Author: Ugo Fasano-FilhoPublisher: Gower Publishing Company, Limited
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
Book Description
Currency Substitution and Liberalization
Author: Ugo Fasano-FilhoPublisher: Gower Publishing Company, Limited
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
Book Description
Currency Substitution
Author: Victor A. CantoPublisher: Springer Science & Business Media
ISBN: 9400932618
Category : Business & Economics
Languages : en
Pages : 203
Book Description
This work grew out of a series of investigations begun by the authors in 1980 and 1981. Specifically the authors pursued two lines of inquiry. First, to advance the state of the theoretical lit erature to better explain the crises of liberalization which seemed to be afflicting the third world in general and Latin America in particular. To do this, several different kinds of models were in vestigated and adapted. These are presented in Chapters 2, 3 and 5. Secondly an analysis of the empirical evidence was conducted in order to gain insight into the processes that were thought to be occurring and the theoretical models that were being developed. Some of this work appears in Chapters 3, 4, 5 and 6. Other work by the authors on these issues has been published elsewhere and is referenced herein. There are a great many people whose work and whose com ments have influenced this work. We would like to especially thank Guillermo Calvo, Michael Connolly, Sebastian Edwards, Roque Fernandez, Michael Darby, Robert Clower, Neil Wallace, John Kareken, Paul McNelis, Jeffrey Nugent, Jaime Marquez, Lee Ohanian, Leroy Laney, Jorge Braga de Macedo, Dale Henderson, vii Matthew Canzoneiri, Arthur Laffer, Marc Miles, and George Von Furstenberg whose ideas and comments gave rise to much of our work. We would like to thank Suh Lee for his assistance with the computations in Chapter 5.
Foreign Exchange Market Liberalization and the Demand for Money in the Presence of Currency Substitution
Author: David Cal MacWilliamPublisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 94
Book Description
Capital Controls and Trade Liberalization in a Monetary Economy
Author: Mr.B. JangPublisher: International Monetary Fund
ISBN: 1451844123
Category : Business & Economics
Languages : en
Pages : 25
Book Description
This paper reexamines Aizenman’s (1985) results on the effects of capital controls during unanticipated trade liberalization using an intertemporal optimizing monetary model. Unlike in Aizenman’s model, which is based on the currency substitution model, foreign money is an interest-bearing asset in this paper, and its major role is to smooth intertemporal consumption. With this modification, Aizenman’s results are reversed, thus showing that the effects of capital controls during trade liberalization would vary greatly depending on the role of foreign money in a country. The effects of an anticipated trade liberalization are also studied.
Financial Liberalization, Currency Substitution and Savings
Author: Tafirenyika SundePublisher:
ISBN:
Category : Elections
Languages : en
Pages : 14
Book Description
Financial Liberalization, Currency Substitution, and Investment
Author: M. Nureldin HussainPublisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 38
Book Description
Abstracts in English and French.
Financial Liberalization, Currency Substitution and Savings
Author: Dedollarization
Author: Mr.Romain VeyrunePublisher: International Monetary Fund
ISBN: 1455202223
Category : Business & Economics
Languages : en
Pages : 52
Book Description
This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.
The Order of Economic Liberalization
Author: Ronald I. MckinnonPublisher: JHU Press
ISBN: 9780801847431
Category : Business & Economics
Languages : en
Pages : 260
Book Description
Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Dollarization in Transition Economies
Author: Ms.Ratna SahayPublisher: International Monetary Fund
ISBN: 145195008X
Category : Business & Economics
Languages : en
Pages : 34
Book Description
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.