Monetary Unions And Hard Pegs
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Monetary Unions And Hard Pegs
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Author : Volbert Alexander
language : en
Publisher: OUP Oxford
Release Date : 2004-03-25
Monetary Unions And Hard Pegs written by Volbert Alexander and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-25 with Business & Economics categories.
Financial services with global reach are becoming ever more important in the conduct and organization of the trade and investment of nations, and currencies that lack international standing lose out in this business. The result of financial development has been destabilizing currency and portfolio substitution — in favour of international currencies and against local ones. This book analyses formal approaches to overcoming monetary divisions within countries and within integrating regions, focusing on the consequences of monetary union for trade among union members and their financial development and stability. The authors discuss hard pegs such as those attempted by the currency board of Argentina, outright dollarization, such as in Ecuador, and multilateral monetary union, as in Europe, the least reversible form of monetary union and the most powerful elixir of financial integration and trade. The political classes and central banks in most countries have been reluctant to admit the market- and technology-driven forces of currency consolidation, much less yield to them. International financial institutions too are still in the habit of proffering advice about national monetary and exchange-rate policies on the assumption that getting rid of both is not even an option. Emerging-market countries, in particular, have to choose between retaining what independent monetary means they still have — and can safely use in the presence of widespread liability dollarization and currency mismatches — and formally replacing the domestic with an international currency to reduce exposure to debilitating financial crises. In concrete investigations of this choice, this volume shows that monetary union deserves a much more sympathetic hearing.
International Currency Arrangements And Policies
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Author : Julius Horváth
language : en
Publisher: Nova Publishers
Release Date : 2006
International Currency Arrangements And Policies written by Julius Horváth and has been published by Nova Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
This book deals with exchange rate arrangements and exchange rate policies. Chapter 2 classifies exchange rates into flexible, intermediate and rigid arrangements. The book is subdivided into an arrangement of free float, managed float, pegged but adjustable, target zone, crawling peg, hard peg, currency board, dollarisation, and monetary union. This chapter also discusses hypothesis of vanishing intermediate exchange rate arrangements as well as it deals with differentiation between de jure, and de facto exchange rate arrangements. Chapter 3 deals with the issue of choosing an appropriate exchange rate arrangement. The book briefly characterises basic approaches of how to choose an exchange rate regime. Furthermore, the book reviews considerations stemming from the optimum currency area literature. Chapter 4 deals with problems of exchange rate, which were encountered by the most developed transition countries. After discussing the initial stabilisation problems of the early 1990s, it provides a general overview of the macroeconomic situation and exchange rates arrangements in these countries in the period 1990-2004. Also the book discusses issues connected with the future introduction of the euro into these countries. Chapter 5 provides the reader with two case studies. First, a discussion of the Czech experience in the transition period till the crisis in May 1997 is presented. Second, a discussion of the Hungarian experience concerning banking and exchange rate policy in the 1990s till the early years of this century. Finally, Chapter 6 discusses different historical periods from the viewpoint of currency arrangements.
Exchange Rate Regime Transitions
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Author : Paul R. Masson
language : en
Publisher:
Release Date : 2000
Exchange Rate Regime Transitions written by Paul R. Masson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Foreign exchange rates categories.
Some have argued that the only sustainable regimes are free floating and hard exchange rate commitments--essentially currency boards or monetary unions (Eichengreen, 1994, 1998; Obstfeld and Rogoff, 1995). For instance, Eichengreen (1994, pp. 4-5) says that ..". contingent policy rules to hit explicit exchange rate targets will no longer be viable in the twenty-first century ... Countries ... will be forced to choose between floating exchange rates on the one hand and monetary unification on the other." Similarly, Obstfeld and Rogoff (1995, pp. 74) state ..". there is little, if any, comfortable middle ground between floating rates and the adoption of a common currency." Hence, in the view of these authors, in the future we will see a disappearance of the middle ground that corresponds to soft commitments to some sort of intermediate exchange rate regime--adjustable pegs, crawling pegs, or bands, and perhaps also managed floating. This view is sometimes called the "two poles" or "hollowing out" (e.g., Eichengreen, 1994, pp. 6) theory of exchange rate regimes, and is based on the observation that higher capital mobility makes exchange rate commitments increasingly fragile. However, like the optimal currency area literature, which is essentially static, an explicit or implicit assumption is made that regimes are chosen to last forever, and from this perspective, one would only choose a regime that could be sustained once and for all. Only the hardest peg and the absence of any exchange rate commitment whatsoever are likely to qualify on that basis. Thus Eichengreen (1994, pp. 5), states "This will rule out the maintenance for extended periods of pegged but adjustable exchange rates, crawling pegs, and other regimes in which governments pre-announce limits on exchange rate fluctuations ..." (italics added).
