Download or read book Macroeconomic Modelling And Monetary And Exchange Rate Regimes written by Paul R Masson and published by World Scientific. This book was released on 2019-07-23 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents articles that focus on the inter-related issues of choice of exchange rate and monetary policy regimes, and others that use a global macroeconomic model developed by the author and collaborators to quantify the effects of the 'baby boom' on global imbalances, costs of disinflation, and the effects of German unification. The book presents new analysis of the euro-zone experience and its applicability to other monetary unions, as well as a discussion of the prerequisites for successful inflation targeting. It is grounded in real-world data, readily accessible to non-specialists, and addresses important economic policy issues.

Download or read book Choosing an Exchange Rate Regime written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-09-15 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak.

Download or read book Exchange Rate Regime Considerations for Jordan and Lebanon written by Ms.Rina Bhattacharya and published by International Monetary Fund. This book was released on 2003-06-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the nature of output shocks in Jordan and Lebanon in the recent past, on the price sensitivity of exports from Jordan, and on currency and asset substitution in both countries. It does not directly address the issue of whether the current exchange rate in either country is overvalued or not, nor does it discuss the issue of an appropriate exit strategy from the current peg.

Download or read book Exchange Rate Regimes and Location written by Mr.Luca Antonio Ricci and published by International Monetary Fund. This book was released on 1997-06-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of fixed versus flexible exchange rates on firms’ location choices and on countries’ specialization patterns. In a two-country, two-differentiated-goods monetary model, demand, supply, and monetary (as well as exchange rate) shocks arise after wages are set and prices are optimally chosen. The paper finds that countries are more specialized under flexible than fixed rates, and that the pattern of specialization is not uniquely defined by trade models but depends also on the exchange rate regime. The adoption of fixed exchange rates endogenously increases the desirability of this currency area by reducing the shock asymmetry. These results also shed light on the effects of exchange rate variability on trade.

Download or read book Exchange Rate Regimes and Supply Shocks Asymmetry written by Jan Babetski and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the pros and cons of an early EU enlargement towards Central and Eastern European Countries (CEECs hereafter). Firstly, the Maastricht criteria, which cannot be literally assessed during the catching up process, but that nevertheless mirror the huge efforts undertaken in order to (i) stabilise the economies, (ii) converge towards the EU, and then (iii) participate in the EMU, are analysed. Secondly, real convergence is observed to occur at different rates, depending upon the initial conditions faced and the productivity gains realised by each country. Thirdly, computing the correlation of demand and supply shocks in a sample of Euro countries, such as Ireland, Portugal and Spain, at the time when they were entering the EU and the CEECs, gives some indication of the similarity of the business cycles and economic structures of the CEECs on the one hand, and the EU on the other. However, we argue that looking at static correlation only (averaged over the last decade) is too simplistic, as these averages will be blurred by the transition process. Using the Kalman filter, we are able to compute time varying correlation, hence differentiating between the transition and the most recent period. Our results emphasise an ongoing process of demand shocks convergence, but supply shocks divergence. Various exchange rate strategies are then discussed.

Download or read book New Political Economy of Exchange Rate Policies and the Enlargement of the Eurozone written by Christian H. Fahrholz and published by Springer Science & Business Media. This book was released on 2006-11-17 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the political economy of exchange-rate policies in the eastward expansion of the eurozone. Analysis shows that prospective members of the EMU are likely to pass on some costs of convergence to the current EMU members. The mechanism is an altered exchange-rate policy that utilizes a "threaten-thy-neighbour" strategy. This could ensure a stabilization of the CEECs' convergence toward the EMU, and a successful eastward enlargement of the eurozone.

Download or read book Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union written by Ms.Christina Kolerus and published by International Monetary Fund. This book was released on 2013-10-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. The region experiences a large number of exogenous shocks: climate-related (e.g., droughts, floods), with a heavy toll on populations and agriculture, but also economic (e.g., terms of trade), with a large impact on key sectors and the cost of living. More generally business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue in the WAEMU.This paper discusses these issues and suggests possible reforms.

Download or read book Economic Integration and the Exchange Rate Regime written by Mr.Vivek B. Arora and published by International Monetary Fund. This book was released on 2001-05-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Canadian experience with a floating exchange rate regime can shed some light on the question of whether A question of current interest in many parts of the world is whether with growing economic integration among groups of countries makes a fixed exchange rate, or even a common currency, becomes more desirable. This paper looks at the lessons that one may draw from tThe Canadian experience, with a floating exchange rate regime, especially since the inception of the 1989 U.S.-Canada Free Trade Agreement, suggests. We find that exchange rate flexibility has not prevented economic integration between Canada and the United States from increasing substantially, during the 1990s, and has played a useful role in buffering the Canadian economy against asymmetric external shocks. A fixed exchange rate thus does not seem to be a prerequisite for economic integration. It may, however, yield substantial have benefits for some countries that lack monetary credibility or that may be tempted by self-destructive beggar-thy-neighbor policies.

