Download or read book Adopting Currency Convertibility written by Peter J. Quirk and published by International Monetary Fund. This book was released on 1994-08-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses issues for developing countries with structurally sound balance of payments that are considering a move to full currency convertibility. The main experiences of industrial countries in their decontrol of international capital transactions are reviewed, with an emphasis on the implications for monetary policy. The paper deals both with stabilization, and the prudential issues, which are especially important in view of the potential for speculative bubbles. Respective roles of the international organizations, IMF, OECD, and the GATT, in assisting the capital liberalization process are discussed.
Download or read book Adopting Currency Convertibility written by Peter Quirk and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Adopting Currency Convertibility Experiences and Monrtary Policy Considerations for Advanced Developing Countries written by P. J. Quirk and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Virtual Currencies and Beyond written by Mr.Dong He and published by International Monetary Fund. This book was released on 2016-01-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Download or read book The Rise of Public and Private Digital Money written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-07-29 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.
Download or read book The Rise of Digital Money written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2019-07-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Download or read book Parallel Currency Markets in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-12-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy —including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets— in countries with a sizable parallel market are also examined.
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Download or read book The IMF and the Silent Revolution written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 2000-09-11 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.
Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Download or read book Monetary Issues in the Middle East and North Africa Region written by Mr.Simon T Gray and published by International Monetary Fund. This book was released on 2013-05-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Currency Substitution in Developing Countries written by Guillermo A. Calvo and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Policies in Emerging Asian Countries written by Stefan Collignon and published by Routledge. This book was released on 2003-09-02 with total page 551 pages. Available in PDF, EPUB and Kindle. Book excerpt: The future emergence of a European monetary zone is set to transform the configuration of the international monetary system and the roles of the dollar, the Euro and the yen within this system. This book addresses this issue with discussion of: * exchange rate policies pursued in the principal Asian countries * the measurement of equilibrium exchange rates for these countries * the maintenance of the dollar peg by Asian currencies * the absence of a trend to monetary regionalism based on the yen * the outlook of regional monetary co-operation * the outlook of regional monetary co-operation Case studies pay particular attention to Korea, Taiwan, Singapore and Thailand.
Download or read book Issues in Monetary Policy written by Kent Matthews and published by John Wiley & Sons. This book was released on 2006-02-22 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.
Download or read book Working Paper Summaries WP 94 77 WP 94 147 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1995-02-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201 This compilation of summaries of Working Papers released during July-December 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1965-01-01 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews an attempt that is made to arrive at a rough quantification of the possible effects of various techniques of IMF reserve creation through the IMF on its own liquidity. For purposes of comparison, the additional needs for IMF resources arising, respectively, from the several techniques of reserve creation are expressed in terms of the amounts of the currencies that are normally suitable for drawing, distributed in proportion to quota, to which the IMF would have to secure to cover the additional needs in question. When reserves are created by the IMF, their creation will in some instances involve a use of Fund resources and may affect its own liquidity. When account is taken of the secondary impact of gold investment on world reserves, it appears that the liquidity cost to the IMF of creating reserves by means of gold investment, though greater per unit of investment, might be somewhat less per unit of reserves created than that of other forms of investment.
