Exchange Rate Uncertainty In Money Based Stabilization Programs
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Exchange Rate Uncertainty In Money Based Stabilization Programs
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Author : Mr.R. Armando Morales
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01
Exchange Rate Uncertainty In Money Based Stabilization Programs written by Mr.R. Armando Morales 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.
Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: ‘parity-guessers,’ who expect a jump to a reference parity level, and ‘money-followers,’ who expect nominal depreciation equal to the monetary rule.
External Evaluation Of Imf Economic Research Activities
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2000-04-11
External Evaluation Of Imf Economic Research Activities 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 2000-04-11 with Business & Economics categories.
This report, commissioned by the Executive Board, was prepared by a committee of academic economists. The report assesses the appropriateness of current research activities, the quality and added value of the IMF's economic research and its utility in the IMF among its member countries and within the wider economics community. This publication also includes responses to the report by the IMF's staff, Managing Director, and Executive Board.
Imf Staff Papers Volume 45 No 2
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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 2 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 contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.
Sovereign Wealth Funds
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Author : Christopher Balding
language : en
Publisher: Oxford University Press
Release Date : 2012-02-08
Sovereign Wealth Funds written by Christopher Balding and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-08 with Business & Economics categories.
Sovereign wealth funds are a growing and dynamic force in international finance. The shifting international economic relations from capital rich states gives them new power in influencing the global agenda. Despite controlling trillions of dollars in the biggest companies in the world, little is known about the opaque funds of oil rich and non-democratic governments. This is the first book to compile a history of sovereign wealth funds recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. By constructing a history within the proper context of oil driven surpluses and large inflationary pressures with no international investment framework, this book explains the development and growth of sovereign wealth funds. The economics of capital surplus countries and investment strategies are examined in order to better understand sovereign wealth fund creation and growth. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.
The Effects Of Capital Controls On Exchange Rate Volatility And Output
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Author : Michael Frenkel
language : en
Publisher:
Release Date : 2001
The Effects Of Capital Controls On Exchange Rate Volatility And Output written by Michael Frenkel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital movements categories.
The Effects Of Forward Versus Backward Looking Wage Indexationon Price Stabilization Programs
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Author : Mr.Joe Crowley
language : en
Publisher: International Monetary Fund
Release Date : 1997-04-01
The Effects Of Forward Versus Backward Looking Wage Indexationon Price Stabilization Programs written by Mr.Joe Crowley 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 1997-04-01 with Business & Economics categories.
A standard open-economy model is used to show that price stabilization programs are more likely to succeed if labor contracts specify forward-looking wage indexation. Compared with contracts specifying backward-looking wage indexation or wages based on static expectations, such contracts will result in a greater reduction in inflation with lower output costs, smaller misalignment of real wages, smaller outflows of reserves, smaller disruptions caused by policy announcements, and a reduced impact of some shocks during price stabilization programs. These results are generally true whether or not capital is mobile and whether or not expectations are rational.
Imf Research Bulletin
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Author :
language : en
Publisher:
Release Date : 2000
Imf Research Bulletin written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with International finance categories.
Money Exchange Rates And Output
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Author : Guillermo A. Calvo
language : en
Publisher: MIT Press
Release Date : 1996
Money Exchange Rates And Output written by Guillermo A. Calvo and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.
Exchange Rate Uncertainty In Money Based Stabilization Programs
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Author : Armando Morales Bueno
language : en
Publisher:
Release Date : 2006
Exchange Rate Uncertainty In Money Based Stabilization Programs written by Armando Morales Bueno 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.
Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: `parity-guessers,` who expect a jump to a reference parity level, and `money-followers,` who expect nominal depreciation equal to the monetary rule.
Exchange Rates Capital Flows And Monetary Policy In A Changing World Economy
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Author : William C. Gruben
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Exchange Rates Capital Flows And Monetary Policy In A Changing World Economy written by William C. Gruben and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.