Download or read book Consequences of the European Monetary Integration on Financial Systems written by Stanislav Polouček and published by Cambridge Scholars Publishing. This book was released on 2009-01-23 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume consists of twelve chapters that represent updated and revised versions of papers presented at the 11th International Conference on Finance and Banking which took place at Silesian University - School of Business Administration in Karviná, Czech Republic on 17 – 18 October 2007. The chapters are arranged in three thematic parts focusing on exchange rates, financial markets and monetary policy. The purpose of the book is to identify effects of the European monetary integration in financial systems of original, new and potential euro area member countries. The book also aims to evaluate how different are the effects in countries at different stage of the integration process and how important are the implications for national economic policies. Although each chapter is originally an independent study all of them were selected by the editors in order to create consistent book offering a rich blend of well grounded theory, innovative empirical approaches, fresh ideas, and striking conclusions. Contributors include scholars, researchers, central bankers and financial practitioners from respected universities and financial institutions. “I highly recommend this book to everyone, economist or not, who want to better understand the enormous challenges that financial systems nowadays have to face, particularly in the context of the European monetary integration. One of the main advantages of this book is that it does not reflect the opinion of only one author, but instead, it presents the views of 23 authors, all academics and qualified researchers, working in well known universities and research institutions from different EU and non EU countries.” — Candida Ferreira, Associate Professor, School of Economics and Management, Technical University of Lisbon (ISEG-UTL) and Research Unit on Complexity and Economics (UECE) “Analyzing the consequences of the European monetary integration on financial systems is certainly a challenging task, but this book tackles it very successfully by presenting a rich collection of highly original studies on the most relevant issues: exchange rate convergence of euro-candidates, inflation targeting, portfolio choice, volatility, yield curve disturbances and many others, currently debated in finance, macroeconomics and political economy. The International Conference on Finance and Banking at Silesian University in Karviná is a well established scientific event where the hottest issues in the financial scenario are analyzed from an international perspective.” — Marco Mazzoli, Associate Professor of Monetary and International Economics, Director of CESPEM, Università Cattolica del S. Cuore, Italy

Download or read book Exchange Rate Regimes in East Asia written by Masahiro Kawai and published by Taylor & Francis. This book was released on 2004-08-02 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gordon De Brouwer is an experienced Routledge author All contributors are leading researchers in the field and are mainly from Australia, Japan and Korea

Download or read book New Developments of the Exchange Rate Regimes in Developing Countries written by H. Mitsuo and published by Springer. This book was released on 2006-11-28 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents theoretical and empirical analyses of the new developments in exchange rate regimes in developing countries since the 1990s. It addresses a variety of exchange rate regimes from hard peg to floating and their impact in regions such as East Asia, Latin America and Eastern Europe.

Download or read book Is the Exchange Rate a Shock Absorber the Case of Sweden written by Mr.Alun H. Thomas and published by International Monetary Fund. This book was released on 1997-12-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a structural vector autoregression representation of the Mundell-Flemming model to analyze the determinants of movements in Sweden’s real exchange rate. It finds that, while (supply and demand) shocks account for over 60 percent of the forecast error variance, comparable to several Economic and Monetary Union (EMU) countries, demand shocks account for a higher fraction of these real shocks in Sweden than in those core countries. If real demand shocks result from controllable macroeconomic policies, the cost of relinquishing the exchange rate is no higher, and may be lower, for Sweden than for most core EMU countries.

Download or read book Currency Union and Exchange Rate Issues written by Ronald MacDonald and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union. Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.

Download or read book International Currency Arrangements and Policies written by Julius Horváth and published by Nova Publishers. This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with exchange rate arrangements and exchange rate policies. Chapter 2 classifies exchange rates into flexible, intermediate and rigid arrangements. The book is subdivided into an arrangement of free float, managed float, pegged but adjustable, target zone, crawling peg, hard peg, currency board, dollarisation, and monetary union. This chapter also discusses hypothesis of vanishing intermediate exchange rate arrangements as well as it deals with differentiation between de jure, and de facto exchange rate arrangements. Chapter 3 deals with the issue of choosing an appropriate exchange rate arrangement. The book briefly characterises basic approaches of how to choose an exchange rate regime. Furthermore, the book reviews considerations stemming from the optimum currency area literature. Chapter 4 deals with problems of exchange rate, which were encountered by the most developed transition countries. After discussing the initial stabilisation problems of the early 1990s, it provides a general overview of the macroeconomic situation and exchange rates arrangements in these countries in the period 1990-2004. Also the book discusses issues connected with the future introduction of the euro into these countries. Chapter 5 provides the reader with two case studies. First, a discussion of the Czech experience in the transition period till the crisis in May 1997 is presented. Second, a discussion of the Hungarian experience concerning banking and exchange rate policy in the 1990s till the early years of this century. Finally, Chapter 6 discusses different historical periods from the viewpoint of currency arrangements.

Download or read book Financial Markets and European Monetary Cooperation written by Willem H. Buiter and published by Cambridge University Press. This book was released on 2001-04-23 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive assessment of the causes and implications of the 1992-3 crisis of the exchange rate mechanism.

Download or read book Exchange Rate Regimes written by Atish R. Ghosh and published by MIT Press. This book was released on 2002 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.

Download or read book Global Imbalances and Financial Capitalism written by Jacques Mazier and published by Routledge. This book was released on 2020-05-07 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.