Exchange Rate Regimes In Selected Advanced Transition Economies

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 26 pages
File Size : 47,9 Mb
Release : 2000-04-01
Category : Business & Economics
ISBN : 9781451974119

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Exchange Rate Regimes in Selected Advanced Transition Economies by International Monetary Fund Pdf

Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.

Author : Anonim
Publisher : Unknown
Page : 32 pages
File Size : 47,9 Mb
Release : 2000
Category : Capital movements
ISBN : UCSD:31822028585701

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Exchange Rate Regimes in Selected Advanced Transition Economies by Anonim Pdf

Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 501 pages
File Size : 54,5 Mb
Release : 2007-08-23
Category : Business & Economics
ISBN : 9780585313467

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Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies by Mario I. Blejer,Marko Skreb Pdf

Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.

Author : Mr.Richard C. Bart,Mr.Chorng-Huey Wong
Publisher : International Monetary Fund
Page : 316 pages
File Size : 52,7 Mb
Release : 1994-06-01
Category : Business & Economics
ISBN : 1557753644

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Approaches to Exchange Rate Policy by Mr.Richard C. Bart,Mr.Chorng-Huey Wong Pdf

External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

Author : Jorge Iván Canales Kriljenko
Publisher : International Monetary Fund
Page : 52 pages
File Size : 52,7 Mb
Release : 2004
Category : Business & Economics
ISBN : UCSD:31822033355173

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Foreign Exchange Market Organization in Selected Developing and Transition Economies by Jorge Iván Canales Kriljenko Pdf

The foreign exchange market microstructures in developing and transition economies are characterized by the results from the IMF's 2001 Survey on Foreign Exchange Market Organization. The survey found that these markets are usually unified onshore spot markets for U.S. dollars, where transactions are concentrated at the bank-customer level. The trading mechanisms are usually dealer or mixed dealer/auction markets; the degree of transparency is often low; settlement systems remain risky; and the scope for price discovery is variable.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 96 pages
File Size : 47,9 Mb
Release : 2003-03-28
Category : Business & Economics
ISBN : 9781589061774

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Exchange Arrangements and Foreign Exchange Markets by International Monetary Fund Pdf

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 : Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Publisher : International Monetary Fund
Page : 85 pages
File Size : 43,5 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451875843

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Evolution and Performance of Exchange Rate Regimes by Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain Pdf

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 : International Monetary Fund Washington D C,VÁRIOS AUTORES,Michael Mussa,International Monetary Fund Staff,International Monetary Fund,Paolo Mauro,Esteban Jadresic,Alexander Swoboda,Andrew Berg
Publisher : Unknown
Page : 61 pages
File Size : 50,8 Mb
Release : 2000
Category : Business & Economics
ISBN : 1557758921

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Exchange Rate Regimes in an Increasingly Integrated World Economy by International Monetary Fund Washington D C,VÁRIOS AUTORES,Michael Mussa,International Monetary Fund Staff,International Monetary Fund,Paolo Mauro,Esteban Jadresic,Alexander Swoboda,Andrew Berg Pdf

This paper builds upon previous International Monetary Fund (IMF) studies on various aspects of the exchange rate arrangements of IMF member countries consistent with the IMF's role of surveillance of members' exchange rate policies and over the international monetary system.The paper examines the consequences of increased capital mobility and of the integration of developing economies in globalised goods and financial markets for the exchange rate regimes both of the world's major currencies and of developing and transition countries.

Author : Jürgen von Hagen,Jizhong Zhou
Publisher : Unknown
Page : 36 pages
File Size : 40,7 Mb
Release : 2002
Category : Foreign exchange administration
ISBN : UVA:X004529569

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The Choice of Exchange Rate Regimes by Jürgen von Hagen,Jizhong Zhou Pdf

Author : Organisation for Economic Co-operation and Development. Development Centre
Publisher : OECD Publishing
Page : 104 pages
File Size : 55,8 Mb
Release : 2001
Category : Business & Economics
ISBN : UCSD:31822031313513

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Don't Fix, Don't Float by Organisation for Economic Co-operation and Development. Development Centre Pdf

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 : Abdelali Jbili,Vitali Kramarenko,International Monetary Fund
Publisher : International Monetary Fund
Page : 34 pages
File Size : 51,9 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : STANFORD:36105112183731

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Choosing Exchange Regimes in the Middle East and North Africa by Abdelali Jbili,Vitali Kramarenko,International Monetary Fund Pdf

This pamphlet reviews the exchange regimes of five emerging market countries in the region--Egypt, Jordan, Lebanon, Morocco, and Tunisia and an oil-exporting country, Iran, to see whether they need to consider adopting more flexible arrangements as they further open their economies to trade and capital flows. In fact, two countries, Egypt and Iran, have recently adopted flexible exchange rate arrangements, but their experience is too recent to warrant meaningful conclusions. The pamphlet highlights the criteria for an exchange regime choice, presents a country-by-country assessment of existing exchange regimes, explores options for the future based on the forward-looking analysis of reform prospects in each country, raises the issue of a nominal anchor for countries with floating exchange rates, and considers the pros and cons of monetary aggregate and inflation targeting as policy anchors. The pamphlet looks at the recent move by Egypt and Iran toward more flexible exchange rate regimes, and discusses the required steps to ensure the success of these experiences. For the other countries, the choice is less clear-cut and more of a long-term nature. In either case, transition to a more flexible exchange rate arrangement raises the question of what conditions countries would need to meet if they opted for greater flexibility, including changes to their monetary policy framework.

Author : Mr. Jorge Iván Canales Kriljenko
Publisher : International Monetary Fund
Page : 60 pages
File Size : 51,7 Mb
Release : 2003-05-01
Category : Business & Economics
ISBN : 9781451897685

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Foreign Exchange Intervention in Developing and Transition Economies by Mr. Jorge Iván Canales Kriljenko Pdf

Based on evidence obtained from the IMF''s 2001 Survey on Foreign Exchange Market Organization, the author argues that, for several reasons, some central banks in developing and transition economies may be able to conduct foreign exchange intervention more effectively than the central banks of developed countries issuing the major international currencies. First, these central banks do not always fully sterilize their foreign exchange interventions. In addition, they issue regulations and conduct their foreign exchange operations in a way that increases the central bank''s information advantage and the size of their foreign exchange intervention relative to foreign exchange market turnover. Some of the central banks also use moral suasion to support their foreign exchange interventions.

Author : Paul R. Masson
Publisher : International Monetary Fund
Page : 30 pages
File Size : 52,6 Mb
Release : 1999-07
Category : Business & Economics
ISBN : UCSD:31822029649803

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Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe After the Launch of EMU by Paul R. Masson Pdf

The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 132 pages
File Size : 53,9 Mb
Release : 2004-05-19
Category : Business & Economics
ISBN : 9781498330282

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Exchange Rate Volatility and Trade Flows--Some New Evidence by International Monetary Fund Pdf

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Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 31 pages
File Size : 51,9 Mb
Release : 2019-03-07
Category : Business & Economics
ISBN : 9781498302029

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China’s Evolving Exchange Rate Regime by Mr.Sonali Das Pdf

China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.