Download or read book The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-01-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard real models predict that a permanent increase in oil prices would result in a current account surplus. This is due to the fact that investment falls while saving remains unchanged. This paper shows that if currency substitution is introduced into the analysis, the same shock could cause a current account deficit. Furthermore, the higher the dependence of the economy on oil, the larger would be the deficit. The presence of foreign money makes it optimal for the public to decrease saving following the terms of trade deterioration. The fall in saving could be larger than the decline in investment.
Download or read book The Effects of Currency Substitution on the Response of the Current Account to Supply Shocks written by Carlos A. Végh Gramont and published by . This book was released on 1988 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1989-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate. The causes of such changes for the high-inflation episodes immediately preceding the recent “heterodox” attempts at stabilization in Argentina, Brazil, and Israel are examined by computing historical decompositions of these episodes based on vector autoregressions, distinguishing between the “fiscal” and “balance of payments” views of their causes. In all three cases, nominal exchange rate shocks played the dominant role in triggering an acceleration of inflation. [JEL 134]
Download or read book Currency Substitution and Financial innovation written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-05-08 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation.
Download or read book Government Spending and Inflationary Finance written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-11-07 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between inflation tax and the level of government spending in a public finance context. The key feature of the model developed is that it recognizes the possibility that conventional taxes, such as the consumption tax, may carry increasing marginal collection costs. As a result, and unlike previous findings in the literature, the inflation tax becomes an increasing function of government spending. Furthermore, the more inefficient the tax collection system, the larger the increase in the inflation tax for a given increase in government spending. A numerical analysis of the model provides additional insights into these relationships.
Download or read book Advances in Econometrics Volume 2 written by Christopher A. Sims and published by Cambridge University Press. This book was released on 1996-03-07 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 1994 two-volume set of articles reflects the state of research in theoretical and applied econometrics. The topics covered include time series methods, semiparametric methods, seasonality, financial economics, model solution techniques, economic development and labour economics.
Download or read book Functioning of the International Monetary System written by Mr.Jacob A. Frenkel and published by International Monetary Fund. This book was released on 1996-04-24 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.
Download or read book INTERNATIONAL MONETARY FUND STAFF PAPERS written by and published by . This book was released on 1989 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Substitution in Developing Countries written by Guillermo A. Calvo and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of International Money and Finance written by and published by . This book was released on 1989 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier place of publication varies.
Download or read book Revista de An lisis Econ mico written by and published by . This book was released on 1992 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credibility and the Dynamics of Stabilization Policy written by Guillermo Calvo and published by . This book was released on 1990 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
Download or read book Why Inflation Targeting written by Charles Freedman and published by International Monetary Fund. This book was released on 2009-04-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book The Inflation Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Download or read book American Doctoral Dissertations written by and published by . This book was released on 1987 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
