External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-market Economies
Author: Olivier Gervais
Publisher:
Published: 2011
Total Pages: 40
ISBN-13:
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Exchange-Rate Policies For Emerging Market Economies
Author: Richard J Sweeney
Publisher: Routledge
Published: 2019-03-13
Total Pages: 347
ISBN-13: 0429721064
DOWNLOAD EBOOKWith 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
Exchange Rate Regimes and the Stability of the International Monetary System
Author: Mr.Atish R. Ghosh
Publisher: International Monetary Fund
Published: 2011-03-15
Total Pages: 48
ISBN-13: 1589069315
DOWNLOAD EBOOKThe 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.
Inflation Targeting and Exchange Rate Regimes in Emerging Markets
Author: Mr.Christian Ebeke
Publisher: International Monetary Fund
Published: 2015-10-28
Total Pages: 36
ISBN-13: 1513586262
DOWNLOAD EBOOKThis paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate regime than other EMs. However, the flexibility of the exchange rate regime shows strong heterogeneity among IT countries depending on their degree of openness and exposure to FX risks. Moreover, we find that the marginal effect of IT adoption on the exchange rate flexibility increases with the duration of the IT regime in place, and with the propensity scores to adopt it.
Exchange Rates and Trade Balance Adjustment in Emerging Market Economies
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
Published: 2006-10-10
Total Pages: 45
ISBN-13: 1498332137
DOWNLOAD EBOOKThe paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and export values.
Exchange Rate Regimes for Emerging Markets
Author: John Williamson
Publisher: Peterson Institute
Published: 2000
Total Pages: 110
ISBN-13: 9780881322934
DOWNLOAD EBOOKIn the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
Two Targets, Two Instruments
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
Published: 2012-02-29
Total Pages: 25
ISBN-13: 1475554281
DOWNLOAD EBOOKStaff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Monetary Policy Frameworks for Emerging Markets
Author: Gill Hammond
Publisher: Edward Elgar Publishing
Published: 2009-01-01
Total Pages: 369
ISBN-13: 1848449194
DOWNLOAD EBOOKFinancial globalisation has made the formulation of monetary policy in emerging market economies increasingly complicated. This timely set of studies looks at the turmoil in global financial markets, which, coupled with volatile inflation, poses serious challenges for central banks in these countries. The book features a number of specially commissioned new papers from both front-line policymakers and researchers in developing and emerging market economies, which tackle the difficult issues currently being debated with increasing urgency by monetary policy theorists and policymakers around the world. They address questions such as: What monetary policy framework is most suitable for emerging market countries to confront the new challenges while they continue to open up to trade and financial flows? , What are the linkages between monetary stability and financial stability? and Is inflation targeting or a fixed exchange rate regime preferable for developing and emerging markets? Providing unique insights on the interaction between the theory and practice of monetary policy in emerging markets, this book will be of great interest to academics and students of economics, economic policy and development economics. Policymakers will also find this to be a useful and thought-provoking read.
Real Exchange Rate Appreciation in Emerging Markets
Author: Marialuz Moreno Badia
Publisher: International Monetary Fund
Published: 2014-01-10
Total Pages: 23
ISBN-13: 1475523572
DOWNLOAD EBOOKA number of emerging markets have experienced substantial real exchange rate appreciation in recent years, generating concerns about competitiveness and prompting policymakers to respond with a combination of mitigating policies. This paper shows that fiscal policy can play a role in alleviating these pressures. Using a sample of 28 emerging market economies over 1983-2011, we estimate a dynamic model of the real exchange rate and find that a permanent fiscal adjustment may reduce appreciation pressures over the long term. Furthermore, the composition of public spending matters, with reductions in current spending playing a key role. To illustrate the importance of these findings, the paper focuses on the case of Brazil. Our results suggest that maintaining fiscal discipline while increasing public investment in Brazil is likely to ease real appreciation pressures, highlighting the importance of tackling long-standing budget rigidities.
Exchange Rate Arrangements for Emerging Market Economies
Author: Felipe Larraín B.
Publisher:
Published: 1999
Total Pages: 60
ISBN-13:
DOWNLOAD EBOOKReviews some empirical evidence on the recent performance of alternative exchange rate arrangements in emerging markets. Examines the concrete circumstances under which either polar regime should be adopted. Studies how to make flexibility work in practice, with special attention to inflation targets and alternativie monetary policy rules. Focuses on the possible role of capital controls as a complementary policy.
