Currency Substitution In Developing Countries

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Currency Substitution In Developing Countries
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1992-05-01
Currency Substitution In Developing Countries written by Mr.Guillermo Calvo 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 1992-05-01 with Business & Economics categories.
This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis.
Currency Substitution In Developing Countries
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Author : Diana Brand
language : en
Publisher:
Release Date : 1993
Currency Substitution In Developing Countries written by Diana Brand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Currency Substitution In Developing Countries
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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 1999
Currency Substitution In Developing Countries written by Guillermo A. Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Foreign Currency Deposits In Developing Countries Origins And Economic Implications
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1987-01-01
Foreign Currency Deposits In Developing Countries Origins And Economic Implications 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 1987-01-01 with Business & Economics categories.
The growing importance of foreign currency deposits (FCDs) in some developing countries has raised numerous issues, particularly regarding the effectiveness of economic policies. This paper discusses factors that influence the emergence of FCDs and their impact on key macroeconomic relations. It is shown that while FCDs render more visible the changes in the economic structure occasioned by the shift in residents’ portfolio asset preferences, these changes essentially reflect currency substitution that often prevails prior to the introduction of FCDs. Moreover, FCDs provide only limited scope for effectively addressing the external and domestic imbalances that contribute to the growth in currency substitution.
Currency Substitution And Inflation In Peru
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Author : Ms.Liliana Rojas-Suárez
language : en
Publisher: International Monetary Fund
Release Date : 1992-05-01
Currency Substitution And Inflation In Peru written by Ms.Liliana Rojas-Suárez 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 1992-05-01 with Business & Economics categories.
This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period of high but relatively stable inflation (January 1978-85), it became an important factor in the inflation process during the recent hyperinflation episode.
Proceedings Of A Conference On Currency Substitution And Currency Boards
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Author : Nissan Liviatan
language : en
Publisher: World Bank Publications
Release Date : 1993-01-01
Proceedings Of A Conference On Currency Substitution And Currency Boards written by Nissan Liviatan 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 1993-01-01 with Business & Economics categories.
Eighteen well-known policymakers and economists discuss the rising use of currency substitution in Latin America. They examine the effects of currency boards on substitute currencies and on national stabilization programs. Latin American countries including Argentina, Bolivia, Peru, and Uruguay increasingly use dollars as a substitute for domestic currency. The experts debate whether the region should encourage or resist this trend. Topics include the effects of substitution on inflation, liquidity, and exchange rates. The discussions on Argentina, Peru, and Brazil focus on the ways in which currency boards have affected stabilization in these countries. They consider whether such boards can strengthen fiscal discipline and speed economic adjustment. A currency board issues money that is converted into a foreign reserve currency at a fixed exchange rate. This independent institution takes over the central bank's role as the sole issuer of base money. It also manages the exchange rate to keep the currency stable and convertible.
Open Economy Macroeconomics In Developing Countries
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Author : Carlos A. Vegh
language : en
Publisher: MIT Press
Release Date : 2013-08-30
Open Economy Macroeconomics In Developing Countries written by Carlos A. Vegh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-30 with Business & Economics categories.
A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Currency Substitution
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Author : Mr.Benedict J. Clements
language : en
Publisher: International Monetary Fund
Release Date : 1992-08-01
Currency Substitution written by Mr.Benedict J. Clements 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 1992-08-01 with Business & Economics categories.
This paper analyzes the determinants of currency substitution in Bolivia in the period following the 1984/85 hyperinflation. We find that expected exchange rate depreciation and actual interest rate differentials between boliviano and dollar deposits in the Bolivian banking system are statistically significant determinants of the degree of currency substitution. However, the explanatory power of these variables is low compared to variables that measure the degree of inertia in the currency substitution process. Thus, further reductions in inflation or higher interest rates for boliviano bank deposits are likely to have but a small effect on dollarization.
Monetary And Financial Policies In Developing Countries
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Author : Anis Chowdhury
language : en
Publisher: Routledge
Release Date : 2003-05-20
Monetary And Financial Policies In Developing Countries written by Anis Chowdhury and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-20 with Business & Economics categories.
The issue of economic development and monetary stability has produced one of the most passionate debates in economic literature. Yet, much of the evidence employed in this debate is contradictory. Monetary and Financial Policies in Developing Countries: Growth and Stabilization brings together diverse views on the subject within a coherent framework. The work includes: * a balanced assessment of empirical findings and their theoretical foundations on the role of money and growth * a discussion of financial liberalization reform in developing countries * an analysis of monetary policy as an instrument of economic stabilization * an examination of the monetary supply and demand process in developing countries * a study of the relationship between money, credit, the balance of payments, inflation and the exchange rate system * a reflection on market failures and the role of government.
Currency Substitution In Latin America
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Author : Pedro Gomis-Porqueras
language : en
Publisher: World Bank Publications
Release Date : 2000
Currency Substitution In Latin America written by Pedro Gomis-Porqueras 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 2000 with Banks and banking categories.
What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relationship between currency conversion and macroeconmic volatility in Latin America?