The Business Cycle Associated With Exchange Rate Based Stabilization
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The Business Cycle Associated With Exchange Rate Based Stabilization
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Author : Miguel Alberto Kiguel
language : en
Publisher: World Bank Publications
Release Date : 1990
The Business Cycle Associated With Exchange Rate Based Stabilization written by Miguel Alberto Kiguel 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 1990 with Business cycles categories.
Disinflation programs in chronic inflation countries do not normally follow the usual Phillips curve tradeoff in the medium run. Instead of having a sharp recession in the early stage of stabilization, there often is an initial expansion of output followed by a recession and balance of payments difficulties. This pattern is related to programs that use the exchange rate as an instrument of disinflation.
Exchange Rate Based Stabilization
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Author : Mr.A. Javier Hamann
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Exchange Rate Based Stabilization written by Mr.A. Javier Hamann 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 1999-10-01 with Business & Economics categories.
Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
Exchange Rate Based Stabilization Under Imperfect Credibility
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1991-08-01
Exchange Rate Based Stabilization Under Imperfect Credibility written by Mr.Guillermo Calvo 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 1991-08-01 with Business & Economics categories.
This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout the program, thus resulting in a sustained real exchange rate appreciation.
Exchange Rate Based Stabilization In Western Europe
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Author : Ms.Enrica Detragiache
language : en
Publisher: International Monetary Fund
Release Date : 1997-06-01
Exchange Rate Based Stabilization In Western Europe written by Ms.Enrica Detragiache 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 1997-06-01 with Business & Economics categories.
This paper compares the experience with exchange-rate–based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables—inflation, output, demand, the real exchange rate and the current account—in the four countries examined did not correspond to the pattern observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987–92 and Greece in 1994–96. The experience with ERBS in Western Europe highlights the importance of incomes policy as an ingredient of a successful stabilization program and shows that the adoption of a looser anchor does not necessarily reduce the output cost of disinflation.
Exchange Rate Based Stabilazation
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Author : Alberto F. Ades
language : en
Publisher: World Bank Publications
Release Date : 1993
Exchange Rate Based Stabilazation written by Alberto F. Ades 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 with Danmark categories.
In high inflation economies exchange- rate- based stabilizations typically start with a boom, with the recession coming later. In contrast, in similar programs in the moderate inflation European economies, the recession generally appears upfront. When such programs result in a boom, it is driven by different forces than in the high inflation economies.
Fiscal Policy And The Business Cycle Associated With Exchange Rate Based Stabilizations
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Author : Ernesto Talvi
language : en
Publisher:
Release Date : 1995
Fiscal Policy And The Business Cycle Associated With Exchange Rate Based Stabilizations written by Ernesto Talvi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business cycles categories.
Exchange Rate Based Stabilization
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Author : A. Javier Hamann
language : en
Publisher:
Release Date : 1999
Exchange Rate Based Stabilization written by A. Javier Hamann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Economic stabilization categories.
Monetary And Exchange Rate Dynamics During Disinflation
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Author : Mr.Andres Arias Leiva
language : en
Publisher: International Monetary Fund
Release Date : 2005-02-01
Monetary And Exchange Rate Dynamics During Disinflation written by Mr.Andres Arias Leiva 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 2005-02-01 with Business & Economics categories.
Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases in which the central bank intervenes in the foreign exchange market but does not preannounce the use of an exchange rate anchor. The number of the de facto ERBS is twice as large as that of de jure ERBS. Output dynamics during disinflation do not differ significantly between these two groups. We conclude that empirical studies on the effects of exchange rate anchors must seek to disentangle the effects of their announcement from those related to their role in the remonetization process.
Exchange Rate Policies For Emerging Market Economies
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Author : Richard J Sweeney
language : en
Publisher: Routledge
Release Date : 2019-03-13
Exchange Rate Policies For Emerging Market Economies written by Richard J Sweeney and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-13 with Political Science categories.
With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
Modern Exchange Rate Regimes Stabilisation Programmes And Co Ordination Of Macroeconomic Policies
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Author : Maria Luiza Falcão Silva
language : en
Publisher: Routledge
Release Date : 2018-08-17
Modern Exchange Rate Regimes Stabilisation Programmes And Co Ordination Of Macroeconomic Policies written by Maria Luiza Falcão Silva and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-17 with Business & Economics categories.
Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.