Download or read book Exchange Rates Capital Flows and Monetary Policy in a Changing World Economy written by William C. Gruben and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.

Download or read book Exchange Rates Capital Flows and Policy written by Rebecca Driver and published by Routledge. This book was released on 2013-04-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining thorough scholarship with illuminating real-world examples, this edited collection provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.

Download or read book Exchange rate Regimes and Capital Flows written by and published by . This book was released on 2002 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Exchange Rate Regimes and Capital Flows written by George S. Tavlas and published by SAGE Publications, Incorporated. This book was released on 2002 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent international financial crises have brought the issue of reforming the international financial system to the forefront of debates. Is the current international monetary system a sufficient foundation? Or do the recent crises indicate that the current architecture is inadequate? This issue of The Annals takes stock of both arguments and presents positions held both by leading proponents of reform and to leading proponents of the existing architecture. It reviews the core of the debate: · reform of the exchange rate arrangements · the role of the International Monetary Fund · and the role of the private sector in crisis resolution. Presenting a wide spectrum of viewpoints and reviewing the lessons learned from recent financial crises, the exchange rate debate is placed in a clear context, making this critical issue more accessible.

Download or read book Exchange Rate Regimes in Selected Advanced Transition Economies written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.

Download or read book Capital Inflows Exchange Rate Flexibility and Credit Booms written by Mr.Nicolas E. Magud and published by International Monetary Fund. This book was released on 2012-02-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.

Download or read book Exchange Rate Flexibility and Credit during Capital Inflow Reversals written by Mr.Nicolas E. Magud and published by International Monetary Fund. This book was released on 2014-04-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document the behavior of macro and credit variables during episodes of capital inflows reversals in economies with different degrees of exchange rate flexibility. We find that exchange rate flexibility is associated with milder credit growth during the boom but, even though smaller than in more rigid regimes, it cannot shield the economy from a credit reversal. Furthermore, we observe what we dub as a recovery puzzle: credit growth in economies with more flexible exchange rate regimes remains tepid well after the capital flow reversal takes place. This results stress the complementarity of macro-prudential policies with the exchange rate regime. More flexible regimes could help smoothing the credit cycle through capital surchages and dynamic provisioning that build buffers to counteract the credit recovery puzzle. In contrast, more rigid exchange rate regimes would benefit the most from measures to contain excessive credit growth during booms, such as reserve requirements, loan-to-income ratios, and debt-to-income and debt-service-to-income limits.

Download or read book Capital Controls Exchange Rates and Monetary Policy in the World Economy written by Sebastian Edwards and published by Cambridge University Press. This book was released on 1997-06-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

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 the Stability of the International Monetary System written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2011-03-15 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.

Download or read book From Fixed to Float written by Mrs.Gilda Fernandez and published by International Monetary Fund. This book was released on 2004-07-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with the new regime, establishing an alternative nominal anchor in the context of a new monetary policy framework, and building the capacity of market participants to manage exchange rate risks and of supervisory authorities to regulate and monitor them. It also assesses the factors that influence the pace of exit and the appropriate sequencing of exchange rate flexibility and capital account liberalization.

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 Capital Flows Exchange Rate Flexibility and the Real Exchange Rate written by Mr.Tidiane Kinda and published by International Monetary Fund. This book was released on 2011-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.

Download or read book In Search of Lost Time Examining the Duration of Sudden Stops in Capital Flows written by Mr.Antonio David and published by International Monetary Fund. This book was released on 2019-11-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates what factors affect the duration of sudden stops in capital flows using quarterly data for a large panel of countries. We find that countries with floating exchange rate regimes tend to experience shorter sudden stop episodes and that fixed exchange rate regimes are associated with longer periods of low output growth following sudden stops. These effects are quantitatively large: having a flexible exchange rate regime increases the probability of exiting the sudden stop state by between 50 to 80 percent. Flexible exchange rate regimes significantly shorten the duration of output decelerations following sudden stops by over 30 percent. Positive variations in terms of trade also abbreviate the duration of sudden stops. In terms of policies, identification is trickier, but the evidence suggests that monetary policy tightening shortens the duration of sudden stops. Changes in capital account restrictions do not seem to matter.

Download or read book Monetary Policy and Exchange Rate Regimes written by Eliana Cardoso and published by American Univ in Cairo Press. This book was released on 2006-02-15 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy and Exchange Rate Regimes: Options for the Middle East examines some of the most pressing issues facing policymakers today. The authors offer answers to such questions as: Are the choices of exchange rate regime limited to hard fixing or fully floating? Are capital flight and banking crises avoidable? What is the best way to coordinate monetary and fiscal policies? The answers to these questions draw on the vast literature available on these topics as well as the lessons learned from recent crises, especially in East Asia and Latin America. Beside its broad coverage, this volume includes rich analyses on specific countries of the Middle East. It merits a wide readership, but policymakers seeking to achieve macroeconomic stability and growth will find it particularly useful.

Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr. Aasim M. Husain and published by International Monetary Fund. This book was released on 2003-12-01 with total page 86 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 Approaches to Exchange Rate Policy written by Mr.Richard C. Bart and published by International Monetary Fund. This book was released on 1994-06-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.