Proceedings Of A Conference On Currency Substitution And Currency Boards
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Proceedings Of A Conference On Currency Substitution And Currency Boards
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Author : Nissan Liviatan
language : en
Publisher: World Bank Publications
Release Date : 1993-01-01
Proceedings Of A Conference On Currency Substitution And Currency Boards written by Nissan Liviatan 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 1993-01-01 with Business & Economics categories.
Eighteen well-known policymakers and economists discuss the rising use of currency substitution in Latin America. They examine the effects of currency boards on substitute currencies and on national stabilization programs. Latin American countries including Argentina, Bolivia, Peru, and Uruguay increasingly use dollars as a substitute for domestic currency. The experts debate whether the region should encourage or resist this trend. Topics include the effects of substitution on inflation, liquidity, and exchange rates. The discussions on Argentina, Peru, and Brazil focus on the ways in which currency boards have affected stabilization in these countries. They consider whether such boards can strengthen fiscal discipline and speed economic adjustment. A currency board issues money that is converted into a foreign reserve currency at a fixed exchange rate. This independent institution takes over the central bank's role as the sole issuer of base money. It also manages the exchange rate to keep the currency stable and convertible.
Currency Boards And External Shocks
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Author : Guillermo Perry
language : en
Publisher: World Bank Publications
Release Date : 1997-01-01
Currency Boards And External Shocks written by Guillermo Perry 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 1997-01-01 with Business & Economics categories.
Currency boards are institutions that replace central banks and ensure that a country's currency can be purchased at a given price (or exchange rate) upon demand, thus imposing a fixed exchange rate on international transactions. These systems have their advantages--they prohibit the use of liberal monetary policies that lead to high inflation--but they can also limit the ability of an economy to react to changes in international economic conditions if foreign currency reserves are depleted. Such threats to the stability of the financial sector may stem from economic events that originate outside the national economy (external shocks), such as the fallout from the Mexican peso devaluation in late 1994. This paper presents the proceedings of a World Bank roundtable discussion held in 1996 to examine the impact of external shocks and to address the challenges countries face when operating under a currency-board system of currency exchange, with a particular emphasis on how certain costs can be minimized while maximizing the gains. Special attention is given to the currency-board systems in Argentina and Hong Kong.
Currency Board Arrangements
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Author : Mr.Charles Enoch
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-05
Currency Board Arrangements written by Mr.Charles Enoch 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 1997-09-05 with Business & Economics categories.
This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.
Getting Global Monetary Policy On Track
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Author : Michael D. Bordo
language : en
Publisher: Hoover Press
Release Date : 2025-03-01
Getting Global Monetary Policy On Track written by Michael D. Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-01 with Business & Economics categories.
Based on the 2024 Monetary Policy Conference held at the Hoover Institution at Stanford University, Getting Global Monetary Policy on Track reviews recent global inflation, asking how central banks could have better responded and how they can improve their forecasting and policy strategies to avoid inflationary bursts in the future. Discussions delve into the interactions of fiscal and monetary policies, digital currency, and how the European Central Bank has become more dovish, preferring to keep interest rates low. The publication shares the presentations from economic experts around the globe, who contribute analysis of monetary policy and strategy from Asia, Europe, Latin America, and the United States, in large economies and in emerging markets. It also reproduces the lively and informative discussions at the conference. Essays on financial regulation examine asset value and equity levels in the US banking system, Treasury market turmoil, Federal Reserve independence, the 2023 UK pension fund meltdown, and regulatory expansion. Additional topics include labor market responses to the surge in remote work; how Israel handled financial shocks following the 2023 Hamas attack; and continued fallout from the COVID-19 pandemic: the supply, fiscal, and relative demand shocks of the pandemic and how central banks handled postpandemic inflation.
Exchange Rate Parity For Trade And Development
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Author : Pan A. Yotopoulos
language : en
Publisher: Cambridge University Press
Release Date : 1996
Exchange Rate Parity For Trade And Development written by Pan A. Yotopoulos and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
This book extends recent theories of incomplete markets to investigate empirically the appropriate balance between the market and the state in the trade relations between developed and developing countries. The conclusion is that in an ideal world government intervention in foreign exchange and trade is necessary in developing countries in the early stages and inevitably decreases as development occurs. Rationing of foreign exchange prevents a 'soft currency distortion' that commonly afflicts developing countries and can turn comparative advantage trade into competitive devaluation trade, with severe losses of income and welfare. Yotopoulos finds that the level of underdevelopment narrowly circumscribes and conditions the extent to which free-market, free-trade, laissez-faire can be beneficial, contrary to the mainstream policy paradigm as currently applied. The analysis and tests draw on empirical research from seventy countries and four extended country studies to confirm the usefulness and validity of the theoretical framework.
The Geography Of Money
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Author : Benjamin J. Cohen
language : en
Publisher: Cornell University Press
Release Date : 2018-10-18
The Geography Of Money written by Benjamin J. Cohen 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.
The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power. Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.
Political Economy Of Transition
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Author : Jozef M. van Brabant
language : en
Publisher: Routledge
Release Date : 2012-11-12
Political Economy Of Transition written by Jozef M. van Brabant and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-12 with Business & Economics categories.
This book addresses the policy questions surrounding the challenge of transforming eastern European economies from their planned, administrative past to vibrant market-based entities. Jozef van Brabant considers in turn, the wider set of challenges facing these economies - stabilization, privatization, liberalization, institution building, and developing and maintaining the sociopolitical consensus - before examining the evolving role of the state. Using concrete examples from the eastern European countries throughout, including the Czech Republic and Bulgaria, this work systematically examines, in a society-wide context, the initial conditions of transformation, the policy tasks ahead and the manner in which policies have been pursued.
Governing The World S Money
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Author : David M. Andrews
language : en
Publisher: Cornell University Press
Release Date : 2018-10-18
Governing The World S Money written by David M. Andrews 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.
The effective governance of global money and finance is under enormous stress. Deep changes over the last decade in capital markets, exchange rate systems, and government finances suggest dramatic shifts in the contours of monetary power, with tensions rising between the functional logic of international economics and the geographic logic of state-centered politics. Governing the World's Money assesses those tensions and the prospects for their peaceful resolution. Governing the World's Money surveys the frontiers of the global monetary system in ten original essays. Leading scholars of international relations and economics explore the evolution of the instruments available to policy officials for monetary governance. As they analyze the contemporary reordering of political authority in a market-oriented global economy, they open new pathways for the study of regional monetary integration and international institutional reform.
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 an admirable completeness and covers such themes as:*The Gold Standard*Monetary Unions in Countries and Areas from Latin America to The British Empire to Japan and Korea with many in between*EMU and its Policy Ramifications*the CFA Franc Zone in the former Frenc
Regional Aspects Of Monetary Policy In Europe
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Author : Jürgen von Hagen
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Regional Aspects Of Monetary Policy In Europe written by Jürgen von Hagen 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 2013-04-17 with Business & Economics categories.
Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.