Issues of Openness and Flexibility for Foreign Exchange Systems
Issues of Openness and Flexibility for Foreign Exchange Systems

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1989-01-01

Total Pages: 36

ISBN-13: 1451930550

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This paper surveys briefly the main issues for official management of foreign exchange, including the choice of exchange rate regime and exchange and trade restrictive systems. It concludes by identifying the main forms of arrangements that have demonstrated their merits and practicability for developing countries in recent years, including auction and interbank exchange markets, market-based forward exchange rates, import license auctions, open general import licensing, and liberalized capital controls.

Moving to a Flexible Exchange Rate
Moving to a Flexible Exchange Rate

Author: Rupa Duttagupta

Publisher: International Monetary Fund

Published: 2005

Total Pages: 36

ISBN-13:

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A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1989-01-01

Total Pages: 260

ISBN-13: 1451947046

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This paper proposes a model that can serve as a starting point for the development of a generalized framework that can analyse issues in adjustment with growth. The two main building blocks of this model are the monetary approach to the balance of payments, used often in designing short-term stabilization programs geared toward balance of payments and inflation targets, and a simple version of the open-economy neoclassical growth model. the present model can be viewed as a first step in the development of a conceptual framework within which to design growth-oriented adjustment programs. The simplicity of the model is certainly a virtue; it is easily understood and can be readily applied with a minimal amount of information. From an operational perspective, particularly in countries where data are limited and of uneven quality, this latter feature takes on considerable importance. It would seem pointless to design complex models that cannot be applied because they have extremely demanding information requirements.

Capital Account Convertibility
Capital Account Convertibility

Author: Peter J. Quirk

Publisher: International Monetary Fund

Published: 1994-07-01

Total Pages: 26

ISBN-13: 1451955111

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This paper analyzes issues for developing countries considering a move to capital account convertibility. It reviews the relevant literature, including arguments for sequencing, and analyses in a series of charts various features of the foreign exchange market impact of removing controls, as against the alternative of foreign exchange intervention. Finally, it examines recent experiences of capital account liberalization by developing countries in the context of multi-pronged stabilization programs.