Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries
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Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-01-01
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In 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 1989-01-01 with Business & Economics categories.
This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original shock. In the case of a fiscal expansion, postponement implies a larger eventual devaluation and greater deviations of macroeconomic variables from their steady-state values. For adverse terms of trade shocks, postponement does not affect the size of the eventual devaluation, but does magnify the degree of post-devaluation overshooting by key macroeconomic variables.
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries
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Author : Sebastian Edwards
language : en
Publisher:
Release Date : 1989
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries written by Sebastian Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Devaluation of currency categories.
This paper develops our analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring an official devaluation. The effects of postponing adjustment depend on the source of the original shock, In the case of fiscal expansion, postponement implies a larger eventual official devaluation and greater deviations of macroeconomic variables from their steady-state values. For adverse terms of trade shocks, postponement does not affect the size of the eventual official devaluation, but does magnify the amount of post-devaluation overshooting by key macroeconomic variables.
Price And Volume Effects Of A Devaluation In Developing Countries
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Author : Mr.Arend Kouwenaar
language : en
Publisher: International Monetary Fund
Release Date : 1991-12-01
Price And Volume Effects Of A Devaluation In Developing Countries written by Mr.Arend Kouwenaar 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 1991-12-01 with Business & Economics categories.
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Imf Staff Papers Volume 45 No 1
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01
Imf Staff Papers Volume 45 No 1 written by International Monetary Fund. Research 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 1998-01-01 with Business & Economics categories.
This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.
Exchange Restrictions And Devaluation Crises
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Author : Pierre-Richard Agénor
language : en
Publisher: International Monetary Fund
Release Date : 1990-09-01
Exchange Restrictions And Devaluation Crises written by Pierre-Richard Agénor 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 1990-09-01 with Business & Economics categories.
This paper develops a model of devaluation crises for an economy where foreign exchange restrictions lead to the emergence of a parallel market. The devaluation rule relates the size of the parity change to the spread between the official and parallel exchange rates. The mechanism that triggers the devaluation relates credit policy and the inflation tax. A credit expansion leads to an increase in the spread and possibly to a fall in inflation tax revenue, as agents switch away from domestic currency holdings. A devaluation reverses temporarily the process of erosion of the tax base if the associated fall in the premium raises the credibility of the new parity.
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries
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Author : Sebastian Edwards
language : es
Publisher:
Release Date : 1989
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries written by Sebastian Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1989-01-01
Imf Staff Papers written by International Monetary Fund. Research 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 1989-01-01 with Business & Economics categories.
Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of wealth between generations. The paper concludes that the defects of summary fiscal indicators have been exaggerated. It is not feasible to include all changes in public sector net worth in the deficit, and the existence of liquidity constraints and aversion to indebtedness imply that conventionally measured public sector deficits are not irrelevant.
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries
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Author :
language : en
Publisher:
Release Date : 1989
Devaluation Crises And The Macroeconomic Consequences Of Postponed Adjustment In Developing Countries written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Anticipating Balance Of Payments Crises The Role Of Early Warning Systems
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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 2000-01-24
Anticipating Balance Of Payments Crises The Role Of Early Warning Systems written by Mr.Eduardo Borensztein 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 2000-01-24 with Business & Economics categories.
Recent years have witnessed an increase in the frequency of currency and balance of payments crises in developing countries. More important, the crises have become more virulent, have caused widespread disruption to other developing countries, and have even had repercussions on advanced economies. To predict crises, their causes must be clearly understood. Two competing strands of theories are reviewed in this paper. The first focuses on the consequences of such policies as excessive credit growth in provoking depletion of foreign exchange reserves and making a devaluation enevitable. The second emphasizes the trade-offs between internal and external balance that the policymaker faces in defending a peg.
Perspectiveson The Recent Currency Crisis Literature
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1998-09-01
Perspectiveson The Recent Currency Crisis Literature written by Mr.Robert P. Flood 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 1998-09-01 with Business & Economics categories.
In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and empirical analysis of these events. This paper provides some perspective on this work and relates it to earlier research. It derives the optimal commitment to a fixed exchange rate and proposes a common framework for analyzing currency crises. This framework stresses the important role of speculators and recognizes that the government’s commitment to a fixed exchange rate is constrained by other policy goals. The final section finds that some crises may be particularly difficult to predict using currently popular methods.