An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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Author : Ari Aisen
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-06
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique written by Ari Aisen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-06 with Business & Economics categories.
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Lessons From Haiti S Recent Exchange Rate Developments
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Author : Ms. Rina Bhattacharya
language : en
Publisher: International Monetary Fund
Release Date : 2022-11-11
Lessons From Haiti S Recent Exchange Rate Developments written by Ms. Rina Bhattacharya and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-11 with Business & Economics categories.
From August to October 2020, the Haitian authorities were successful at bringing about a sharp appreciation in the gourde/U.S. dollar exchange rate. This paper analyzes the factors behind this appreciation and its spillovers on the economy. It finds that foreign exchange surrender requirements had a statistically significant effect on the nominal exchange rate, while foreign exchange intervention by the central bank did not. Surrender requirements were also found to have raised trading costs and volatility in the foreign exchange market and contributed to the development of a wider parallel nominal exchange rate premium. This appreciation contributed to a decline in headline inflation during the episode while delivering some fuel subsidy-related savings to the government. Remittance-dependent households and exporters saw a drop in their purchasing power, and Haiti’s net external buffers were adversely affected. Following from these findings, the paper offers recommendations on ways to facilitate foreign exchange management and boost external sustainability while contributing to the central bank’s overall policy objectives.
Identifying Determinants Of Fx Stability In Mozambique
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Author : Samuel Mann
language : en
Publisher: International Monetary Fund
Release Date : 2024-11-08
Identifying Determinants Of Fx Stability In Mozambique written by Samuel Mann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-11-08 with categories.
In early 2021, as monetary policy tightening reversed a multi-year trend of Metical depreciation, the exchange rate vis-à-vis the US dollar de facto stabilized. This report discusses elements of the market structure and other drivers of Metical stability since mid-2021. The particularities of Mozambique, a small open economy with an export sector that has a strong foreign currency cost structure, provide important insights into that discussion, as does the structure and development of the Foreign Exchange (FX) market.
Republic Of Mozambique
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-13
Republic Of Mozambique written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-13 with Business & Economics categories.
The economic recovery is broad-based and strengthening. Inflation pressures remain moderate reflecting favorable domestic food production and stable fuel prices. Fiscal performance in 2022 was worse than expected, mainly due to slippage in the wage bill reform and revenue underperformance. Mozambique has been grappling with the impact of Cyclone Freddy and a persistent cholera outbreak. The security situation in the North has improved; municipal elections will be held in October 2023, and general elections in October 2024.
Republic Of Mozambique
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-07
Republic Of Mozambique written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-07 with Business & Economics categories.
This Selected Issues paper documents the main features of the current monetary policy regime in Mozambique, describe ongoing structural policy changes announced by the central bank, and analyze the main challenges facing the central bank in the process to modernize its monetary policy framework. Recognizing the signaling value of interest rates to anchor inflation expectations and help influence market interest rates, the paper usefully focuses on the needed reforms to enable the central bank to successfully replace monetary aggregates by interest rate as the main instrument of monetary policy. Deepening the understanding of the obstacles on the way to a smooth monetary transmission, further building the central bank inflation forecasting capacity, strengthening the coordination between fiscal and monetary policies, enhancing central bank communications and modernizing the legal framework to ensure central bank operational autonomy are essential to the success of the new monetary regime. Importantly, the presence of a committed and strong technical team and a reform-oriented management should greatly facilitate the implementation of these vital central bank reforms.
Exchange Rate Misalignment
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Author : Lawrence E. Hinkle
language : en
Publisher: World Bank Publications
Release Date : 1999
Exchange Rate Misalignment written by Lawrence E. Hinkle and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Exchange Rate Misalignment examines the severe dislocations that can be caused by exchange rate misalignment and shows how there is no systematic guidance on the definitions and measurement of prevention. It explores how recent macroeconomic disruptions support the argument that growing financial integration has increased the need for providing accurate measures of long-run equilibrium exchange rates.
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-23 with Business & Economics categories.
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Agricultural Land Redistribution
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Author : Hans P. Binswanger-Mkhize
language : en
Publisher: World Bank Publications
Release Date : 2009-01-01
Agricultural Land Redistribution written by Hans P. Binswanger-Mkhize and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Political Science categories.
Despite 250 years of land reform all over the World, important land inequalities remain, especially in Latin America and Southern Africa.While in these countries, there is near consensus on the need for redistribution, much controversy persists around how to redistribute land peacefully and legally, often blocking progress on implementation.This book focuses on the "how" of land redistribution in order to forge greater consensus among land reform practitioners and enable them to make better choices on the mechanisms of land reform. Reviews and case studies describe and analyze the al.
The Evidence And Impact Of Financial Globalization
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Author : Gerard Caprio
language : en
Publisher: Academic Press
Release Date : 2012-11-27
The Evidence And Impact Of Financial Globalization written by Gerard Caprio and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-27 with Business & Economics categories.
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework
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Author : Romain Lafarguette
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-12
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework written by Romain Lafarguette and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-12 with Business & Economics categories.
This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.