Monetary Independence Under Flexible Exchange Rates
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Monetary Independence Under Flexible Exchange Rates
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Author : Harvey A. Poniachek
language : en
Publisher: Free Press
Release Date : 1979
Monetary Independence Under Flexible Exchange Rates written by Harvey A. Poniachek and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
Moving To A Flexible Exchange Rate
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Author : Mrs.Gilda Fernandez
language : en
Publisher: International Monetary Fund
Release Date : 2006-01-09
Moving To A Flexible Exchange Rate written by Mrs.Gilda Fernandez 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 2006-01-09 with Business & Economics categories.
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Monetary Policy Under Flexible Exchange Rates
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Author : Pierre-Richard Agénor
language : en
Publisher: World Bank Publications
Release Date : 2000
Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor 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 2000 with Economic stabilization categories.
In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.
Global Transmission Of Interest Rates
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Author : Jeffrey A. Frankel
language : en
Publisher: World Bank Publications
Release Date : 2000
Global Transmission Of Interest Rates written by Jeffrey A. Frankel 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 2000 with Banca central categories.
Hikes in U.S. interest rates in 1999-2000 have started to spill over to other economies' interest rates, which in many countries have risen to reflect the higher U.S. rates. Are countries with flexible exchange rates better able to isolate their domestic interest rates from this type of negative international shock? Less and less so, as economies become more integrated.
Exchange Rate Regime Choice In Historical Perspective
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Author : Michael D. Bordo
language : en
Publisher: International Monetary Fund
Release Date : 2003-08-01
Exchange Rate Regime Choice In Historical Perspective written by Michael D. Bordo 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 2003-08-01 with Business & Economics categories.
In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.
The Many Disappointments Of Flexible Exchange Rates
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Author : Robert M. Dunn
language : en
Publisher:
Release Date : 1983
The Many Disappointments Of Flexible Exchange Rates written by Robert M. Dunn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
Moving To A Flexible Exchange Rate
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Author : Gilda Fernandez
language : zh-CN
Publisher: International Monetary Fund
Release Date : 2006-01-01
Moving To A Flexible Exchange Rate written by Gilda Fernandez 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 2006-01-01 with Business & Economics categories.
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Flexible Exchange Rates H
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Author : Jan Herin
language : en
Publisher: Routledge
Release Date : 2019-03-12
Flexible Exchange Rates H written by Jan Herin and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-12 with Political Science categories.
This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
Current Issues In The Design And Conduct Of Monetary Policy
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Current Issues In The Design And Conduct Of Monetary Policy written by Mr.Mohsin S. Khan 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 2003-03-01 with Business & Economics categories.
Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
Global Transmission Of Interest Rates
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 2017
Global Transmission Of Interest Rates written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The authors empirically study the sensitivity of local interest rates to international interest rates and how that sensitivity is affected by a country's choice of exchange rate regime. To establish the empirical regularities, they use a reduced-form empirical approach to compute both panel and single-country estimates of interest rate sensitivity for a large sample of developing and industrial economies between 1970 and 1999. When using the full sample, they find that: 1) Interest rates are typically lower in economies with fixed exchange rates than in those with flexible exchange rates. 2) More rigid currency regimes tend to exhibit higher transmission than more flexible regimes. In many cases in the 1990s, however, the authors cannot reject full transmission (a slope coefficient equal to 1), even for several countries with floating regimes. The data suggest an upward time trend in the degree to which domestic interest rates are sensitive to international capital movements and developing economies' increased financial integration with the rest of the world. As a result, country-specific estimates for the 1990s reveal few cases of less-than-full transmission of international interest rates to domestic rates, regardless of the currency regime. Country-specific results suggest that only large industrial countries can (or choose to) benefit from independent monetary policy. During the 1990s, interest rates in European countries were fully sensitive to German interest rates but insensitive to U.S. interest rates.