Are Pegged And Intermediate Exchange Rate Regimes More Crisis Prone
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Are Pegged And Intermediate Regimes More Crisis Prone
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Author : Mr.Andrea Bubula
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-01
Are Pegged And Intermediate Regimes More Crisis Prone written by Mr.Andrea Bubula 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 2003-11-01 with Business & Economics categories.
This paper provides evidence on the susceptibility of different types of exchange rate regimes to currency crises during 1990-2001. It explores the incidence of crises, identified as episodes of severe exchange market pressure, to seek evidence on whether pegged regimes are more crisis prone than floating regimes and on whether certain types of pegged regimes are more crisis prone than others. The paper finds that pegged regimes, as a whole, have been characterized by a higher incidence of crises than floating regimes, for countries that are more integrated with international capital markets; and that intermediate regimes (mainly soft pegs and tightly-managed floating regimes) have been more crisis prone than both hard pegs and other floating regimes-a view consistent with the bipolar view of exchange rate regimes. The degree of crisis proneness seems to be broadly similar across different types of intermediate regimes.
Are Pegged And Intermediate Exchange Rate Regimes More Crisis Prone
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Author : Andrea Bubula
language : en
Publisher:
Release Date : 2003
Are Pegged And Intermediate Exchange Rate Regimes More Crisis Prone written by Andrea Bubula and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Financial crises categories.
Exchange Rate Management And Crisis Susceptibility
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2014-01-24
Exchange Rate Management And Crisis Susceptibility written by Mr.Atish R. Ghosh 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 2014-01-24 with Business & Economics categories.
This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still safer than the middle? And where to draw the line between safe floats and risky intermediate regimes? Our findings, based on a sample of 50 EMEs over 1980-2011, show that macroeconomic and financial vulnerabilities are significantly greater under less flexible intermediate regimes—including hard pegs—as compared to floats. While not especially susceptible to banking or currency crises, hard pegs are significantly more prone to growth collapses, suggesting that the security of the hard end of the prescription is largely illusory. Intermediate regimes as a class are the most susceptible to crises, but “managed floats”—a subclass within such regimes—behave much more like pure floats, with significantly lower risks and fewer crises. “Managed floating,” however, is a nebulous concept; a characterization of more crisis prone regimes suggests no simple dividing line between safe floats and risky intermediate regimes.
Exchange Rate Regimes
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Author : Atish R. Ghosh
language : en
Publisher: MIT Press
Release Date : 2002
Exchange Rate Regimes written by Atish R. Ghosh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Fear Of Floating Needn T Imply Fixed Rates
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Author :
language : en
Publisher:
Release Date : 2002
Fear Of Floating Needn T Imply Fixed Rates written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
The criteria of the theory of optimum currency areas suggest that many (most?) countries are not good candidates for either of the poles of genuinely fixed exchange rates or freely floating exchange rates. Thus many countries should have an interest in intermediate exchange rate regimes. However, in a world of substantial capital mobility most forms of intermediate exchange rate regimes have proven to be highly crisis prone. The paper argues that the unholy trinity analysis doesn't imply that intermediate exchange rate regimes are inherently unstable, but rather that exchange rate and monetary policies need to be jointly determined. The difficulties of maintaining such consistency are as much political as economic since temporarily pegged or managed rates create a time inconsistency problem. Therefore policy officials need some institutional insulation from short sighted political pressures. A problem with most intermediate regimes is that they have focused on particular forms of limited exchange rate flexibility per se, rather than the weight that should be given to the exchange rate in setting monetary policy. It is argued that OCA theory provides the framework for determining the appropriate weights and limits on the amount of sterilized intervention to maintain the consistency between exchange rate and monetary policies necessary to avoid currency crises. The paper also considers a number of the issues involved in integrating their approach with the literature on open economy aspects of inflation targeting.
Evolution And Performance Of Exchange Rate Regimes
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Author : Mr. Aasim M. Husain
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-01
Evolution And Performance Of Exchange Rate Regimes written by Mr. Aasim M. Husain 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 2003-12-01 with Business & Economics categories.
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Exchange Rate Regime Durability And Performance In Developing Versus Advanced Economies
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Author : Aasim M. Husain
language : en
Publisher:
Release Date : 2004
Exchange Rate Regime Durability And Performance In Developing Versus Advanced Economies written by Aasim M. Husain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capital movements categories.
"Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis"--NBER website
Exchange Rate Regimes And The Stability Of The International Monetary System
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Author : Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-15
Exchange Rate Regimes And The Stability Of The International Monetary System written by Atish R. Ghosh 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 2010-03-15 with Business & Economics categories.
Topics covered include: exchange rate regimes; financial stability; foreign exchange; international monetary system; monetary policy; reserve currencies; reserves accumulation; trade integration.
Exchange Rate Regimes For Emerging Markets
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Author : John Williamson
language : en
Publisher: Peterson Institute for International Economics
Release Date : 2000
Exchange Rate Regimes For Emerging Markets written by John Williamson and has been published by Peterson Institute for International Economics this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
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.
Exchange Rate Regime Choice In Historical Perspective
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Author : Michael D. Bordo
language : en
Publisher: International Monetary Fund
Release Date : 2003-08-01
Exchange Rate Regime Choice In Historical Perspective written by Michael D. Bordo 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 2003-08-01 with Business & Economics categories.
In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.