Multiple Exchange Rates Fiscal Deficits And Inflation Dynamics
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Multiple Exchange Rates Fiscal Deficits And Inflation Dynamics
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Author : Mr.Vincent Bodart
language : en
Publisher: International Monetary Fund
Release Date : 1996-05-01
Multiple Exchange Rates Fiscal Deficits And Inflation Dynamics written by Mr.Vincent Bodart 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 1996-05-01 with Business & Economics categories.
The paper explores the inflationary implications of exchange rate regime reforms in a small open economy model combining the public finance view of inflation with multiple exchange markets. To account for the experience of many developing countries, the analysis focuses on transitions to multiple official exchange markets. In those countries, multiple exchange rates were often announced as temporary. The paper shows that the dynamic response of inflation to the reform markedly differ whether the announcement is credible or not. The paper also compares the response of inflation under a fixed crawl of nominal official rates and under the presence of policy rules aimed at reducing the spread between the official and parallel exchange rates.
Inflation In Emerging And Developing Economies
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Author : Jongrim Ha
language : en
Publisher: World Bank Publications
Release Date : 2019-01-03
Inflation In Emerging And Developing Economies written by Jongrim Ha 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 2019-01-03 with Business & Economics categories.
This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
Imf Staff Papers Volume 43 No 3
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1996-01-01
Imf Staff Papers Volume 43 No 3 written by International Monetary Fund. Research Dept. 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 1996-01-01 with Business & Economics categories.
This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather than risen on average. Also, although the autocorrelations in emerging market returns appear to turn negative at horizons of a year or more, the magnitude of these return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries.
Multiple Exchange Rates Fiscal Deficit And Inflation Dynamics
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Author : Vincent Bodart
language : en
Publisher:
Release Date : 1996
Multiple Exchange Rates Fiscal Deficit And Inflation Dynamics written by Vincent Bodart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Research Activities Of The Imf January 1991 December 1998
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1999-09-24
Research Activities Of The Imf January 1991 December 1998 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 1999-09-24 with Business & Economics categories.
A selective index of major research papers prepared by IMF staff in 1991-98.
Suriname
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Author : Mr.Benedikt Braumann
language : en
Publisher: International Monetary Fund
Release Date : 1999-11-01
Suriname written by Mr.Benedikt Braumann 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 1999-11-01 with Business & Economics categories.
Suriname recently went through a period of destabilizationthat that bordered on hyperinflation. The country’s experience provides a good illustration to study the genesis and dynamics of high inflation and includes some unusual phenomena, such as a monetary overhang, an eight-tiered exchange rate, and inflationary gold purchases by the central bank. High inflation also had a significant impact on the real economy. This paper compares the experience of Suriname with other countries discussed in the recent stabilization literature. It finds strong evidence of intertemporal demand effects, which occurred as the public reacted to the temporary bout of high inflation.
Research Activities Of The Imf January 1991 December 1999
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2000-01-01
Research Activities Of The Imf January 1991 December 1999 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 2000-01-01 with Business & Economics categories.
Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Multiple Exchange Rates
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Author :
language : en
Publisher:
Release Date : 1996
Multiple Exchange Rates written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Fiscal Dominance And Inflation Targeting
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Author : Olivier J. Blanchard
language : en
Publisher:
Release Date : 2004
Fiscal Dominance And Inflation Targeting written by Olivier J. Blanchard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Fiscal policy categories.
"A standard proposition in open-economy macroeconomics is that a central-bank-engineered increase in the real interest rate makes domestic government debt more attractive and leads to a real appreciation. If, however, the increase in the real interest rate also increases the probability of default on the debt, the effect may be instead to make domestic government debt less attractive, and to lead to a real depreciation. That outcome is more likely the higher the initial level of debt, the higher the proportion of foreign-currency-denominated debt, and the higher the price of risk. Under that outcome, inflation targeting can clearly have perverse effects: An increase in the real interest in response to higher inflation leads to a real depreciation. The real depreciation leads in turn to a further increase in inflation. In this case, fiscal policy, not monetary policy, is the right instrument to decrease inflation. This paper argues that this is the situation the Brazilian economy found itself in in 2002 and 2003. It presents a model of the interaction between the interest rate, the exchange rate, and the probability of default, in a high-debt high-risk-aversion economy such as Brazil during that period. It then estimates the model, using Brazilian data. It concludes that, in 2002, the level and the composition of public debt in Brazil, and the general level of risk aversion in world financial markets, were indeed such as to imply perverse effects of the interest rate on the exchange rate and on inflation"--NBER website
Imf Working Paper
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Author :
language : en
Publisher:
Release Date : 1996
Imf Working Paper written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Finance categories.