Download or read book Exchange Rate Pegging Transparency and Imports of Credibility written by Berthold Herrendorf and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EXCHANGE RATE PEPPING TRANSPARENCY AND IMPORTS OF CREDIBILITY written by Berthold HERRENDORF and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Importing Credibility Through Exchange Rate Pegging written by Berthold Herrendorf and published by . This book was released on 1996 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pegging the Exchange Rate to Gain Monetary Policy Credibility written by Scott Davis and published by . This book was released on 2017 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks that lack credibility often tie their exchange rate to that of a more credible partner in order to “import” credibility. We show in a small open economy model that a central bank that displays “limited credibility” can deliver significant improvements to a social welfare function that contains no role for exchange rate stabilization by maximizing an objective function that places weight on exchange rate stabilization, and thus the central bank with limited credibility will peg their currency to that of a more credible partner. As the central bank's credibility improves it will place less weight on exchange rate stabilization in its objective function and thus loosen the peg. When the central bank is perfectly credible its objective function and the social welfare function are identical; it places no weight on exchange rate stabilization and allows the currency to freely float. Empirical results using a panel of both developed and developing countries show that as central banks become more independent they tend to allow more currency flexibility.
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 Exchange Rate Regimes and Macroeconomic Stability written by Lok Sang Ho and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
Download or read book Analyzing the Global Political Economy written by Andrew Walter and published by Princeton University Press. This book was released on 2008-12-08 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ideally suited to upper-undergraduate and graduate students, Analyzing the Global Political Economy critically assesses the convergence between IPE, comparative political economy, and economics. Andrew Walter and Gautam Sen show that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy. The authors also argue that the deployment of more advanced economic theories should not detract from the continuing importance for IPE of key concepts from political science and international relations. IPE students with little or no background in economics will therefore find this book useful, and economics students interested in political economy will be alerted to the comparative strengths of political science and other social science disciplines. A concise look at the foundations of analysis in the political economy of global trade, money, finance, and investment Suitable for upper-undergraduate and graduate students with some or no economic background Techniques and findings from a range of academic disciplines, including international relations, political science, economics, sociology, and history Further reading and useful weblinks including a range of relevant data sources, listed in each chapter
Download or read book Comment on Estimation and Interpretation of Empirical Studies in Industrial Economics written by Jeroen Hinloopen and published by . This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book China s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Download or read book Temporal Aggregation of a VARIMAX Process written by Massimiliano Marcellino and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fifty Years of the German Mark written by J. Hölscher and published by Springer. This book was released on 2001-08-07 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely collection presents an authoritative overview of one of the three key currencies of the second half of the twentieth century, the German Mark. In his keynote essays, Charles A.E.Goodhart reflects on the future of the Euro against the background of the success story of the Deutsche Mark. His main concern is, whether fiscal policy in Euroland will be ready for action in case of an economic downturn. He also wonders whether the European Central Bank will be the same safeguard against inflation as the Bundesbank was. On the same issue of stability orientation Hans Tietmeyer reviews the fifty years lifetime of the German Mark pointing out that the Bundesbank will continue to have a say within the European Central Bank. In particular he emphasizes the vital part of the Deutsche Mark as cornerstone of the so-called Social Market Economy in postwar Germany. The volume will be of great interest to academics and practitioners alike.
Download or read book Development Macroeconomics written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2015-06-23 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. The most authoritative book on the subject—now fully revised and expanded Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
Download or read book The International Economy written by Peter B. Kenen and published by Cambridge University Press. This book was released on 2000-01-13 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text is a rigorous introduction to international economics for upper-level undergraduates and above. The first half examines the causes and effects of international trade, how tariffs and other trade policies affect the gains from trade, and the ways in which governments try collectively to regulate those policies. The second half deals with monetary matters - the behavior of exchange rates, how trade and capital flows affect the functioning of monetary and fiscal policies, the causes and management of currency crises, and the new European Monetary Union (EMU). This fourth edition assesses the outcome of the Uruguay Round of trade negotiations, the work of the new World Trade Organization (WTO), and the challenges posed by regional trade blocs. It surveys recent theoretical work on currency crisis, examines recent crises in emerging-market countries and the role of the International Monetary Fund (IMF), and appraises innovations in exchange-rate arrangements, including the EMU and the use of currency boards by emerging-market countries. A problem set follows each chapter.
Download or read book Estimating Stochastic Volatility Models Through Indirect Inference written by Chiara Monfardini and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Some Consequences of Temporal Aggregation of a VARIMA Process written by Massimiliano Marcellino and published by . This book was released on 1995 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rules of Thumb and Local Interaction written by Ákos Valentinyi and published by . This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
