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Author: Ms.Enrica Detragiache Publisher: International Monetary Fund ISBN: 1451849699 Category : Business & Economics Languages : en Pages : 30
Book Description
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.
Author: Ms.Enrica Detragiache Publisher: International Monetary Fund ISBN: 1451849699 Category : Business & Economics Languages : en Pages : 30
Book Description
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.
Author: Enrica Detragiache Publisher: ISBN: Category : Languages : en Pages : 29
Book Description
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.
Author: Alberto F. Ades Publisher: World Bank Publications ISBN: Category : Danmark Languages : en Pages : 45
Book Description
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.
Author: Mr.A. Javier Hamann Publisher: International Monetary Fund ISBN: 1451855362 Category : Business & Economics Languages : en Pages : 29
Book Description
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.
Author: Mr.R. Armando Morales Publisher: International Monetary Fund ISBN: 1451841876 Category : Business & Economics Languages : en Pages : 19
Book Description
Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: ‘parity-guessers,’ who expect a jump to a reference parity level, and ‘money-followers,’ who expect nominal depreciation equal to the monetary rule.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451954506 Category : Business & Economics Languages : en Pages : 194
Book Description
This paper examines the impact of the opening up of Eastern Europe and the Former Soviet Union on Western Europe. The analysis suggests that given reasonable (yet necessarily imprecise) assumptions on the likely developments in the previously centrally planned economies (PCPEs) over the next ten years, West European capital markets are likely to experience only a mild squeeze from their concerted efforts to provide external financing to the East. Most macroeconomic aggregates are likely to suffer shocks significantly smaller than would be expected from a typical business cycle.
Author: Ms.Enrica Detragiache
Author: Ms.Enrica Detragiache
Author: Enrica Detragiache
Author: Enrica Detragiache
Author: 
Author: Enrica Detragiache
Author: Alberto F. Ades
Author: Mr.A. Javier Hamann
Author: Mr.R. Armando Morales
Author: Gunther Schnabl
Author: International Monetary Fund