Balance Sheets Exchange Rate Policy And Welfare
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Balance Sheets Exchange Rate Policy And Welfare
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Author : Selim Elekdag
language : en
Publisher: International Monetary Fund
Release Date : 2004-04
Balance Sheets Exchange Rate Policy And Welfare written by Selim Elekdag 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 2004-04 with Business & Economics categories.
The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of fixed and flexible exchange rate regimes. The model is solved up to a second-order approximation which allows us to address the issue of risk and welfare rigorously. The paper identifies threshold levels of the debt-to-GDP ratio above which fixed exchange rate regimes are welfare superior to monetary policy rules that imply flexible exchange rate regimes. The results suggest that emerging market economies that suffer from a relatively high level of indebtedness and are constrained in their pursuit of optimal monetary policy, could find it beneficial to opt for a fixed exchange rate regime.
Balance Sheets Exchange Rate Policy And Welfare
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Author : Selim Ali Elekdag
language : en
Publisher:
Release Date : 2006
Balance Sheets Exchange Rate Policy And Welfare written by Selim Ali Elekdag and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of fixed and flexible exchange rate regimes. The model is solved up to a second-order approximation which allows us to address the issue of risk and welfare rigorously. The paper identifies threshold levels of the debt-to-GDP ratio above which fixed exchange rate regimes are welfare superior to monetary policy rules that imply flexible exchange rate regimes. The results suggest that emerging market economies that suffer from a relatively high level of indebtedness and are constrained in their pursuit of optimal monetary policy, could find it beneficial to opt for a fixed exchange rate regime.
Balance Sheets Exchange Rate Policy And Welfare
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Author : Selim ; Tchakarov Elekdag (Ivan)
language : en
Publisher:
Release Date : 2004
Balance Sheets Exchange Rate Policy And Welfare written by Selim ; Tchakarov Elekdag (Ivan) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Monetary policy categories.
Balance Sheets Exchange Rate Olicy And Welfare
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Author : Selim Elekdag
language : en
Publisher:
Release Date : 2004
Balance Sheets Exchange Rate Olicy And Welfare written by Selim Elekdag and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Bank Balance Sheets And External Shocks In Asia The Role Of Fxi Mpms And Cfms
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Author : Zefeng Chen
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-15
Bank Balance Sheets And External Shocks In Asia The Role Of Fxi Mpms And Cfms written by Zefeng Chen 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 2021-01-15 with Business & Economics categories.
In emerging Asia, banks constitute the dominant source of financing consumption and investment, and bank balance sheets comprise large gross FX assets and liabilities. This paper extends the DSGE model of Gertler and Karadi (2011) to incorporate these key features and estimates a panel vector autoregression on ten Asian economies to understand the role of the banking sector in transmitting spillovers from the global financial cycle to small open economies. It also evaluates the effectiveness of foreign exchange intervention (FXI) and other macroeconomic policies in responding to external financing shocks. External financial shocks affect net external liabilities of banks and the exchange rate, leading to changes in credit supply by banks and investment. For example, a capital outflow shock leads to a deprecation that reduces the net worth and intermediation capacity of banks exposed to foreign currency liabilities. In such cases, the exchange rate acts as shock amplifier and sterilized FXI, often deployed by Asian economies, can help cushion the economy. By contrast, with real shocks, the exchange rate serves as a shock absorber, and any FXI that weakens that function can be costly. We also explore the effectiveness of the monetary policy interest rate, macroprudential policies (MPMs) and capital flow management measures (CFMs).
Balance Sheets And Exchange Rate Policy
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Author : Luis Felipe Céspedes
language : en
Publisher:
Release Date : 2000
Balance Sheets And Exchange Rate Policy written by Luis Felipe Céspedes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Balance of trade categories.
We study the relation among exchange rates, balance sheets, and macroeconomic outcomes in a small open economy. Because liabilities are dollarized, ' a real devaluation has detrimental effects on entreprenurial net worth, which in turn constrains investment due to financial frictions. But there is an offsetting effect, int hat devaluation expands home output and the return to domestic investment, which are also components of net worth. We show that the impact of an adverse foreign shock can be strongly magnified by the balance sheet effect of the associated real devaluation. But the fall in output employment, and investment is stronger under fixed exchange rates than under flexible rates. Hence the conventional wisdom, that flexible exchange rates are better absorbers of real foreign shocks than are fixed rates, holds in spite of potentially large balance sheet effects.
Liability Dollarization And Stability
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Author : David E. Cook
language : en
Publisher:
Release Date : 2000
Liability Dollarization And Stability written by David E. Cook and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Debts, External categories.
Heglme Switching In Exchange Rate Policy And Balance Sheet Effects
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Heglme Switching In Exchange Rate Policy And Balance Sheet Effects written by 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 with categories.
Balance Sheets And Exchange Rate Policy
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Author :
language : en
Publisher:
Release Date :
Balance Sheets And Exchange Rate Policy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The National Bureau of Economic Research, Inc. (NBER) presents an abstract of the August 2000 working paper entitled "Balance Sheets and Exchange Rate Policy," written by Luis Felipe Cespedes, Roberto Chang, and Andres Velasco. The full text of the paper may be purchased online. This paper examines the relationship among exchange rates, balance sheets, and macroeconomic outcomes in a small open economy.
China S National Balance Sheet
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Author : Yang Li
language : en
Publisher: Springer
Release Date : 2017-06-08
China S National Balance Sheet written by Yang Li and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-08 with Business & Economics categories.
With the goal of perfecting the national governance system and raising the country’s governance capability, this book systematically analyzes the characteristics and trajectory of China’s economic expansion and structural adjustment, while also assessing a variety of short-term debt and long-term economic performance and financial risks. In addition to discussing the market-oriented reform process at the stage of economic development, institutional and structural characteristics, it presents research on the country as a whole, its residents, non-financial corporations, financial institutions and central banks, the central government, local government, and other external sectors. On the basis of extensive data, the book analyzes the national and sectoral balance sheets in China and explores a number of major issues the country is currently facing, such as sustainable development, government restructuring, local debt, welfare reform, openness and stability of the financial system, etc., as well as suitable policy measures and institutional arrangements for addressing them.