Exchange Rate Policies For Emerging Market Economies

Author : Richard J Sweeney
Publisher : Routledge
ISBN 13 : 0429721064
Total Pages : 347 pages
Book Rating : 4.69/5 ( download)

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Download or read book Exchange-Rate Policies For Emerging Market Economies written by Richard J Sweeney and published by Routledge. This book was released on 2019-03-13 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: With 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

Author : Mr.Jonathan David Ostry
Publisher : International Monetary Fund
ISBN 13 : 1475554281
Total Pages : 25 pages
Book Rating : 4.81/5 ( download)

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Download or read book Two Targets, Two Instruments written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2012-02-29 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff 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.

Author : John Williamson
Publisher : Peterson Institute
ISBN 13 : 9780881322934
Total Pages : 110 pages
Book Rating : 4.38/5 ( download)

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Download or read book Exchange Rate Regimes for Emerging Markets written by John Williamson and published by Peterson Institute. This book was released on 2000 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 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.

Author : Richard James Sweeney
Publisher :
ISBN 13 : 9780813398488
Total Pages : 288 pages
Book Rating : 4.87/5 ( download)

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Download or read book Exchange-Rate Policies for Emerging Market Economies written by Richard James Sweeney and published by . This book was released on 2001 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: With 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 partly by type of exchange rate. Contributors to this volume argue that the costs and benefits of fixed versus flexible rates vary systematically across different types of economies. With the collapse of the former Soviet Union, many countries were faced with the need to establish national currencies. A number of additional, formerly communist, countries were forced to fundamentally adjust their monetary policies to deal with the transition to market-oriented economies. The process of liberalization in dozens of developing countries left their governments faced with similar, if lesser, challenges.

Author : Ila Patnaik
Publisher : International Monetary Fund
ISBN 13 : 1455211834
Total Pages : 27 pages
Book Rating : 4.38/5 ( download)

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Download or read book Monetary Policy Transmission in an Emerging Market Setting written by Ila Patnaik and published by International Monetary Fund. This book was released on 2011-01-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.

Author : Felipe Larraín B.
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.98/5 ( download)

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Download or read book Exchange Rate Arrangements for Emerging Market Economies written by Felipe Larraín B. and published by . This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews 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.

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498332137
Total Pages : 45 pages
Book Rating : 4.32/5 ( download)

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Download or read book Exchange Rates and Trade Balance Adjustment in Emerging Market Economies written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2006-10-10 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 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.

Author : Gill Hammond
Publisher : Edward Elgar Publishing
ISBN 13 : 1848449194
Total Pages : 369 pages
Book Rating : 4.90/5 ( download)

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Download or read book Monetary Policy Frameworks for Emerging Markets written by Gill Hammond and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial 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.

Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
ISBN 13 : 1513529730
Total Pages : 54 pages
Book Rating : 4.38/5 ( download)

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Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Author : Carmen M. Reinhart
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.63/5 ( download)

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Download or read book Twin Fallacies about Exchange Rate Policy in Emerging Markets written by Carmen M. Reinhart and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two assertions about exchange rate regimes circulate with some frequency in policy circles. The first, the hypothesis of the excluded middle, holds that authorities must either choose perfectly floating exchange rates (preferably anchored by an inflation target for the central bank) or a hard (preferably irrevocable) peg. The second, seemingly unrelated, argues that the inability of emerging market economies to exercise monetary independence owes to the severe mistrust that they are perceived with by global investors because of the economic failures of prior governments. This paper argues that the theories of the excluded middle and original sin are twin and related fallacies that are contrary to theory and evidence. This paper will provide a model in which the government can choose policies consistent with either a pure float anchored by a constant money stock or a pure peg but, under certain circumstances, fail to find exchange rate stability at either corner. The problem is that the potential for regime change implies that the current government's successors may behave less admirably, which will weigh on investors' current behavior. The difficulties imparted by this expectation channel in an otherwise standard model of optimizing agents endowed with rational expectations shows both why looking back to explain credibility problems is looking the wrong way and why the excluded middle is, in fact, so crowded.