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Exchange Restrictions And Devaluation Crises

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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.

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.

International Capital Flows

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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

International Capital Flows written by Martin Feldstein 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 2007-12-01 with Business & Economics categories.

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Financial Crises And The Politics Of Macroeconomic Adjustments

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Author : Stefanie Walter
language : en
Publisher: Cambridge University Press
Release Date : 2013-10-31

Financial Crises And The Politics Of Macroeconomic Adjustments written by Stefanie Walter and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-31 with Business & Economics categories.

This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.

A Retrospective On The Bretton Woods System

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Author : Michael D. Bordo
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

A Retrospective On The Bretton Woods System written by Michael D. Bordo 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 2007-12-01 with Business & Economics categories.

At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.

Real Exchange Rates Devaluation And Adjustment

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Author : Sebastian Edwards
language : en
Publisher:
Release Date : 1989

Real Exchange Rates Devaluation And Adjustment 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 Business & Economics categories.

Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure. In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade. The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.

Exchange Restrictions And Devaluation Crises

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Author : Pierre-Richard Agenor
language : en
Publisher:
Release Date : 2006

Exchange Restrictions And Devaluation Crises written by Pierre-Richard Agenor 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.

Speculative Attacks And Models Of Balance Of Payments Crises

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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1991-10-01

Speculative Attacks And Models Of Balance Of Payments Crises 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 1991-10-01 with Business & Economics categories.

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed.

Multinational Corporations In The Dollar Devaluation Crisis And The Impact Of Direct Investment Abroad In The U S Economy

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Author : United States. Congress. Senate. Committee on Foreign Relations. Subcommittee on Multinational Corporations
language : en
Publisher:
Release Date : 1976

Multinational Corporations In The Dollar Devaluation Crisis And The Impact Of Direct Investment Abroad In The U S Economy written by United States. Congress. Senate. Committee on Foreign Relations. Subcommittee on Multinational Corporations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with International business enterprises categories.

Parallel Exchange Rates In Developing Countires Lessons From Eight Case Studies

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Author :
language : en
Publisher: World Bank Publications
Release Date :

Parallel Exchange Rates In Developing Countires Lessons From Eight Case Studies written by 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 with categories.

Exchange Restrictions And Devaluation Crises

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