Fiscal Policy With Fixed Nominal Exchange Rates

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Fiscal Policy With Fixed Nominal Exchange Rates

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Author : Christophe Chamley
language : en
Publisher: World Bank Publications
Release Date : 1991

Fiscal Policy With Fixed Nominal Exchange Rates written by Christophe Chamley 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 1991 with Budget deficits categories.

C^ote d'Ivoire's increase in debt in the 1980s (from 30 percent of GDP to 100 percent) did little for new investment, because the investment-GDP ratio barely compensated for inflation. The country's fiscal stance hurt the real exchange rate and international competitiveness.

Economic Policy Exchange Rates And The International System

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Author : Warner Max Corden
language : en
Publisher: OUP Oxford
Release Date : 1994

Economic Policy Exchange Rates And The International System written by Warner Max Corden and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.

In an outstanding account of exchange rates inthe international monetary system, W. Max Corden considers the essential issues in international macroeconomics.The author takes as his model the macroeconomic situation of a country with an open economy, and explains the effects of domestic fiscal and monetary macroeconomic policy on exchange rates. He clearly analyses the choices faced by governments attempting to manage both the domestic inflation rateand the external exchange rate and current account balance. Professor Corden then discusses the European Exchange Rate mechanism, and provides a sceptical analysis of the possibilities for monetary union in Europe, and for international policy coordination in general. He gives equal weight todiscussion of the present US-centred international monetary system outside the ERM, and combines theoretical models with an account of the actual determination of floating exchange rates. Although the book itself is orientated towards monetary rather than trade issues, the author discusses twotopical issues: the role of protectionist policies, and the idea of competitiveness. Finally, he looks at the future of the international monetary system and the series of current reform proposals.Students will find this book useful because the author covers essential issues lucidly and authoritatively. The exposition is entirely non-mathematical. Postgraduate students and academics will be interested since Corden is a distinguished writer on international trade and policy, and hisarguments are powerfully presented.New to this edition:This is a revised and expanded edition of a previous book by Corden, Inflation, Exchange Rates and the World Economy, the third edition of which was published in 1985. In this new book, Professor Corden has fully rewritten the text, but retains the discursive, informal, reader-friendly style ofthe earlier editions. In this new edition, Professor Corden has included two new chapters which extend the treatment of macroeconomic policy, separating it into its fiscal and monetary branches. He also includes a new chapter on the role of the current account balance in determining macroeconomicpolicy. The author has brought his account of the present international monetary context up to date - characterised as the non-system - and has included a new analysis of European monetary issues, incorporating a review of the progress of the EMS towards full monetary union. The book also containsa provocative discussion of two highly topical issues: trade protection, and competitiveness, including both new theoretical analysis and such events as the recent GATT agreement.

Approaches To Exchange Rate Policy

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Author : Mr.Richard C. Bart
language : en
Publisher: International Monetary Fund
Release Date : 1994-06-01

Approaches To Exchange Rate Policy written by Mr.Richard C. Bart 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 1994-06-01 with Business & Economics categories.

External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

Stabilization Policy Fixed Exchange Rates And Target Zones

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Author : George S. Alogoskoufis
language : en
Publisher:
Release Date : 1989

Stabilization Policy Fixed Exchange Rates And Target Zones written by George S. Alogoskoufis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Economic stabilization categories.

Do Fixed Exchange Rates Induce More Fiscal Discipline

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Author : Mr.Yan Sun
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01

Do Fixed Exchange Rates Induce More Fiscal Discipline written by Mr.Yan Sun 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 2003-04-01 with Business & Economics categories.

Conventional wisdom has held that a fixed exchange rate regime induces more fiscal discipline, but Tornell and Velasco (1995, 1998) argue the opposite. Using a dynamic model with fragmented fiscal policymaking, this paper evaluates the two arguments in a single framework and shows that (1) future punishment against fiscal laxity exists under both fixed and flexible regimes; (2) fiscal authorities have a greater incentive to spend more today under fixed rates than under flexible rates; (3) in the presence of both factors above, fixed rates will induce more fiscal discipline only if the future punishment is sufficiently stronger than under flexible rates; and (4) neither fixed nor flexible rates could resolve the structural distortions caused by fragmented policymaking, and fiscal centralization needs to be undertaken to strengthen fiscal discipline.

Exchange Rate Policy In Developing Countries Some Analytical Issues

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Author : Bijan B. Aghevli
language : en
Publisher: World Bank Publications
Release Date : 1991-05-15

Exchange Rate Policy In Developing Countries Some Analytical Issues written by Bijan B. Aghevli 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 1991-05-15 with Foreign exchange administration categories.

This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.

Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-01-01

Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules 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.

Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance. The following conclusions emerge: rules which performed best for some shocks performed poorly for others; monetary policy was ineffective in limiting movements in real exchange rates; unconstrained use of fiscal policy was quite powerful in influencing real variables; and dynamic instability was a potentially serious problem. Robustness to different specifications and to constraints on instruments remains to be examined.

Monetary And Fiscal Policy The Exchange Rate And Foreign Wealth

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Author : Patrizio Tirelli
language : en
Publisher: Springer
Release Date : 2016-07-27

Monetary And Fiscal Policy The Exchange Rate And Foreign Wealth written by Patrizio Tirelli and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.

The book investigates issues of policy design in open economies. The performance of simple alternative policy rules is analysed in the context of theoretical models using both analytical solutions and numerical simulations techniques. One of the substantive contributions of the research is that policy evaluation should take into account, among other things, the implications of different rules for foreign wealth and the exchange rate. Hence the open economy models presented in the book include wealth effects and the current account.

On Fiscal Policies External Imbalances And Fundamental Equilibrium Exchange Rates

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Author : George Alogoskoufis
language : en
Publisher:
Release Date : 1989

On Fiscal Policies External Imbalances And Fundamental Equilibrium Exchange Rates written by George Alogoskoufis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Fiscal policy categories.

Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime

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Author : Marcel Aloy
language : en
Publisher: World Bank Publications
Release Date : 2008

Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime written by Marcel Aloy 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 2008 with Currencies and Exchange Rates categories.

Abstract: The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness.