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.
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.
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.
Download or read book Lessons from exchange rate based stabilization in Argentina written by Rainer Schweickert and published by . This book was released on 1993 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Lessons from the Crisis in Argentina written by Ms.Christina Daseking and published by International Monetary Fund. This book was released on 2005-02-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001- 02, Argentina experienced one of the worst economic crises in its history. A default on government debt, which occurred against the backdrop of a prolonged recession, sent the Argentine currency and economy into a tailspin. Although the economy has since recovered from the worst, the crisis has imposed hardships on the people of Argentina, and the road back to sustained growth and stability is long. The crisis was all the more troubling in light of the fact that Argentina was widely considered a model reformer and was engaged in a succession of IMF-supported programs through much of the 1990s. This Occasional Paper examines the origins of the crisis and its evolution up to early 2002 and draws general policy lessons, both for countries’ efforts to prevent crises and for the IMF’s surveillance and use of its financial resources.
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.
Download or read book Stabilization and the Rate of Exchange written by Larry A. Sjaastad and published by . This book was released on 1981 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Liberalization and Stabilization Policies in Argentina Chile and Uruguay written by Nicolás Ardito Barletta and published by . This book was released on 1984 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the oil crisis of 1973-74, most Latin American countries began a search for new economic strategies to manage long-standing problems of acute external payments constraints, wildly fluctuating inflation rates, and difficulties in sustaining rapid economic growth. Reassessment of past interventionist and protectionist policies led several countries to introduce gradual liberalization of their foreign trade and financial markets. The countries of the "Southern Cone" - Argentina, Chile, and Uruguay - launched particularly bold programs to integrate their economies with the world economy. An important theoretical underpinning of their economic strategies was the market-oriented framework known as the "monetary approach to the balance of payments." In this volume twenty-eight leading international economists and regional specialists review the salient characteristics of the monetary approach, examine its variations in the three countries, and evaluate the success and failures in its applications. The emphasis throughout is on empirical evidence, on the dynamic aspects of the adjustment process, and on economic tradeoffs. The issues addressed are cross-referenced throughout the text.
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:
Download or read book The Politics of Economic Stabilization in Latin America written by Thomas E. Skidmore and published by . This book was released on 1979 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Exchange rate based Stabilization in Argentina written by Monika Wohlmann and published by . This book was released on 1997 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Currency Substitution and Liberalization written by Ugo Fasano-Filho and published by Gower Publishing Company, Limited. This book was released on 1986 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation and Stabilisation in Latin America written by Rosemary Thorp and published by New York : Holmes & Meier Publishers. This book was released on 1979 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis, case studies of inflation and price stabilization policy in Argentina, Brazil, Chile, Mexico, Peru and Uruguay since the 1950s - examines economic conditions, social and political aspects and institutional framework; discusses the repercussions of international economic relations on domestic economy, the role of IMF, and the problem of external debt and balance of payments deficits; includes a comparison of economic policies. Graphs, references, statistical tables.
Download or read book Distribution Costs and Real Exchange Rate Dynamics During Exchange Rate based Stabilization written by Ariel T. Burstein and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
