Does The Nominal Exchange Rate Regime Matter
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Does The Nominal Exchange Rate Regime Matter
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 1995-11-01
Does The Nominal Exchange Rate Regime Matter 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 1995-11-01 with Business & Economics categories.
The effect of the exchange rate regime on inflation and growth is examined. The 30-year data set includes over 100 countries and nine regime types. Pegged regimes are associated with lower inflation than intermediate or flexible regimes. This anti-inflationary benefit reflects lower money supply growth (a discipline effect) and higher money demand growth (a credibility effect). Output growth does not vary significantly across regimes: Countries with pegged regimes invest more and are more open to international trade than those with flexible rates, but they experience lower residual productivity growth. Output and employment are more variable under pegged rates than under flexible rates.
Does The Nominal Exchange Rate Regime Matter
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Author :
language : en
Publisher:
Release Date : 1996
Does The Nominal Exchange Rate Regime Matter written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Does The Nominal Exchange Rate Regime Matter
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Author : Atish R. Ghosh
language : en
Publisher:
Release Date : 2006
Does The Nominal Exchange Rate Regime Matter written by Atish R. Ghosh 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 effect of the exchange rate regime on inflation and growth is examined. The 30-year data set includes over 100 countries and nine regime types. Pegged regimes are associated with lower inflation than intermediate or flexible regimes. This anti-inflationary benefit reflects lower money supply growth (a discipline effect) and higher money demand growth (a credibility effect). Output growth does not vary significantly across regimes: Countries with pegged regimes invest more and are more open to international trade than those with flexible rates, but they experience lower residual productivity growth. Output and employment are more variable under pegged rates than under flexible rates.
Real Exchange Rate Volatility
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Author : Ms.Hong Liang
language : en
Publisher: International Monetary Fund
Release Date : 1998-10-01
Real Exchange Rate Volatility written by Ms.Hong Liang 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 1998-10-01 with Business & Economics categories.
A recent study by Grilli and Kaminsky (1991) argues that real exchange rate (RER) behavior is likely to be dependent on the particular historical period rather than on the nominal exchange rate arrangement itself. This paper reexamines RER behavior using alternative data sets, as well as different econometric methods, over the period 1880-1997. It finds strong evidence supporting the nonneutrality hypothesis of nominal exchange regime on RER volatility. Also, regime shifts play an important role in determining the persistence of shocks to the RER.
Does The Nominal Exchange Rate Regime Matter
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Author : International Monetary Fund
language : en
Publisher:
Release Date : 1996
Does The Nominal Exchange Rate Regime Matter written by International Monetary Fund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Does The Exchange Regime Matter For Inflation And Growth
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1996-09-01
Does The Exchange Regime Matter For Inflation And Growth 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 1996-09-01 with Business & Economics categories.
Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that on average per capita GDP growth was slightly faster underfloating regimes than under pegged exchange regimes.
Fixed Or Floating Exchange Regimes
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Author : Peter J. Quirk
language : en
Publisher: International Monetary Fund
Release Date : 1994-11-01
Fixed Or Floating Exchange Regimes written by Peter J. Quirk 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 1994-11-01 with Business & Economics categories.
This paper reviews recent experience with the choice of floating or fixed (“anchor”) exchange regimes in industrial and developing countries. It concludes that desirable differences between the two sets of regimes have narrowed, owing to the useful operational role of exchange rate margins and unavoidable medium-term rate adjustments in the context of fixed regimes. A survey of recent empirical cross-country literature also suggests little unambiguous association of the choice of exchange regime with macroeconomic performance, inflation in particular. Stability of the exchange rate has generally been a by-product of other policy choices. Even announcement effects of the regime on inflation-fighting credibility depend on the country-specific assignments of policy instruments to more than one institution--central bank, government, or regional and multilateral institutions.
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.
Words Vs Deeds
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Author : Atish R. Ghosh
language : en
Publisher:
Release Date : 2011-05-01
Words Vs Deeds written by Atish R. Ghosh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with categories.
This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs that lack the corresponding de jure will likewise reap few of the low inflation benefits associated with pegging the exchange rate. To test our hypothesis, we exploit a novel dataset of both de jure and de facto exchange rate regime classifications. We find that pegged exchange rates are associated with significantly lower inflation in EMDCs than flexible exchange rates, and that this effect is much stronger for de facto pegs that are matched by de jure pegs than for those that are not. When it comes to anchoring expectations and delivering low inflation, therefore, both deeds and words matter.
Choosing An Exchange Rate Regime
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-09-15
Choosing An Exchange Rate Regime 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 1990-09-15 with Business & Economics categories.
This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak.