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Author : Richard N. Cooper
Publisher : Princeton, N.J. : International Finance Section, Princeton University
Page : 48 pages
File Size : 55,9 Mb
Release : 1971
Category : Business & Economics
ISBN : UOM:49015001125898
Author : Richard N. Cooper
Publisher : Unknown
Page : 55 pages
File Size : 53,7 Mb
Release : 1969
Category : Electronic
ISBN : OCLC:318163778
Author : Richard N. Cooper
Publisher : Unknown
Page : 102 pages
File Size : 53,7 Mb
Release : 1991
Category : Electronic
ISBN : OCLC:969697630
Author : Mr.Arend Kouwenaar
Publisher : International Monetary Fund
Page : 44 pages
File Size : 51,6 Mb
Release : 1991-12-01
Category : Business & Economics
ISBN : 9781451933727
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 56 pages
File Size : 45,6 Mb
Release : 1988-06-29
Category : Business & Economics
ISBN : 9781451970524
This paper evaluates the growing literature on whether devaluation has contractionary effects on output in developing countries. It explores the nature of the links between the exchange rate and real output within a unified, fairly general analytical framework which incorporates a number of the developing-country features cited in this literature. The analysis suggests that many of the arguments on both sides of the contractionary devaluation debate require modification and that a number of potential effects have been ignored. It is concluded that the direction of the impact effects of devaluation on real output is ambiguous on analytical grounds. MASTER FILES ROOM C-130 001
Author : Ejaz Ghani
Publisher : Unknown
Page : 140 pages
File Size : 43,7 Mb
Release : 1984
Category : Balance of payments
ISBN : IND:30000087435024
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 46 pages
File Size : 51,8 Mb
Release : 1987-01-01
Category : Business & Economics
ISBN : 9781451923926
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author : Paloma Anós Casero,Ganesh Seshan
Publisher : World Bank Publications
Page : 42 pages
File Size : 41,5 Mb
Release : 2006
Category : Accounting
ISBN : 8210379456XXX
Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,6 Mb
Release : 1991-09-01
Category : Business & Economics
ISBN : 9781451850925
The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which policymakers are concerned about inflation and external competitiveness. Price setters in the nontraded goods sector of the economy adjust prices in reaction to anticipated fluctuations in the domestic price of tradable goods. This type of model is showm to generate a “devaluation bias” which undermines the credibility of a fixed exchange rate. The effect of reputational factors, signaling considerations, and joining a currency union as possible solutions to this bias is examined.
Author : Howard J. Shatz,David G. Tarr
Publisher : World Bank Publications
Page : 36 pages
File Size : 40,8 Mb
Release : 2000
Category : Black market in foreign exchange
ISBN : 8210379456XXX
"Lessons from world experience about the consequences of exchange rate overvaluation (the frequent cause of trade crises), the consequences of trying to defend an overvalued exchange rate, and the most appropriate policies for resolving an overvaluation"--Cover.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 44 pages
File Size : 43,9 Mb
Release : 1990-03-01
Category : Business & Economics
ISBN : 9781451923230
The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
Author : David Steinberg
Publisher : Cornell University Press
Page : 288 pages
File Size : 45,5 Mb
Release : 2015-06-05
Category : Business & Economics
ISBN : 9780801454257
Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers’ purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country’s domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country’s domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.
Author : Sebastian Edwards,World Bank
Publisher : Johns Hopkins University Press
Page : 110 pages
File Size : 55,6 Mb
Release : 1988
Category : Business & Economics
ISBN : STANFORD:36105040907409
This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Author : Miguel A. Kiguel,J. Saul Lizondo,Stephen A. O'Connell
Publisher : Springer
Page : 411 pages
File Size : 42,7 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349255207
'...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
Author : Miguel A. Kiguel,Nita Ghei,Banco Mundial
Publisher : World Bank Publications
Page : 30 pages
File Size : 40,5 Mb
Release : 1993
Category : Devaluacion
ISBN : 8210379456XXX
