Exchange Rate Regimes For Emerging Markets
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Exchange Rate Regimes For Emerging Markets
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Author : John Williamson
language : en
Publisher: Peterson Institute
Release Date : 2000
Exchange Rate Regimes For Emerging Markets written by John Williamson and has been published by Peterson Institute 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.
Inflation Targeting And Exchange Rate Regimes In Emerging Markets
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Author : Mr.Christian Ebeke
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-28
Inflation Targeting And Exchange Rate Regimes In Emerging Markets written by Mr.Christian Ebeke 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 2015-10-28 with Business & Economics categories.
This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate regime than other EMs. However, the flexibility of the exchange rate regime shows strong heterogeneity among IT countries depending on their degree of openness and exposure to FX risks. Moreover, we find that the marginal effect of IT adoption on the exchange rate flexibility increases with the duration of the IT regime in place, and with the propensity scores to adopt it.
Inflation Targeting And Exchange Rate Regimes In Emerging Markets
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Author : Christian; Fouejieu Armand Ebeke
language : en
Publisher:
Release Date : 2015
Inflation Targeting And Exchange Rate Regimes In Emerging Markets written by Christian; Fouejieu Armand Ebeke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Pick Your Poison
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Author : Mr.Shigeru Iwata
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Pick Your Poison written by Mr.Shigeru Iwata 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 2003-05-01 with Business & Economics categories.
We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
Evolution And Performance Of Exchange Rate Regimes
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Author : Mr.Kenneth Rogoff
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-01
Evolution And Performance Of Exchange Rate Regimes written by Mr.Kenneth Rogoff 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.
Monetary Independence In Emerging Markets
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Author : Eduardo Borensztein
language : en
Publisher:
Release Date : 2006
Monetary Independence In Emerging Markets written by Eduardo Borensztein 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.
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest rates in Hong Kong react much more to U.S. interest rate shocks and shocks to international risk premia than interest rates in Singapore. The results are less clearcut in the comparison of Argentina and Mexico: while interest rates (and the exchange rate) in Mexico seem to react less to U.S. interest rate shocks, they react about the same to bond spread shocks, in addition to a significant impact on the exchange rate.
Exchange Rate Arrangements For Emerging Market Economies
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Author : Felipe Larraín B.
language : en
Publisher:
Release Date : 1999
Exchange Rate Arrangements For Emerging Market Economies written by Felipe Larraín B. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Foreign exchange categories.
Reviews some empirical evidence on the recent performance of alternative exchange rate arrangements in emerging markets. Examines the concrete circumstances under which either polar regime should be adopted. Studies how to make flexibility work in practice, with special attention to inflation targets and alternativie monetary policy rules. Focuses on the possible role of capital controls as a complementary policy.
Monetary Policy Transmission In An Emerging Market Setting
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Author : Ila Patnaik
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
Monetary Policy Transmission In An Emerging Market Setting written by Ila Patnaik 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 2011-01-01 with Business & Economics categories.
Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
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.
Preventing Currency Crises In Emerging Markets
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Preventing Currency Crises In Emerging Markets written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.