Download or read book The Syndrome of Exchange Rate Based Stabilizations and the Uncertain Duration of Currency Pegs written by Enrique G. Mendoza and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that some key stylized facts of exchange-rate-based stabilization plans can be explained by the uncertain duration of the plans themselves. Uncertain duration is modeled to reflect evidence showing that devaluation probabilities are higher when the plans are introduced and abandoned than in the period in between. If contingent-claims markets are incomplete, this uncertain duration distortion introduces temporary fiscal cuts with large wealth effects. Investment and employment are also distorted, and the resulting supply-side effects play a critical role. Stabilizations of uncertain duration entail large welfare costs, but they are preferred to persistent high inflation. Mexico's experience is examined in the light of these predictions.
Download or read book The Syndrome of Exchange rate based Stabilizations and the Uncertain Duration of Currency Pegs written by Enrique G. Mendoza and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Exchange Rate Based Stabilization in Western Europe written by Ms.Enrica Detragiache and published by International Monetary Fund. This book was released on 1997-06-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the experience with exchange-rate–based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables—inflation, output, demand, the real exchange rate and the current account—in the four countries examined did not correspond to the pattern observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987–92 and Greece in 1994–96. The experience with ERBS in Western Europe highlights the importance of incomes policy as an ingredient of a successful stabilization program and shows that the adoption of a looser anchor does not necessarily reduce the output cost of disinflation.
Download or read book Exchange rate based Stabilization written by Yuri Vladimirovich Sobolev and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) presents the full text of an article entitled "Exchange-Rate-Based Stabilization: A Model of Financial Fragility," by Yuri V. Sobolev and published June 2000. The article discusses the interactions between banks and open capital account. Model dynamics simulation shows that remonetization in the wake of disinflation increases loanable funds supply and translates into bank credit expansion financed by capital inflows.
Download or read book Exchange rate based Stabilization written by A. Javier Hamann and published by . This book was released on 1999 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 1999-12-13 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).
Download or read book Monetary Theory as a Basis for Monetary Policy written by A. Leijonhufvud and published by Springer. This book was released on 2016-03-11 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume edited by Axel Leijonhufvud, with contributions by a number of noted monetary economists, including Nobel Laureate Robert Lucas.
Download or read book Money Capital Mobility and Trade written by Guillermo A. Calvo and published by MIT Press. This book was released on 2004 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.
Download or read book Exchange Rate Appreciations Labor Market Regidities and Informality written by and published by World Bank Publications. This book was released on with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coming Together written by Barry P. Bosworth and published by Brookings Institution Press. This book was released on 2002-05-07 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The signing of the North American Free Trade Agreement (NAFTA) was expected to signal the beginning of a new era of close co-operation between Mexico and the United States. Subsequent events, however, have introduced new tensions into the relationship. The 1995 economic collapse in Mexico sharply curtailed economic growth and lowered the demand for U.S. exports. The result has been a substantial deficit in U.S. trade with Mexico and renewed arguments that trade with Mexico reduces the employment opportunities of low-skilled workers in the United States. Immigration, both legal and illegal, has grown as a subject of contention between the two countries. Mexico has also come under increased focus as a conduit for the flow of drugs into the United States. In this book, scholars from the United States and Mexico examine the major elements of the bilateral relationship. The economic dimension is highlighted in two papers that focus on the effects of NAFTA on trade and financial transactions. The political and social dimensions are taken up in three papers on immigration, drug trafficking, and environmental concerns. The contributors include J. Enrique Espinosa and Pedro Noyola, SAI Consultores, Mexico; John Williamson, Institute for International Economics; Juan Carlos Belausteguigoitia, Ministry of the Environment, Mexico; Peter Smith, University of California, San Diego; and George Borjas, Harvard University.
Download or read book International Finance Discussion Papers written by and published by . This book was released on 1996 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Exchange Rates and Inflation in Exchange rate Based Stabilizations written by Steven Kamin and published by . This book was released on 1996 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Appreciations Labor Market Rigidities and Informality written by Norbert M. Fiess and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Journal of Economic Dynamics Control written by and published by . This book was released on 2000 with total page 1296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Business Cycles of Currency Speculation written by Enrique G. Mendoza and published by . This book was released on 1998 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
