The Choice Of Monetary And Exchange Rate Arrangements For A Small Open Low Income Economy
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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.
The Choice Of Monetary And Exchange Rate Arrangements For A Small Open Low Income Economy The Case Of Sao Tome And Principe
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Author : Márcio Valério Ronci
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-05-01
The Choice Of Monetary And Exchange Rate Arrangements For A Small Open Low Income Economy The Case Of Sao Tome And Principe written by Márcio Valério Ronci 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 2008-05-01 with 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.
Imf Working Papers
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Author : Márcio Valério Ronci
language : en
Publisher:
Release Date : 2008
Imf Working Papers written by Márcio Valério Ronci and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Electronic books categories.
Exchange Rate Regime Choice
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1991-09-01
Exchange Rate Regime Choice written by Mr.Robert P. Flood 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 1991-09-01 with Business & Economics categories.
Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects of price or information rigidities. In this paradigm the optimal degree of exchange rate flexibility is found to depend of the source and nature of shocks hitting an economy. More recent literature views the exchange rate as a widely and frequently seen manifestation of government policy with careful exchange-rate management emerging as a tool that can enhance shaky policy credibility.
Imf Research Bulletin December 2008
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2008-12-11
Imf Research Bulletin December 2008 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 2008-12-11 with Business & Economics categories.
December 2008: IMF research summaries on global herding in financial markets (by Marco Cipriani) and on fiscal decentralization (by Lusine Lusinyan); article on the experiences of IMF staff at the Nobel Laureate Meetings in Lindau, Germany (by Chris Crowe); listing of visiting scholars at the IMF during August–December 2008; listing of contents of Vol. 55 No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a Call for Papers for an upcoming conference on structural reforms.
The Choice Of Exchange Rate Regime For A Small Open Economy
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Author : Hali J. Edison
language : en
Publisher:
Release Date : 1987
The Choice Of Exchange Rate Regime For A Small Open Economy written by Hali J. Edison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Exchange Rate Regimes
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Author : Atish R. Ghosh
language : en
Publisher: MIT Press
Release Date : 2002
Exchange Rate Regimes written by Atish R. Ghosh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Liquidity Management Under Fixed Exchange Rate With Open Capital Account
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Author : Mariam El Hamiani Khatat
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-18
Liquidity Management Under Fixed Exchange Rate With Open Capital Account written by Mariam El Hamiani Khatat 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 2019-03-18 with Business & Economics categories.
This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
Exchange Rate Choices Of Microstates
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Author : Patrick A. Imam
language : en
Publisher: International Monetary Fund
Release Date : 2010-01-01
Exchange Rate Choices Of Microstates written by Patrick A. Imam 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 2010-01-01 with Business & Economics categories.
In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.
Inventories Monetary Regimes And Exchange Rate Determination
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Author : Richard Francis Moody
language : en
Publisher:
Release Date : 1992
Inventories Monetary Regimes And Exchange Rate Determination written by Richard Francis Moody and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Foreign exchange categories.