Limits Of Floating Exchange Rates

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Limits Of Floating Exchange Rates

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Author : Mr.Sebastian Weber
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-01

Limits Of Floating Exchange Rates written by Mr.Sebastian Weber 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 2011-02-01 with Business & Economics categories.

A traditional argument in favor of flexible exchange rates is that they insulate output better from real shocks, because the exchange rate can adjust and stabilize demand for domestic goods through expenditure switching. This argument is weakened in models with high foreign currency debt and low exchange rate pass-through to import prices. The present study evaluates the empirical relevance of these two factors. We analyze the transmission of real external shocks to the domestic economy under fixed and flexible exchange rate regimes for a broad sample of countries in a Panel VAR and let the responses vary with foreign currency indebtedness and import structure. We find that flexible exchange rates do not insulate output better from external shocks if the country imports mainly low pass-through goods and can even amplify the output response if foreign indebtedness is high.

Floating Exchange Rates

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Author : Société Universitaire Européenne de Récherches Financiéres
language : en
Publisher: BRILL
Release Date : 1976-04-09

Floating Exchange Rates written by Société Universitaire Européenne de Récherches Financiéres and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976-04-09 with Business & Economics categories.

The Limits Of Transparency

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Author : Jacqueline Best
language : en
Publisher: Cornell University Press
Release Date : 2018-10-18

The Limits Of Transparency written by Jacqueline Best and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-18 with Political Science categories.

A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic problem of financial governance, and attempts to contain ambiguity have dominated recent financial reform efforts. Jacqueline Best, however, contends that ambiguity can play a valuable role in international political and economic stability. The stability of the postwar era depended, Best suggests, on a carefully maintained balance between coherence and ambiguity. In her view, the collapse of the Bretton Woods exchange-rate regime was caused in large part by the increasing rigidity of the system and its corresponding inability to accommodate ambiguity.This is a novel argument in an area much discussed by economists and political scientists. Their debate has focused on uncertainty as a technical problem and transparency as the solution. Although such policies are presented as technical, Best demonstrates that they are also political, have cultural consequences, and may prove counterproductive. Rather than assume that transparency is the ultimate goal, Best argues, we must recognize that ambiguity is pervasive, substantive, and potentially constructive. To read this book is to comprehend more deeply the ways in which politics is fundamental to economic theory and practice and to understand why the economy requires political leadership in order to flourish.

Flexible Exchange Rates For A Stable World Economy

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Author : Joseph E. Gagnon
language : en
Publisher: Peterson Institute
Release Date : 2011

Flexible Exchange Rates For A Stable World Economy written by Joseph E. Gagnon and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.

Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

Annual Report On Exchange Arrangements And Exchange Restrictions 2000

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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2000-09-07

Annual Report On Exchange Arrangements And Exchange Restrictions 2000 written by International Monetary Fund. Monetary and Capital Markets Department 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 2000-09-07 with Business & Economics categories.

The exchange and trade systems of IMF member countries are presented in this comprehensive volume in a tabular format. There is expanded coverage of the regulatory framework for capital movements. The information generally relates to the end of 1999 but also covers significant developments in early 2000. Published in Septermber.

Enabling Deep Negative Rates To Fight Recessions A Guide

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Author : Ruchir Agarwal
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-29

Enabling Deep Negative Rates To Fight Recessions A Guide written by Ruchir Agarwal 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 2019-04-29 with Business & Economics categories.

The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed—thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, we (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession.

Annual Report On Exchange Arrangements And Exchange Restrictions 2012

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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-14

Annual Report On Exchange Arrangements And Exchange Restrictions 2012 written by International Monetary Fund. Monetary and Capital Markets Department 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 2012-09-14 with Business & Economics categories.

Published since 1950, this authoritative annual reference is based on a unique IMF database that tracks exchange and trade arrangements for 187 IMF member countries, along with Hong Kong SAR, Aruba, and Curaçao and Sint Maarten. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information available to the IMF from a number of sources, including during official IMF staff visits to member countries. There is a separate chapter for each of the 189 countries included, and these are presented in a clear, easy-to-read tabular format. A summary table allows for simple cross-country comparisons of key features of their exchange and trade regimes. The report's introduction summarizes recent global trends and developments. It discusses such topical issues as exchange rate arrangements, current or capital transactions, or prudential regulations. The individual country chapters outline exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. The report now provides more detailed information on the operations of foreign exchange markets and exchange rate mechanisms and better describes the regulatory framework for current and capital account transactions.

Annual Report On Exchange Arrangements And Exchange Restrictions 2023

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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2024-12-19

Annual Report On Exchange Arrangements And Exchange Restrictions 2023 written by International Monetary Fund. Monetary and Capital Markets Department 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 2024-12-19 with Business & Economics categories.

The AREAER provides a comprehensive description of restrictions on international trade and payments, capital controls, and measures implemented in the financial sector, including prudential measures that may affect capital flows for all IMF members. It also provides information on the classification of their exchange rate arrangements, operation of foreign exchange markets, restrictions on current international payments and transfers and multiple currency practices subject to the IMF’s jurisdiction in accordance with Article VIII. Descriptions of individual member countries are available at AREAER Online.

Annual Report On Exchange Arrangements And Exchange Restrictions 2022

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-26

Annual Report On Exchange Arrangements And Exchange Restrictions 2022 written by International Monetary 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 2023-07-26 with Business & Economics categories.

The AREAER provides a comprehensive description of restrictions on international trade and payments, capital controls, and measures implemented in the financial sector, including prudential measures that may affect capital flows for all IMF members. It also provides information on the classification of their exchange rate arrangements, operation of foreign exchange markets, restrictions on current international payments and transfers and multiple currency practices subject to the IMF’s jurisdiction in accordance with Article VIII. Descriptions of individual member countries are available at AREAER Online.

How Well Are Fluctuating Exchange Rates Working

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Author : United States. Congress. Joint Economic Committee. Subcommittee on International Economics
language : en
Publisher:
Release Date : 1973

How Well Are Fluctuating Exchange Rates Working written by United States. Congress. Joint Economic Committee. Subcommittee on International Economics and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Foreign exchange categories.