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Author: Peter J. Quirk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 58
Book Description
In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the adoption of generalized floating by industrial countries in 1973.
Author: Peter J. Quirk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 58
Book Description
In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the adoption of generalized floating by industrial countries in 1973.
Author: Lawrence E. Hinkle Publisher: World Bank Publications ISBN: 019521126X Category : Business & Economics Languages : en Pages : 638
Book Description
The study cautiously identifies exchange rate misalignment as an important element in most of the exchange rate crises that plagued the developing world during the last decade. Given that the increasing integration of world capital markets, has escalated the costs of such crises, a broad consensus emerged in recent years, that the overriding objective of exchange rate policy in developing countries, should be to avoid episodes of prolonged, and substantial misalignment, i.e., situations in which the actual real exchange rate differs significantly from its long-run equilibrium value. It was the Bank's involvement in one such misalignment episode, that eventually led to this book. Following an overview on the concepts and measurement of exchange rate misalignment, its impact on the purchasing power parity, and the relationship between the external real exchange rate (RER), and the two-good internal RER for tradables non-tradables, the study presents methodologies - empirical applications - for estimating the RER equilibrium. The study reaches an optimistic conclusion - that enough is known to identify cases of misalignment, and be able to sound clear warning signals. The implication for exchange rate policy is that ignorance about the empirical value of the equilibrium exchange rate, cannot be used to clinch arguments for extreme exchange arrangements, such as clean floats, currency boards, and "dollarization."
Author: Peter Wickham Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 44
Book Description
The paper examines the behavior of daily spot exchange rates for a sample of industrialized countries which are generally considered to be floating with only occasional official foreign exchange market intervention. This behavior is then compared to the behavior of the exchange rates of a sample of sixteen developing countries whose regimes are often classified as being “flexible”. Considerable differences in the way these developing countries’ exchange rate regimes operate is apparent from the daily data, with some sharing similarities with the regimes of the industrialized countries and with others demonstrating regime shifts and other marked discontinuities.
Author: Jeffry A. Frieden Publisher: Princeton University Press ISBN: 1400865344 Category : Business & Economics Languages : en Pages : 318
Book Description
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Author: Sebastian Edwards Publisher: University of Chicago Press ISBN: 0226184730 Category : Business & Economics Languages : en Pages : 460
Book Description
In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Author: Mr.Kenneth Rogoff Publisher: International Monetary Fund ISBN: 1451875843 Category : Business & Economics Languages : en Pages : 85
Book Description
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author: Organisation for Economic Co-operation and Development. Development Centre Publisher: OECD Publishing ISBN: Category : Business & Economics Languages : en Pages : 104
Book Description
Don ́t Fix, Don ́t Float is a book about credibility, or lack thereof. It deals with questions pertaining to international financial architecture from the perspective of developing countries, emerging markets and transition economies. Should the monetary authority fix the exchange rate of the national currency? Should it instead let the currency float in foreign exchange markets? What about bands, baskets and crawls between the fix and the float corners? Answering these questions is of significance to the national economy involved and, with regard to global finance, often beyond. In the same way that there may never be a pure float, even among key currencies, an instant fix does not provide a fast lane to credibility. Credibility is earned abroad as the development process reinforces institution building in monetary, financial and budgetary matters. Indeed, rules for budgetary adjustment (such as the zero deficit in Argentina or the EU Stability and Growth Pact) are necessary for any exchange-rate regime to deliver economic growth and development. In Don ́t Fix, Don ́t Float, the case for intermediate regimes is made for five country groups in Africa, Asia and Latin America. Developing countries, emerging markets and transition economies, together with the OECD area, are facing the consequences of a worsening global economic outlook. In this environment, the development perspective underlying Don t Fix, Don t Float is clearly essential.
Author: Stanley W. Black Publisher: Princeton, N.J. : International Finance Section, Department of Economics, Princeton University ISBN: Category : Business & Economics Languages : en Pages : 60