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Author : Alak Ghosh,Rakesh Raman
Publisher : Deep and Deep Publications
Page : 384 pages
File Size : 52,6 Mb
Release : 2000
Category : Economic stabilization
ISBN : 8176292680
Author : Takatoshi Ito,Anne O. Krueger
Publisher : University of Chicago Press
Page : 466 pages
File Size : 54,7 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226386935
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,9 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 : Sebastian Edwards,Liaquat Ahamed
Publisher : University of Chicago Press
Page : 460 pages
File Size : 44,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226184739
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 : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 44 pages
File Size : 40,9 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 : Sebastian Edwards,World Bank
Publisher : Johns Hopkins University Press
Page : 110 pages
File Size : 54,5 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 : Peter J. Quirk
Publisher : International Monetary Fund
Page : 58 pages
File Size : 52,8 Mb
Release : 1987-05-15
Category : Business & Economics
ISBN : UCSD:31822015452790
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 : Miguel A. Kiguel,J. Saul Lizondo,Stephen A. O'Connell
Publisher : Springer
Page : 411 pages
File Size : 41,6 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 : Bijan B. Aghevli,Mohsin S. Khan,Peter Montiel
Publisher : World Bank Publications
Page : 50 pages
File Size : 40,8 Mb
Release : 1991-05-15
Category : Foreign exchange administration
ISBN : 8210379456XXX
This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.
Author : M. Rusydi,S. Islam
Publisher : Springer
Page : 152 pages
File Size : 40,6 Mb
Release : 2007-07-12
Category : Business & Economics
ISBN : 9780230592483
This book examines the options for adopting an appropriate model of the exchange rate determination and its associated regime suitable for developing countries. It shows that a credible exchange rate regime and policy may mitigate the flight to currency from broad money, and ensure stability and certainty for private sectors.
Author : Anonim
Publisher : World Bank Publications
Page : 49 pages
File Size : 51,9 Mb
Release : 2024-07-01
Category : Electronic
ISBN : 8210379456XXX
LDC adjustment packages Riccardo Faini and Jaime de Melo Developing countries have been hit by a fall in their terms of trade, high real interest rates on their external debt, and a drought in commercial lending from abroad. Their subsequent adjustment packages, often supported by loans from the IMF and World Bank, focused on a sharp real exchange rate depreciation to restore external balance and a host of microeconomic reforms to secure a simultaneous supply-side improvement. This paper examines the success of these ‘adjustment with growth' packages in a large sample of developing countries. We find these packages have been much more successful in LDCs which export manufactures than they have in those concentrating on primary exports (primarily low-income African countries); the latter have not resumed sustainable growth, and most of their external adjustment has arisen from expenditure reduction, not an increase in supply. The longer-term prospects for manufacturing exporters are also brighter: there we detect signs of increased efficiency and a smaller decline in investment than in primary exporters. But we also find that a high external debt burden and an unstable macroeconomic environment impede investment in all LDCs. In the longer term, adjustment with growth packages will succeed only if they are accompanied by a more stable macroeconomic environment and appropriate debt relief
Author : Howard J. Shatz,David G. Tarr
Publisher : World Bank Publications
Page : 36 pages
File Size : 44,6 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 : Richard N. Cooper
Publisher : Princeton, N.J. : International Finance Section, Princeton University
Page : 48 pages
File Size : 41,5 Mb
Release : 1971
Category : Business & Economics
ISBN : UOM:49015001125898
Author : Peter Wickham
Publisher : Unknown
Page : 38 pages
File Size : 49,7 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291216714
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 : Mr.Mohsin S. Khan,Ehsan U. Choudhri
Publisher : International Monetary Fund
Page : 23 pages
File Size : 43,6 Mb
Release : 2004-10-01
Category : Business & Economics
ISBN : 9781451859591
There is little empirical research on whether Balassa-Samuelson effects can explain the long-run behavior of real exchange rates in developing countries. This paper presents new evidence on this issue based on a panel data sample of 16 developing countries. The paper finds that the traded-nontraded productivity differential is a significant determinant of the relative price of nontraded goods, and the relative price in turn exerts a significant effect on the real exchange rate. The terms of trade also influence the real exchange rate. These results provide strong verification of Balassa-Samuelson effects for developing countries.