Flexible Exchange Rates For A Stable World Economy

Author : Joseph E. Gagnon,Marc Hinterschweiger
Publisher : Peterson Institute
Page : 301 pages
File Size : 45,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780881326352

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Flexible Exchange Rates for a Stable World Economy by Joseph E. Gagnon,Marc Hinterschweiger Pdf

Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

Author : David Bigman,Teizo Taya
Publisher : Beard Books
Page : 356 pages
File Size : 49,6 Mb
Release : 2003-03
Category : Business & Economics
ISBN : 1587981297

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Floating Exchange Rates and the State of World Trade and Payments by David Bigman,Teizo Taya Pdf

Analyzes developments in the international monetary system since 1973, with anew added epilogue.

Author : Jan Herin
Publisher : Routledge
Page : 280 pages
File Size : 52,8 Mb
Release : 2019-03-12
Category : Political Science
ISBN : 9780429708169

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Flexible Exchange Rates/h by Jan Herin Pdf

This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .

Author : Mr.Atish R. Ghosh,Mr.Jonathan David Ostry,Mr.Charalambos G. Tsangarides
Publisher : International Monetary Fund
Page : 48 pages
File Size : 45,6 Mb
Release : 2011-03-15
Category : Business & Economics
ISBN : 9781589069312

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Exchange Rate Regimes and the Stability of the International Monetary System by Mr.Atish R. Ghosh,Mr.Jonathan David Ostry,Mr.Charalambos G. Tsangarides Pdf

The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 49,9 Mb
Release : 1998-04-17
Category : Business & Economics
ISBN : 1557756929

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Fixed or Flexible by International Monetary Fund Pdf

This paper examines the recent evolution of exchange rate policies inthe developing world. It looks at why so many countries have made a transition from fixed or "pegged" exchange rates to "managed floating"currencies. It discusses how economies perform under different exchangerate arrangements, issues in the choice of regime, and the challenges poised by a world of increasing capital mobility, especially when bankingsectors are inadequately regulated or supervised.

Author : Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta
Publisher : International Monetary Fund
Page : 29 pages
File Size : 50,7 Mb
Release : 2006-01-09
Category : Business & Economics
ISBN : 9781589064768

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Moving to a Flexible Exchange Rate by Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta Pdf

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.

Author : Jeffry A. Frieden
Publisher : Princeton University Press
Page : 316 pages
File Size : 55,8 Mb
Release : 2016-09-06
Category : Business & Economics
ISBN : 9780691173849

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Currency Politics by Jeffry A. Frieden Pdf

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 : G. Hartley Mellish,Robert G. Hawkins
Publisher : [New York] : New York University, Institute of Finance
Page : 84 pages
File Size : 43,9 Mb
Release : 1968
Category : Business & Economics
ISBN : UOM:35128001199742

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The Stability of Flexible Exchange Rates by G. Hartley Mellish,Robert G. Hawkins Pdf

Author : C. Fred Bergsten,George Nikolaus Halm
Publisher : Princeton University Press
Page : 451 pages
File Size : 40,6 Mb
Release : 2015-03-08
Category : Business & Economics
ISBN : 9781400867271

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Approaches to Greater Flexibility of Exchange Rates by C. Fred Bergsten,George Nikolaus Halm Pdf

This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at Bürgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined. Originally published in 1970. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author : Egon Sohmen
Publisher : North Holland
Page : 386 pages
File Size : 48,6 Mb
Release : 1980
Category : Business & Economics
ISBN : STANFORD:36105037723660

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Flexible Exchange Rates and the Balance of Payments by Egon Sohmen Pdf

Author : Helmut Frisch,Rudolf Eppler,Gerhard Schwödiauer
Publisher : Duncker & Humblot
Page : 504 pages
File Size : 51,8 Mb
Release : 1980
Category : Business & Economics
ISBN : 3428446445

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The Economics of flexible exchange rates by Helmut Frisch,Rudolf Eppler,Gerhard Schwödiauer Pdf

Author : Franz Gehrels,Horst Herberg,Helmut Schneider,Hans-Jürgen Vosgerau
Publisher : Springer Science & Business Media
Page : 308 pages
File Size : 41,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642841989

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Real Adjustment Processes under Floating Exchange Rates by Franz Gehrels,Horst Herberg,Helmut Schneider,Hans-Jürgen Vosgerau Pdf

Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".

Author : Egon Sohmen
Publisher : Unknown
Page : 200 pages
File Size : 46,7 Mb
Release : 1961
Category : Foreign exchange
ISBN : UOM:39015019116915

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Flexible Exchange Rates by Egon Sohmen Pdf

Author : Ms.Inci Ötker
Publisher : International Monetary Fund
Page : 94 pages
File Size : 41,8 Mb
Release : 2007-04-30
Category : Business & Economics
ISBN : 9781589066243

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Moving to Greater Exchange Rate Flexibility by Ms.Inci Ötker Pdf

Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of flexibility. The institutional and operational requirements needed to support a floating exchange rate, as well as difficulties in assessing the right time and manner to exit, tend to be additional factors in this reluctance. This volume presents the concrete steps taken by a number of countries in transition to greater exchange rate flexibility and elaborates on the operational ingredients that proved helpful in promoting successful and durable transitions. It attempts to provide a better understanding (and hence a "road map") of how these various operational ingredients were established and coordinated, how their implementation interacted with macro and other conditions, and how they contributed to the smoothness of each transition.

Author : Mr.Mohsin S. Khan,Mr.Peter Montiel,Bijan B. Aghevli
Publisher : International Monetary Fund
Page : 38 pages
File Size : 54,8 Mb
Release : 1991-05-15
Category : Business & Economics
ISBN : 1557752095

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Exchange Rate Policy in Developing Countries by Mr.Mohsin S. Khan,Mr.Peter Montiel,Bijan B. Aghevli Pdf

This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.