The Syndrome of Exchange-rate-based Stabilizations and the Uncertain Duration of Currency Pegs PDF Download

Author: Enrique G. Mendoza
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 66

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Author: Mr.A. Javier Hamann
Publisher: International Monetary Fund
ISBN: 1451855362
Category : Business & Economics
Languages : en
Pages : 29

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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: Ms.Enrica Detragiache
Publisher: International Monetary Fund
ISBN: 1451849699
Category : Business & Economics
Languages : en
Pages : 30

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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: John B. Taylor
Publisher: Elsevier
ISBN: 9780444501585
Category : Business & Economics
Languages : en
Pages : 600

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Book Description
Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).

Author: A. Javier Hamann
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 34

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Author: Guillermo A. Calvo
Publisher: MIT Press
ISBN: 9780262532600
Category : Business & Economics
Languages : en
Pages : 572

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Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.

Author: Yuri Vladimirovich Sobolev
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 44

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Book Description
The International Monetary Fund (IMF) presents the full text of an article entitled "Exchange-Rate-Based Stabilization: A Model of Financial Fragility," by Yuri V. Sobolev and published June 2000. The article discusses the interactions between banks and open capital account. Model dynamics simulation shows that remonetization in the wake of disinflation increases loanable funds supply and translates into bank credit expansion financed by capital inflows.

Author:
Publisher: World Bank Publications
ISBN: 0401301028
Category :
Languages : en
Pages : 42

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Author: Pierre-Richard Agénor
Publisher: Princeton University Press
ISBN: 0691165394
Category : Business & Economics
Languages : en
Pages : 792

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Book Description
The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. The most authoritative book on the subject—now fully revised and expanded Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises

Author: A. Leijonhufvud
Publisher: Springer
ISBN: 1403939616
Category : Business & Economics
Languages : en
Pages : 285

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Book Description
Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume edited by Axel Leijonhufvud, with contributions by a number of noted monetary economists, including Nobel Laureate Robert Lucas.