How Do Economic Political And Institutional Factors Influence The Choice Of Exchange Rate Regimes
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How Do Economic Political And Institutional Factors Influence The Choice Of Exchange Rate Regimes
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Author : Najia Maraoui
language : en
Publisher:
Release Date : 2021
How Do Economic Political And Institutional Factors Influence The Choice Of Exchange Rate Regimes written by Najia Maraoui and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
How Economic Political And Institutional Factors Influence The Choice Of Exchange Rate Regimes
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Author : Najia Maraoui
language : en
Publisher:
Release Date : 2022
How Economic Political And Institutional Factors Influence The Choice Of Exchange Rate Regimes written by Najia Maraoui and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
In this paper, we investigate how economic, political and institutional factors affect the choice of exchange rate regimes, using data on eight MENA (Middle East and North Africa) countries over the 1984-2016 period. Specifically, we run random-effects ordered probit regressions of the likelihood of exchange rate regimes on potential determinants of exchange rate regimes. Three important findings emerge from the analysis. i) Political and institutional factors play an important role in determining the exchange rate regime in MENA countries: a democratic political regime and a low level of corruption increases the probability to opt for a fixed regime. While, strong governments, political stability such as less internal conflicts and more government stability, more law and order enforcement and left-wing Government decreases the probability to opt for a fixed regime. ii) Bureaucracy, independent central banks, elections, terms of trade as well as the monetary independence have no effect on the choice of exchange rate regimes. iii) Financial development is not a robust determinant of the choice of exchange rate regimes. Our results still hold when considering alternative specifications and have important implications for policy makers in MENA countries.
The Politics Of Exchange Rates In Developing Countries
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Author : Ralph Setzer
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-09-21
The Politics Of Exchange Rates In Developing Countries written by Ralph Setzer 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 2006-09-21 with Business & Economics categories.
This book considers the issue of exchange rate policymaking from a political economy perspective. It illustrates both theoretically and empirically how domestic political and institutional incentives shape exchange rate policies in developing countries. Empirical analysis is based on a panel survey of 47 countries and thereby provides insights on how political and institutional conditions typically affect exchange rate policy.
The Political Economy Of Monetary Institutions
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Author : William Bernhard
language : en
Publisher: MIT Press
Release Date : 2003-08-29
The Political Economy Of Monetary Institutions written by William Bernhard and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-08-29 with Business & Economics categories.
Political economists consider the political and economic factors that affect a country's choice of monetary institutions. Recent analysis by political economists of monetary institution determinants in different countries has been limited by the fact that exchange rate regimes and central bank institutions are studied in isolation from each other, without examining how one institution affects the costs and benefits of the other. By contrast, the contributors to this volume analyze the choice of exchange rate regime and level of central bank independence together; the articles (originally published in a special issue of International Organization) constitute a second generation of research on the determinants of monetary institutions. The contributors consider both economic and political factors to explain a country's choice of monetary institutions, and examine the effect of political processes in democracies, including interest group pressure, on the balance between economic and distributional policy.
Currency Politics
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Author : Jeffry A. Frieden
language : en
Publisher: Princeton University Press
Release Date : 2014-12-28
Currency Politics written by Jeffry A. Frieden and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-28 with Business & Economics categories.
