The Real Effects Of Foreign Inflation In The Presence Of Currency Substitution
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The Real Effects Of Foreign Inflation In The Presence Of Currency Substitution
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Author : Charles Engel
language : en
Publisher:
Release Date : 1987
The Real Effects Of Foreign Inflation In The Presence Of Currency Substitution written by Charles Engel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Currency question categories.
The paper explores optimizing models of small open economies that hold foreign money balances. Particular attention is paid to the impact of foreign inflation on the real exchange rate and other real variables. At first, an environment in which foreign money is the only traded asset is explored. This is compared to a more general setting in which many assets can be traded. The effect of foreign inflation on domestic real variables depends on: 1) the degree to which it causes a substitution out of traded assets as a whole and into non-traded assets, and 2) the change in real returns on the portfolio of traded assets held by domestic residents.
Currency Substitution In Developing Countries
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1992-05-01
Currency Substitution In Developing Countries 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 1992-05-01 with Business & Economics categories.
This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis.
Foreign Currency Deposits
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Author : Mr.Andréas Georgiou
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01
Foreign Currency Deposits written by Mr.Andréas Georgiou 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 1991-11-01 with Business & Economics categories.
This paper discusses the relationship between foreign currency deposits and money, and it shows that the indexation of part of the nominal money supply to the exchange rate, as a result of the presence of foreign currency deposits, will increase the inflationary effects of monetary disequilibria under a floating exchange rate system and will reduce the effect of a devaluation of a usually fixed exchange rate. When a real exchange rate rule is followed, the presence of foreign currency deposits implies that there is less of a tradeoff between the rate of nominal depreciation/inflation and the level of the real exchange rate. The paper shows how certain aspects of financial programming may be affected by the presence of these deposits.
Dollarization In Transition Economies
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 1995-09-01
Dollarization In Transition Economies written by Ms.Ratna Sahay 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 1995-09-01 with Business & Economics categories.
After most restrictions on foreign currency holdings were relaxed in the early 1990s, foreign currency deposits in transition economies have been increasing rapidly. This paper takes a first look at the evidence on dollarization for 15 transition economies, and then discusses some key conceptual and policy implications. Depending on the institutional constraints, foreign currency deposits as a proportion of broad money reached a peak of between 30 and 60 percent in 1992-93. Unlike what has been observed in Latin America, however, dollarization has fallen substantially in the aftermath of successful stabilization plans in Estonia, Lithuania, Mongolia, and Poland. Since foreign currency deposits reflect mainly a portfolio choice, the fall in dollarization can be primarily attributed to higher real returns on domestic-currency assets, as a result of lower inflation and more market-determined interest rates.
Secondary Currencies And High Inflation
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Author : Paul Auerbach
language : en
Publisher:
Release Date : 1992
Secondary Currencies And High Inflation written by Paul Auerbach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Currency question categories.
Inflation Targeting And Exchange Rate Management In Less Developed Countries
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Author : Mr. Marco Airaudo
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-08
Inflation Targeting And Exchange Rate Management In Less Developed Countries written by Mr. Marco Airaudo 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 2016-03-08 with Business & Economics categories.
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Finance Development March 1986
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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1986-03-01
Finance Development March 1986 written by International Monetary Fund. External Relations 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 1986-03-01 with Business & Economics categories.
This paper examines adjustment, growth, and the IMF’s role. Under the Baker plan, the IMF would continue to play a central role in dealing with the economic imbalances and the debt problems that countries face, a role that would continue to include the analysis and policy advice that the IMF brings to discussions with member countries. The IMF’s role will also be to continue to help countries obtain new external financing from commercial banks as well as from official sources.
Dollarization In Sub Saharan Africa
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Author : Mr.Mauro Mecagni
language : en
Publisher: International Monetary Fund
Release Date : 2015-05-15
Dollarization In Sub Saharan Africa written by Mr.Mauro Mecagni 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 2015-05-15 with Business & Economics categories.
Dollarization—the use of foreign currencies as a medium of exchange, store of value, or unit of account—is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been observed in Latin America, parts of Asia, and Eastern Europe. Dollarization is also present, prominently, in sub-Saharan Africa (SSA) where it remains significant and persistent at over 30 percent rates for both bank loans and deposits—although it has not increased significantly since 2001. However, progress in reducing dollarization has lagged behind other regions and, in this regard, it is legitimate to ask whether this phenomenon is an important concern in SSA. This study fills a gap in the literature by analyzing these issues with specific reference to the SSA region on the basis of the evidence for the past decade.
Parallel Currency Markets In Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-12-01
Parallel Currency Markets In Developing Countries 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 1990-12-01 with Business & Economics categories.
The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy —including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets— in countries with a sizable parallel market are also examined.
The Theory And Empirics Of Exchange Rates
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Author : Imad A Moosa
language : en
Publisher: World Scientific
Release Date : 2009-07-15
The Theory And Empirics Of Exchange Rates written by Imad A Moosa and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-15 with Business & Economics categories.
Exchange rate economics is an important field of investigation for academics, professionals and policy-makers. This book provides a comprehensive survey of the theory of and empirical evidence on the determination and effects of exchange rates. The exposition utilizes both diagrammatic and mathematical representations of the underlying models. The book is a comprehensive reference for those engaged in this field of research.