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Credit And Exchange Rate Based Stabilization
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Book Synopsis Credit and Exchange Rate-Based Stabilization by : May Khamis
Download or read book Credit and Exchange Rate-Based Stabilization written by May Khamis and published by . This book was released on 2006 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the behavior of private sector credit in chronic inflation countries that undergo exchange rate-based inflation stabilizations. It concludes that these programs are characterized by a strong increase in private sector credit, both in absolute terms and as a fraction of real economic activity. Empirical results using data for Mexico, Chile, Argentina, and Israel support a negative statistically significant relationship between credit and inflation for Mexico, Argentina, and Chile, but not for Israel. In addition, for both Chile and Mexico, dummy variables representing periods of inflation stabilization are positive and statistically different from zero indicating a stronger expansion in private sector credit during stabilization. These results could potentially explain the consumption boom that is usually present in the early stages of these programs.
Book Synopsis Exchange Rate Uncertainty in Money-Based Stabilization Programs by : Mr.R. Armando Morales
Download or read book Exchange Rate Uncertainty in Money-Based Stabilization Programs written by Mr.R. Armando Morales and published by International Monetary Fund. This book was released on 1998-01-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: ‘parity-guessers,’ who expect a jump to a reference parity level, and ‘money-followers,’ who expect nominal depreciation equal to the monetary rule.
Book Synopsis Exchange-Rate-Based Stabilization under Imperfect Credibility by : Mr.Guillermo Calvo
Download or read book Exchange-Rate-Based Stabilization under Imperfect Credibility written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1991-08-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout the program, thus resulting in a sustained real exchange rate appreciation.
Book Synopsis Exchange-Rate-Based Stabilization by : Mr.A. Javier Hamann
Download or read book Exchange-Rate-Based Stabilization written by Mr.A. Javier Hamann and published by International Monetary Fund. This book was released on 1999-10-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
Author :Mr.Yuri Vladimirovich Sobolev Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451854480 Total Pages :36 pages Book Rating :4.8/5 (544 download)
Book Synopsis Exchange-Rate-Based Stabilization by : Mr.Yuri Vladimirovich Sobolev
Download or read book Exchange-Rate-Based Stabilization written by Mr.Yuri Vladimirovich Sobolev and published by INTERNATIONAL MONETARY FUND. This book was released on 2000-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interactions between banks and open capital account are investigated as rationalizations for empirical regularities characterizing disinflation programs anchored by the exchange rate. The financial system is characterized by bank dominance and lending externality – banks do not internalize the effect of their lending on other banks’ information about potential borrowers. Model dynamics simulation shows that remonetization in the wake of disinflation increases loanable funds supply and translates into bank credit expansion financed by capital inflows. A credit-driven boom results, accompanied by overvaluation and current account deficits generating financial fragilities and vulnerability to a shock that can trigger banking and balance-of-payments crises.
Book Synopsis NBER Macroeconomics Annual 1995 by : Ben S. Bernanke
Download or read book NBER Macroeconomics Annual 1995 written by Ben S. Bernanke and published by MIT Press. This book was released on 1996 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents : Wage Inequality and Regional Unemployment Persistence: U.S. vs. Europe, Guiseppe BErtola and Andreas Ichino. Capital Utilization and Returns to Scale, Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Banks and Derivatives, Gary Gorton and Richard Rosen. Exchange-Rate-Based Stabilizations: Theory and Evidence, Sergio Rebelo and Carlos Vegh. Inflation Indicators and Inflation Policy, Stephen Cecchetti. Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, Carl Walsh. Is Central Bank Independence (and Low Inflation) the Result of Effective Financial Opposition to Inflation?, Adam Posen. The Unending Quest for Monetary Salvation, Stanley Fischer.
Book Synopsis The Business Cycle Associated with Exchange-rate-based Stabilization by : Miguel Alberto Kiguel
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.
Book Synopsis Money-based Versus Exchange Rate-based Stabilization with Endogenous Fiscal Policy by : Aaron Tornell
Download or read book Money-based Versus Exchange Rate-based Stabilization with Endogenous Fiscal Policy written by Aaron Tornell and published by . This book was released on 1995 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Factors in Economic Stabilization and Growth by : Mario I. Blejer
Download or read book Financial Factors in Economic Stabilization and Growth written by Mario I. Blejer and published by Cambridge University Press. This book was released on 1996-06-13 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores how financial factors have become of key importance for stabilization and growth in developing and transforming economies.
Book Synopsis Exchange-Rate-Based Stabilization by : Yuri V. Sobolev
Download or read book Exchange-Rate-Based Stabilization written by Yuri V. Sobolev and published by . This book was released on 2006 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interactions between banks and open capital account are investigated as rationalizations for empirical regularities characterizing disinflation programs anchored by the exchange rate. The financial system is characterized by bank dominance and lending externality--banks do not internalize the effect of their lending on other banks' information about potential borrowers. Model dynamics simulation shows that remonetization in the wake of disinflation increases loanable funds supply and translates into bank credit expansion financed by capital inflows. A credit-driven boom results, accompanied by overvaluation and current account deficits generating financial fragilities and vulnerability to a shock that can trigger banking and balance-of-payments crises.
Book Synopsis Credibility and the Dynamics of Stabilization Policy by : Mr.Guillermo Calvo
Download or read book Credibility and the Dynamics of Stabilization Policy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-11-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.
Book Synopsis Exchange Rate Stability and Financial Stability by : Barry Julian EICHENGREEN
Download or read book Exchange Rate Stability and Financial Stability written by Barry Julian EICHENGREEN and published by . This book was released on 1997 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money-Based Versus Exchange-Rate-Based Stabilization by : Ari Aisen
Download or read book Money-Based Versus Exchange-Rate-Based Stabilization written by Ari Aisen and published by International Monetary Fund. This book was released on 2004-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to high and chronic inflation, countries have adopted different stabilization policies. However, the extent to which these stabilization programs were designed for political motives is not clear. Since exchange-rate-based stabilizations (ERBS) create an initial consumption boom followed by a contraction, whereas money-based stabilizations (MBS) generate a consumption bust followed by a recovery, policymakers may consider the timing of elections when determining the nominal anchor for stabilization. This paper finds strong evidence that the choice of nominal anchor depends on elections, implying the existence of political opportunism. ERBS are, on average, launched before elections while MBS are set after them.
Book Synopsis Monetary and Exchange Rate Dynamics During Disinflation by : Andrés Arias
Download or read book Monetary and Exchange Rate Dynamics During Disinflation written by Andrés Arias and published by International Monetary Fund. This book was released on 2005-02 with total page 40 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.
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.
Book Synopsis The Role of Credit in Post-stabilization Consumption Booms by : Martina Copelman
Download or read book The Role of Credit in Post-stabilization Consumption Booms written by Martina Copelman and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Effects of Exchange-rate-based Stabilization by : Sergio Rebelo
Download or read book Real Effects of Exchange-rate-based Stabilization written by Sergio Rebelo and published by . This book was released on 1995 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unified analytical framework to assess, both qualitatively and quantitatively, the relevance of the different hypotheses that have been proposed to explain the real effects of exchange rate-based stabilizations. The four major hypotheses analyzed are: (i) the supply-side effects associated with an inflation decline; (ii) the perception that the exchange rate peg is temporary; (iii) the fiscal adjustments that tend to accompany the peg; and (iv) the existence of nominal rigidities in wages or prices.
