Download or read book Labour Market Reform and the Sustainability of Exchange Rate Pegs written by Olli Castren and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an "escape clause" model of currency crises. We show that the absence of structural reform makes a currency peg more fragile and undermines the credibility of the monetary authority in a dynamic setting. The fragility is captured by a devaluation premium in expectations that increases the average inflation rate when the currency peg is more vulnerable to "busts" than "booms". This interaction between macroeconomic and microeconomic rigidities suggests that a policy reform can only be consistent if it renders either exchange rates or labour markets flexible.
Download or read book The Politics of Exchange Rates in Developing Countries written by Ralph Setzer and published by Springer Science & Business Media. This book was released on 2006-09-21 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the issue of exchange rate policymaking from a political economy perspective. It illustrates both theoretically and empirically how domestic political and institutional incentives shape exchange rate policies in developing countries. Empirical analysis is based on a panel survey of 47 countries and thereby provides insights on how political and institutional conditions typically affect exchange rate policy.
Download or read book Biennial Review of the Implementation of the Fund s Surveillance and of the 1977 Surveillance Decision Surveillance in a Program Environment written by International Monetary Fund. Policy Development and Review Dept. and published by International Monetary Fund. This book was released on 2002-03-15 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Download or read book Understanding and Avoiding the Oil Curse in Resource rich Arab written by Ibrahim Elbadawi and published by Cambridge University Press. This book was released on 2016-07-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A variety of perspectives from leading economists provides fresh insight into how Arab countries may best exploit their oil revenues.
Download or read book Bulletin written by and published by . This book was released on 2004 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Economics in Globalised Financial Markets written by Ansgar Belke and published by Springer Science & Business Media. This book was released on 2011-06-14 with total page 833 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.
Download or read book Monthly Bulletin written by and published by . This book was released on 2005 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Governance in East Asia written by Gordon De Brouwer and published by Routledge. This book was released on 2004-08-02 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of international financial reform in recent years has largely been at the global level, in terms of improving the international financial architecture, and at the national level in terms of getting domestic economic and structural policies right. But there is also a growing appetite for addressing some issues at a regional level. This debate has focused on improving regional policy dialogue and surveillance processes, as well as developing regional mechanisms to provide financial support to prevent and resolve financial crises. In East Asia, for example, governments have sought deeper regional policy dialogue by the creation of ASEAN+3 forum and enhanced financial cooperation by setting up the Chiang Mai Initiative. These developments raise many questions: What is 'best-practice' regional policy dialogue? How is a regional financial architecture complementary to the global architecture? What sorts of institutions work well at a regional level? Do regions need a regional monetary fund? What is going on in East Asia and how is it different to other regions? This volume brings together a range of policy, practical and conceptual papers to explore these and other issues.
Download or read book Bank of Finland Discussion Papers written by and published by . This book was released on 2004 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Download or read book Nepal written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-10-21 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on Nepal’s First Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The difficult political and security situation notwithstanding, the PRGF-supported program is broadly on track. All quantitative targets for the first review were met, and all structural reform measures are expected to be implemented by the Board date, although some actions were completed after the target dates. For 2003/04, real GDP growth is estimated at 31⁄2 percent, in line with the program.
Download or read book After the Washington Consensus Restarting Growth and Reform in Latin America written by and published by Peterson Institute. This book was released on with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the nature of the economic policy agenda that the region should be pursuing after the better part of a decade that was punctuated by crises, achieved disappointingly slow growth, and saw no improvement in the region's highly skewed income distribution. Diagnoses the first-generation (liberalizing and stabilizing) reforms that are still lacking, the complementary second-generation (institutional) reforms that are necessary to provide the institutional infrastructure of a market economy with an egalitarian bias, and the new initiatives that are needed to crisis-proof the economies of the region to end its perpetual series of crises.
Download or read book Oman written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2024-01-29 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic activity has recovered, supported by favorable oil prices and sustained reform momentum. Inflation remains low. After years in deficit, fiscal and current account balances have turned into surpluses on the back of high energy prices and prudent fiscal management. Public sector debt has been reduced markedly as windfall savings were deployed to prepay debt. The authorities have made substantial progress in implementing Oman Vision 2040, but more remains to be done to reduce Oman’s reliance on hydrocarbons and bolster prospects for non-hydrocarbon growth.
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Download or read book The Anatomy of a Multiple Crisis written by Guillermo Perry and published by World Bank Publications. This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Argentine crisis has been variously blamed on fiscal imbalances, real overvaluation, and self-fulfilling investor pessimism triggering a capital flow reversal. The authors provide an encompassing assessment of the role of these and other ingredients in the recent macroeconomic collapse. They show that in the final years of convertibility, Argentina was not hit harder than other emerging markets in Latin America and elsewhere by global terms-of-trade and financial disturbances. So the crisis reflects primarily the high vulnerability to disturbances built into Argentina's policy framework. Three key sources of vulnerability are examined: the hard peg adopted against optimal currency area considerations in a context of wage and price inflexibility; the fragile fiscal position resulting from an expansionary stance in the boom; and the pervasive mismatches in the portfolios of banks' borrowers. While there were important vulnerabilities in each of these areas, neither of them was higher than those affecting other countries in the region, and thus there is not one obvious suspect. But the three reinforced each other in such a perverse way that taken jointly they led to a much larger vulnerability to adverse external shocks than in any other country in the region. Underlying these vulnerabilities was a deep structural problem of the Argentine economy that led to harsh policy dilemmas before and after the crisis erupted. On the one hand, the Argentine trade structure made a peg to the dollar highly inconvenient from the point of view of the real economy. On the other hand, the strong preference of Argentinians for the dollar as a store of value-after the hyperinflation and confiscation experiences of the 1980s-had led to a highly dollarized economy in which a hard peg or even full dollarization seemed reasonable alternatives from a financial point of view.
Download or read book Economic Reforms in Kazakhstan Kyrgyz Republic Tajikistan Turkmenistan and Uzbekistan written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-08-31 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This occasional paper provides an overview of the economic reform experiences of the Central Asian states of the former Soviet Union since their independence at the turn of the decade. The choice of countries reflects not only a geographical grouping, but also similarities in the types of transition challenges faced by these countries notwithstanding considerable variations in their sizes, ethnic composition, resource endowments, and economic structures. The paper attempts to identify a number of key macroeconomic and structural areas where the slower reformers in the group might benefit from the experience of the faster reformes.
Download or read book Exchange Rate Policies For Emerging Market Economies written by Richard J Sweeney and published by Routledge. This book was released on 2019-03-13 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
