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Author : Peter J. Quirk Publisher : International Monetary Fund Page : 58 pages File Size : 46,5 Mb Release : 1987-05-15 Category : Business & Economics ISBN : UCSD:31822015452790
Floating Exchange Rates in Developing Countries by Peter J. Quirk Pdf
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.
Do "Flexible" Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries? by Peter Wickham Pdf
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.
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.
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.
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.
Economic Adjustment and Exchange Rates in Developing Countries by Sebastian Edwards,Liaquat Ahamed Pdf
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 : Stanley W. Black Publisher : Princeton, N.J. : International Finance Section, Department of Economics, Princeton University Page : 60 pages File Size : 50,9 Mb Release : 1976 Category : Business & Economics ISBN : UOM:49015001170829
Exchange Rate Misalignment in Developing Countries by Sebastian Edwards,World Bank Pdf
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.
Parallel Exchange Rates in Developing Countries by Miguel A. Kiguel,J. Saul Lizondo,Stephen A. O'Connell Pdf
'...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 : International Monetary Fund Publisher : International Monetary Fund Page : 28 pages File Size : 51,6 Mb Release : 1998-04-17 Category : Business & Economics ISBN : 1557756929
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.
The International Monetary System and the Developing Nations by Danny M. Leipziger Pdf
Edited conference report on the effects of the international monetary system on developing countries - discusses exchange rate policies and floating currencys, Terms of Trade and monetary transfers, petroleum price increases, foreign exchange reserves and financing needs of such countries, etc. Diagrams, references and statistical tables. Conference held in Washington dc 1975 June 4.
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.