Monetary Unions
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Author : Forrest Capie
language : en
Publisher: Routledge
Release Date : 2003-09
Monetary Unions written by Forrest Capie and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09 with Business & Economics categories.
The Economic and Monetary Union (EMU) has prompted much discussion. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed as well as looking at EMU directly.
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 Empirics Of Exchange Rate Regimes And Trade
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Author : Mr.Charalambos G. Tsangarides
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01
The Empirics Of Exchange Rate Regimes And Trade written by Mr.Charalambos G. Tsangarides 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 2010-02-01 with Business & Economics categories.
This paper examines the impact of exchange rate regimes on bilateral trade while differentiating the effects of "words" and "deeds". Our findings-based on an extended database for de jure and de facto exchange rate classifications-show that while fixed exchange rate regimes increase trade, there is no systematic difference in the effects of policy announcements versus actions to maintain exchange rate stability. The trade generating effect of more stable exchange rate regimes is however more pronounced when words and actions are aligned, both in the short and long-run. Policy credibility therefore plays an important role in determining the effects of de jure and de facto exchange rate arrangements such that deviations between the two could be costly. In addition, we find evidence that (i) the impact of hard pegs such as currency unions is broadly similar to that of conventional pegs; (ii) the currency union and direct peg effects evolve over time; and (iii) the effects of more stable regimes are heterogeneous across country groups.
The Choice Of Monetary And Exchange Rate Arrangements For A Small Open Low Income Economy
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Author :
language : en
Publisher:
Release Date : 2008
The Choice Of Monetary And Exchange Rate Arrangements For A Small Open Low Income Economy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Foreign exchange rates categories.
This paper assesses São Tomé and Príncipe's monetary and exchange rate arrangements in light of the country's monetary history and the relevant experience of comparable countries in Africa. The study highlights several structural characteristics of São Tomé and Príncipe including its very small size, high degree of openness, extensive use of foreign currencies, and inflexible product and factor markets in the consideration of an appropriate monetary and exchange regime. Firmly anchored currency arrangements, defined in this paper to include memberships in monetary unions or hard pegs, are found to be preferable to the status quo of a managed float. The paper applies statistical methods and takes into account other factors to identify the appropriate anchor currency. It stresses that fiscal discipline and prudent debt management are the main prerequisites for a firmly anchored currency arrangement.
A History Of Monetary Unions
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Author : John F Chown
language : en
Publisher: Routledge
Release Date : 2003-02-27
A History Of Monetary Unions written by John F Chown and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-02-27 with Business & Economics categories.
In this comprehensive historical overview, the author writes about Monetary Unions with admirable completeness. Written in a readable and enjoyable prose, A History of Monetary Unions combines historical analysis with present day context.
Revised System For The Classification Of Exchange Rate Arrangements
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Author :
language : en
Publisher:
Release Date : 2009
Revised System For The Classification Of Exchange Rate Arrangements written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Foreign exchange rates categories.
Handbook Of The History Of Money And Currency
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Author : Stefano Battilossi
language : en
Publisher: Springer
Release Date : 2020-03-13
Handbook Of The History Of Money And Currency written by Stefano Battilossi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-13 with Business & Economics categories.
This handbook provides a comprehensive overview of state-of-the-art research in the field of monetary and financial history. The authors comprise different generations of leading scholars from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical coverage (from Europe to the Americas and Asia), the volume is set to become a key reference for historians, economists, and social scientists with an interest in the subject. The handbook reflects the existing variety of scholarly approaches in the field, from theoretically driven macroeconomic history to the political economy of monetary institutions and the historical evolution of monetary policies. Its thematic sections cover a wide range of topics, including the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks.