Exchange Rate Volatility and Trade Flows--Some New Evidence
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2004-05-19
Total Pages: 132
ISBN-13: 1498330282
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IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1988-01-01
Total Pages: 228
ISBN-13: 1451956770
DOWNLOAD EBOOKA central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
The Effects of Exchange Rate Change on the Trade Balance in Croatia
Author: Tihomir Stucka
Publisher: International Monetary Fund
Published: 2004-04
Total Pages: 36
ISBN-13:
DOWNLOAD EBOOKA reduced-form model approach was used to estimate the trade balance response to permanent domestic currency depreciation. For this purpose, long-run and short-run effects were estimated, using three modeling methods along with two real effective exchange rate measures. On average, a 1 percent permanent depreciation improves the equilibrium trade balance by between 0.94 percent and 1.3 percent. The new equilibrium is established after approximately 2.5 years. Evidence of the J-curve is also found. Overall, in the light of the results obtained, it is questionable whether permanent depreciation is desirable to improve the trade balance, taking into account potential adverse effects on the rest of the economy.
Europe and Global Imbalances
Author: Philip R. Lane
Publisher: International Monetary Fund
Published: 2007-06
Total Pages: 66
ISBN-13:
DOWNLOAD EBOOKAlthough Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
IMF Staff Papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1952-01-01
Total Pages: 170
ISBN-13: 1451949391
DOWNLOAD EBOOKThis paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.
Quarterly Projection Model for India
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
Published: 2017-02-13
Total Pages: 41
ISBN-13: 1475578709
DOWNLOAD EBOOKThis paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Dedollarization
Author: Annamaria Kokenyne
Publisher: International Monetary Fund
Published: 2010-08-01
Total Pages: 53
ISBN-13: 1455201715
DOWNLOAD EBOOKThis paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.
Unveiling the Effects of Foreign Exchange Intervention
Author: Gustavo Adler
Publisher: International Monetary Fund
Published: 2015-06-23
Total Pages: 42
ISBN-13: 1513534602
DOWNLOAD EBOOKWe study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of GDP causes a depreciation of the nominal and real exchange rates in the ranges of [1.7-2.0] percent and [1.4-1.7] percent respectively. The effects are found to be quite persistent. The paper also explores possible asymmetric effects, and whether effectiveness depends on the depth of domestic financial markets.
World Energy Outlook 2005
Author: International Energy Agency
Publisher: International Energy Agency
Published: 2005
Total Pages: 629
ISBN-13: 9789264109490
DOWNLOAD EBOOKThis year's edition of this key source for global energy statistics, projections and analysis focuses on trends and developments in the major oil and gas producing countries of the Middle East and North Africa (MENA) region, in order to assess whether energy production from this region will increase sufficiently to satisfy global demand. In addition to providing updated projections of world energy demand and supply to 2030, the publication analyses regional trends for oil, natural gas, electricity and water desalination with dedicated chapters on Algeria, Egypt, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, and the United Arab Emirates. It also includes a 'deferred investment scenario' setting out an analysis of how global energy markets might evolve in a changed investment situation; an in-depth analysis of the global refining industry; and a review of the MENA power and water desalination sectors.
Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies
Author: Mario I. Blejer
Publisher: Springer Science & Business Media
Published: 2007-08-23
Total Pages: 501
ISBN-13: 0585313466
DOWNLOAD EBOOKIntegrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.
