Miguel Alberto Kiguel and published by World Bank Publications. This book was released on 1994 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange- rate- based stabilization programs supported by a sustained fiscal adjustment generally reduced long- term inflation. Success was not easy, however, because rigid adherence to the exchange rate rule many times resulted in strong overvaluation of the currency and balance- of- payments problems before stabilization was finally secured.
Author : Guillermo Calvo
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Stabilization and Nominal Anchors written by Guillermo Calvo and published by . This book was released on 1992 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Miguel Alberto Kiguel
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rate Policy, the Real Exchange Rate, and Inflation written by Miguel Alberto Kiguel and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Attempts to achieve real depreciation through continuous devaluation or by accelerating the rate of crawl - when not supported by changes in other policies and in the underlying conditions - usually end up increasing inflation, yet remain ineffective in changing the real exchange rate.
Author : Paul de Grauwe
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.X/5 (1 download)
Download or read book The Cost of Disinflation and the European Monetary System written by Paul de Grauwe and published by . This book was released on 1989 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
