INTERNATIONAL MONETARY FUND: STAFF PAPERS -- VOL. 29, NO. 1
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Publisher:
Published: 1982
Total Pages: 736
ISBN-13:
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IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1982-01-01
Total Pages: 171
ISBN-13: 1451956630
DOWNLOAD EBOOKThis paper analyzes determinants of the evolution of exchange rates within the context of alternative models of exchange rate dynamics. The overshooting hypothesis is examined in models that emphasize differential speeds of adjustment in asset and goods markets as well as in models that emphasize portfolio balance considerations. It is shown that exchange rate overshooting is not an intrinsic characteristic of the foreign exchange market and that it depends on a set of specific assumptions. It is also shown that the overshooting is not a characteristic of the assumption of perfect foresight, nor does it depend in general on the assumption that goods and asset markets clear at different speeds. If the speeds of adjustment in the various markets are less than infinite, the key factor determining the short-run effects of a monetary expansion is the degree of capital mobility. When capital is highly mobile, the exchange rate overshoots its long-run value, and when capital is relatively immobile, the exchange rate undershoots its long-run value. When internationally traded goods are a better hedge against inflation than nontraded goods, the nominal exchange rate overshoots the domestic price level, and conversely.
IMF Staff Papers, Volume 50, No. 1
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
Published: 2003-04-17
Total Pages: 168
ISBN-13: 9781589061248
DOWNLOAD EBOOKForty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fieming-Mundell model?
IMF Staff Papers, Volume 49, No. 1
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
Published: 2002-04-18
Total Pages: 166
ISBN-13: 9781589060975
DOWNLOAD EBOOKThis paper presents details of a symposium on forecasting performance I organized under the auspices of the IMF Staff Papers. The assumption that the forecaster's goal is to do as well as possible in predicting the actual outcome is sometimes questionable. ln the context of private sector forecasts, this is because the incentives for forecasters may induce them to herd rather than to reveal their true forecasts. Public sector forecasts may also be distorted, although for different reasons. Forecasts associated with IMF programs, for example, are often the result of negotiations between the IMF staff and the country authorities and are perhaps more accurately viewed as goals, or targets, rather than pure forecasts. The standard theory of time series forecasting involves a variety of components including the choice of an information set, the choice of a cost function, and the evaluation of forecasts in terms of the average costs of the forecast errors. It is generally acknowledged that by including more relevant information in the information set, one should be able to produce better forecasts.
IMF Staff Papers, Volume 57, No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 2010-03-26
Total Pages: 288
ISBN-13: 1589069110
DOWNLOAD EBOOKDo highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebtedness levels, as well as with the quality of policies and institutions, in a panel of developing countries. The main findings are that, in countries with good policies and institutions, there is evidence of debt overhang when the net present value of debt rises above 20–25 percent of GDP; however, debt becomes irrelevant above 70–80 percent. In countries with bad policies and institutions, thresholds appear to be lower, but the evidence of debt overhang is weaker and we cannot rule out that debt is always irrelevant. Indeed, in such countries, as well as in countries with high indebtedness levels, investment does not depend on debt levels. The analysis suggests that not all countries are likely to profit from debt relief, and thus that a one-size-fits-all debt relief approach might not be the most appropriate one.
IMF Staff papers, Volume 39 No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1992-01-01
Total Pages: 220
ISBN-13: 1451956940
DOWNLOAD EBOOKThis paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real interest differential formulations); and the portfolio balance approach. In this paper, the literature on these views is surveyed, followed by a discussion of the empirical evidence and likely future developments in the area of exchange rate determination. The literature on foreign exchange market efficiency, exchange rates and “news,” and international parity conditions is also reviewed.
Staff Guidance Note on Macroprudential Policy
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2014-06-11
Total Pages: 45
ISBN-13: 1498342620
DOWNLOAD EBOOKThis note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
Author: Philipp Lehmbecker
Publisher: Peter Lang
Published: 2008
Total Pages: 276
ISBN-13: 9783631580769
DOWNLOAD EBOOKThis book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
European Yearbook / Annuaire Europeen
Author: Council of Europe Staff
Publisher: Springer Science & Business Media
Published: 2013-12-01
Total Pages: 845
ISBN-13: 9401511977
DOWNLOAD EBOOKThe "European Yearbook promotes the scientific study of nineteen European supranational organisations and the Organisation for Economic Co-operation and Development (OECD). Each volume contains a detailed survey of the history, structure and yearly activities of each organisation and an up-to-date chart providing a clear overview of the member states of each organisation. Each volume contains a comprehensive bibliography covering the year's relevant publications.
Debt And Disorder
Author: John Loxley
Publisher: Routledge
Published: 2019-03-13
Total Pages: 228
ISBN-13: 0429692188
DOWNLOAD EBOOKOne of the most important and controversial challenges feeing the international financial and trading system is the need for developing countries to meet their high and rapidly growing external debt obligations and foreign exchange requirements. Developing countries have suffered major shocks in the form of global recession, high real interest rates, weakened terms of trade, and rising protectionism against their exports. The International Monetary Fund, the World Bank, Western central banks, and private financial institutions are seeking to avoid a collapse of the international financial system, and developing countries are seeking to grow through increased trade and access to external financing. Yet the fragility of current international trade and monetary systems seriously threatens the achievement of both sets of objectives. Professor Loxley integrates the structural adjustment experience of Third World countries with the policies, practices, and relationships of external financial agents in his discussion of options for reforming policy and of the limitations inherent in implementing these reforms.
