Download Full eBooks in PDF
Exchange Market Pressure Currency Crises And Monetary Policy Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Exchange Market Pressure Currency Crises And Monetary Policy book. This book definitely worth reading, it is an incredibly well-written.
Author : Evan Tanner
Publisher : International Monetary Fund
Page : 60 pages
File Size : 51,8 Mb
Release : 2002
Category : Bank loans
ISBN : UCSD:31822029883220
Author : Mr.Evan Tanner
Publisher : International Monetary Fund
Page : 43 pages
File Size : 48,5 Mb
Release : 1999-08-01
Category : Business & Economics
ISBN : 9781451853773
Exchange market pressure (EMP), the sum of exchange rate depreciation and reserve outflows (scaled by base money), summarizes the flow excess supply of money in a managed exchange rate regime. Examining Brazil, Chile, Mexico, Indonesia, Korea, and Thailand, this paper finds that monetary policy affects EMP as generally expected: contractionary monetary policy helps reduce EMP. The monetary policy stance is best measured by domestic credit growth (since interest rates contain both policy- and market-determined elements). In response to higher EMP, monetary authorities boosted domestic credit growth both in Mexico (confirming previous research) and in the Asian countries.
Author : Mr.Robert P. Flood,Ms.Nancy P. Marion
Publisher : International Monetary Fund
Page : 52 pages
File Size : 50,6 Mb
Release : 1998-09-01
Category : Business & Economics
ISBN : 9781451855166
In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and empirical analysis of these events. This paper provides some perspective on this work and relates it to earlier research. It derives the optimal commitment to a fixed exchange rate and proposes a common framework for analyzing currency crises. This framework stresses the important role of speculators and recognizes that the government’s commitment to a fixed exchange rate is constrained by other policy goals. The final section finds that some crises may be particularly difficult to predict using currently popular methods.
Author : Mr.Ilan Goldfajn,Mrs.Poonam Gupta
Publisher : International Monetary Fund
Page : 33 pages
File Size : 50,5 Mb
Release : 1999-03-01
Category : Business & Economics
ISBN : 9781451846195
This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 1980-98. The main question addressed is: Can monetary policy increase the probability of reversing a postcrisis undervaluation through nominal appreciation rather than higher inflation? We find that tight monetary policy facilitates the reversal of currency undervaluation through nominal appreciation. When the economy also faces a banking crisis, the results are not robust: depending on the specification, tight monetary policies may not have the same effect.
Author : Ms.Inci Ötker,Ceyla Pazarbasioglu
Publisher : International Monetary Fund
Page : 38 pages
File Size : 46,9 Mb
Release : 1995-11-01
Category : Business & Economics
ISBN : 9781451853544
This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in fundamentals appears to have generated high one-step-ahead probabilities for the regime changes during the sample period 1982-1994. Particularly, increases in inflation differentials, appreciations of the real exchange rate, foreign reserve losses, expansionary monetary and fiscal policies, and increases in the share of short-term foreign currency debt appear to have contributed to the market pressures and regime changes in that period.
Author : Christian Bordes-Marcilloux
Publisher : Manchester University Press
Page : 282 pages
File Size : 42,9 Mb
Release : 1995
Category : Currency crises
ISBN : 0719047072
The speculative crises of 1992-93, which shook the EMS, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange-rate policy. This book explores these questions from the varying standpoints of econo
Author : Felix Hüfner
Publisher : Springer Science & Business Media
Page : 180 pages
File Size : 50,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783790826722
Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 96 pages
File Size : 55,6 Mb
Release : 2003-03-28
Category : Business & Economics
ISBN : 9781589061774
This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
Author : Paul J. Zak
Publisher : Edward Elgar Publishing
Page : 168 pages
File Size : 53,7 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1782543651
Currency Crises, Monetary Union and the Conduct of Monetary Policy is a book of debate and analysis by some of the world's most eminent economists on 'unsolved' problems relating to the international monetary system, economic growth and monetary policy. This volume will be of interest to specialists in international monetary economics, and to undergraduate and graduate students, and members of the general public who seek a clearer understanding of current economic issues and solutions to economic problems.
Author : Marek Dabrowski
Publisher : Springer Science & Business Media
Page : 309 pages
File Size : 45,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461503439
Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented.
Author : Istvan Gyongyossy
Publisher : Springer Science & Business Media
Page : 159 pages
File Size : 54,9 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9789401719476
The author had already become involved with the subject of this book when President Nixon suspended the convertibility of the dollar on August 15, 1971. This declaration was equivalent to an official admission of the previously evident failure of the inter national monetary system established in Bretton Woods after long and difficult negotiations. Although the real reasons for this failure are much deeper and more complex, the immediate cause was the tremendous outjlow of money from the United States to Europe and Japan. Never before had economic history recorded a currency movement of such magnitude, although during the periods preceding the devaluation of the French franc and the re valuation of the Deutsche Mark (Le. , by the end of 1968 and mostly in 1969), and particularly at the beginning of 1971, the in ternational flow of money grew to such huge proportions as to alm ost traumatize the economic and financial circles of developed capitalist countries. These economic and financial circles correctly foresaw that the ever growing and hardly controllable volume of currency flow could seriously endanger the already precarious balance of the international financial system and perhaps even upset it. This brief analysis, in contrast to many other predictions of cur rency developments, holds true for a longer period as well.
Author : George S. Tavlas
Publisher : Springer Science & Business Media
Page : 247 pages
File Size : 41,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461562894
ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Author : Olivier Jeanne
Publisher : Princeton University International Finance Section, Department of Econmics
Page : 62 pages
File Size : 46,5 Mb
Release : 2000
Category : Business & Economics
ISBN : UCSC:32106012492085
Author : Louis-Philippe Rochon,Sergio Rossi
Publisher : Edward Elgar Publishing
Page : 304 pages
File Size : 50,9 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 178195867X
Combining critical perspectives with a positive contribution to economic policy, both national and international, this book considers the causes and consequences of recent financial crises presenting cutting-edge material.
Author : Mr.Juan Zalduendo,Mr.Jun Il Kim,Mr.Bikas Joshi,Mr.Atish R. Ghosh,Ms.Uma Ramakrishnan,Mr.Alun H. Thomas
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,5 Mb
Release : 2008-05-16
Category : Business & Economics
ISBN : 9781589067097
This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highlighting the importance of crisis prevention. While the main defense against a crisis lies in a country’s own policies and institutional framework, the IMF can contribute to these efforts through its surveillance activities, provision of technical assistance, and promotion of standards and codes. But the IMF may be able to contribute to crisis prevention more directly by providing contingent financial support. This paper explores the theoretical basis of, and empirical evidence for, possible “crisis prevention programs.”