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Taming Financiers
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Author : Jana Grittersova
language : en
Publisher:
Release Date : 2009
Taming Financiers written by Jana Grittersova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Throughout the transition and developing world, the choice of exchange rate regime is one of the most important and controversial policy decisions. What are the main factors that determine the choices of governments in exchange rate policy? What are the structures and institutions that allow governments to credibly commit to and sustain a fixed exchange rate regime? These are the central questions for this study. To answer these questions, I examine the puzzling variation in exchange rate regime choices in Eastern Europe (EE) and changes in these choices over time. This study is an attempt to explore the determinants of the "de facto" exchange rate arrangements chosen by policymakers in EE. I combine the choice and the sustainability of fixed exchange rate regimes in a political-economic approach. The project's central finding is that exchange rate regime choices depend on several factors: first, on the different interests and strategies of incumbent domestic (state-owned and private) and foreign banks in determining exchange rate policies; and second, on the bank ownership structure and institutional variation of national financial systems. The variation in national financial systems between EE countries is, in turn, a function of the variation in privatization strategies and openness to foreign investments in the banking sector. This research thus demonstrates how the connection between financial interests and exchange rate regime choices is mediated by domestic financial systems. This dissertation integrates theories of financial development into interest groups theories in the political economy of exchange rates. I evaluate this argument against two types of evidence. Statistical analysis of cross-national time-series data allows me to test the impact of financiers on exchange rate policies against a sample of twenty-five EE countries between 1990 and 2004. Statistical analysis is accompanied by in-depth examination of four theoretically important cases-Bulgaria, the Czech Republic, Poland, and Estonia-based on a thorough reading of the relevant secondary literature, the perusal of central bank, government and archival documents, and the conducting of 105 semi-structured interviews. The thesis develops a novel four-fold typology of financial systems in EE-capture, collusion, consensus, and competition-exemplified by the four countries.
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.
Currency And Political Choice
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Author : Chih-Cheng Meng
language : en
Publisher:
Release Date : 2010
Currency And Political Choice written by Chih-Cheng Meng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
How do catch-up East Asian countries cultivate their exchange rate (ER) policies in a different trajectory than advanced economies often cited in current literature? What are the dynamics and results (pros and cons) of choosing a particular ER policy, and what influence does it have on the progress of developmental states? How do domestic and international politics explain the convergences and variances of ER policy decisions in East Asia? The decisions of ER policy are by all means political choices. ERs influence the prices of daily exchanged goods, and thereby determine resource allocation within and across national borders. Therefore, any internal political actor, including a government, interest group, foreign party or constituent exerts discretionary power to manipulate an ER to satisfy its own interests. Externally, the size of foreign trade and the status of international monetary accounts closely depend on the valuation and volatility of ER. Thus for the transitional polities and the trade-driving economies in East Asia, the analysis of ER politics not only helps to clarify the complex mechanisms of ER influences combined with various interests and institutional settings, but also to advance the political study of globalization. My dissertation proposes an integrated framework to contend that the domestic distributional politics and economic determinants, as well as the international monetary relations, and regional market force and adaptive policy diffusion are crucial factors that influence and interact with ER policy in East Asia. This theoretical framework explains how an ER policy decision is compromised between domestically generated preferences and apparently intense international interactions. Likewise, this dissertation provides a vigorous empirical specification toward the spatiotemporal differences of ER policy in East Asia. The application of the structural vector autoregression (SVAR) model properly specifies the theoretical dynamics across variables in the East Asian panel data compiled from 1980 to 2004. Furthermore, by using the alternative Bayesian estimation, SVAR successfully demonstrates the "spinning stories" that distinguish the variances with regard to country-specific development under the asymmetrically international and interdependently regional monetary system. The empirical findings verify that my theoretical variables interact significantly with ER policy decisions in East Asia. The statistics also demonstrate that most East Asian countries tend to strategically withstand influences from the various waves of capital liberalization and keep their currencies at low values. In a general testing, however, domestic pursuits for preferred interests gradually yield to the persistent influences of international and regional forces on ER policy making in East Asia.
The Political Economy Of Exchange Rate Regime Determination
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Author : Alena Kimakova
language : en
Publisher:
Release Date : 2009
The Political Economy Of Exchange Rate Regime Determination written by Alena Kimakova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper studies exchange rate regime choice from a positive perspective by modeling the interplay of monetary and fiscal policy, credibility and financial market microstructure as factors influencing the decision on de facto regime. The model shows how a small open economy reliant on foreign sources of financing is likely to opt for a stable regime. Furthermore, a stable political environment with a high degree of accountability is conducive to choosing a flexible regime. The findings suggest that flexible rather than fixed exchange rate regimes provide more fiscal discipline.
China S Evolving Exchange Rate Regime
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Author : Mr.Sonali Das
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-07
China S Evolving Exchange Rate Regime written by Mr.Sonali Das 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 2019-03-07 with Business & Economics categories.
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.