Managing The Impact Of Resource Booms On The Real Effective Exchange Rate The Role Of Financial Sector Development

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Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development

International Monetary Fund
Managing the Impact of Resource Booms on the Real Effective Exchange Rate The Role of Financial Sector Development Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 24 pages
File Size : 50,5 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513572659

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Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development by International Monetary Fund Pdf

Whereas most of the literature related to the so-called “resource curse” tends to emphasize on institutional factors and public policies, in this research we focus on the role of the financial sector, which has been surprisingly overlooked. We find that countries that have financial systems with more depth, as well as those that actively manage their central banks’ balance sheets experience less exchange-rate appreciation than countries that do not. We analyze the relationship between these two findings and suggest that they appear to follow separate mechanisms.

When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth

International Monetary Fund
When and Why Worry About Real Exchange Rate Appreciation The Missing Link Between Dutch Disease and Growth Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 34 pages
File Size : 55,5 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9781455210787

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When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth by International Monetary Fund Pdf

We review the literature on Dutch disease, and document that shocks that trigger foreign exchange inflows (such as natural resource booms, surges in foreign aid, remittances, or capital inflows) appreciate the real exchange rate, generate factor reallocation, and reduce manufacturing output and net exports. We also observe that real exchange rate misalignment due to overvaluation and higher volatility of the real exchange rate lower growth. Regarding the effect of undervaluation of the exchange rate on economic growth, the evidence is mixed and inconclusive. However, there is no evidence in the literature that Dutch disease reduces overall economic growth. Policy responses should aim at adequately managing the boom and the risks associated with it.

IMF Research Bulletin, December 2015

Mr.Rabah Arezki
IMF Research Bulletin December 2015 Book PDF

Author : Mr.Rabah Arezki
Publisher : International Monetary Fund
Page : 19 pages
File Size : 46,9 Mb
Release : 2016-01-26
Category : Business & Economics
ISBN : 9781498322461

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IMF Research Bulletin, December 2015 by Mr.Rabah Arezki Pdf

The December issue of the Research Bulletin looks at “Seven Questions about Climate Change” (Rabah Arezki and Akito Matsumoto). The Research Summaries review “Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth” (Tiago Cavalcanti, Daniel Da Mata, and Frederik Toscani) and “Malaysia: Achieving High-Income Status through Resilience and Inclusive Growth” (Alex Mourmouras and Naimh Sheridan). The issue also includes regular updates on new IMF Working Papers, Staff Discussion Notes, IMF books, and the IMF Economic Review.

Finance, Growth, and Inequality

Mr. Ross Levine
Finance Growth and Inequality Book PDF

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 44,5 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

China’s Climate-Energy Policy

Akihisa Mori
China s Climate Energy Policy Book PDF

Author : Akihisa Mori
Publisher : Routledge
Page : 232 pages
File Size : 49,9 Mb
Release : 2018-07-04
Category : Business & Economics
ISBN : 9781351037570

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China’s Climate-Energy Policy by Akihisa Mori Pdf

China’s recent climate-energy policy, an outcome of contemporary challenges, has generated conflict of interest amongst major stakeholders. Coupled with a boost in demand for oil, gas and coal, as well as a rapid growth in wind and solar power, it has not only affected domestic fossil fuel and renewable energy providers, but has also provoked a resource boom, affecting development pathways internationally. This book therefore seeks to examine the economic, social and ecological effects associated with China’s climate-energy policy. Assessing how the policy has been and will be formulated and implemented, it analyses the changing use of energy, CO2 emissions and GDP, as well as social and environmental impacts both domestically and internationally. It presents in-depth case studies on specific policies in China and on its resource exporting countries, such as Indonesia, Australia, Myanmar and Mongolia. At the same time, using quantitative data, it provides detailed input-output and applied computable general equilibrium analyses. Arguing that China has actively advanced its climate-energy policy to become a leader of global climate governance, it demonstrates that China ultimately relocates the cost of its climate-energy policy to resource exporting countries. This book will be of great interest to students and scholars of energy, the environment and sustainability, as well as Chinese Studies and economics.

Financialisation in Latin America

Noemi Levy,Jorge Bustamante
Financialisation in Latin America Book PDF

Author : Noemi Levy,Jorge Bustamante
Publisher : Routledge
Page : 272 pages
File Size : 54,7 Mb
Release : 2018-12-07
Category : Business & Economics
ISBN : 9780429874420

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Financialisation in Latin America by Noemi Levy,Jorge Bustamante Pdf

Financial capital continues to dominate Western economic organisations, despite major financial and economic crises. While these have not affected Latin American countries in the same way, other economic problems emerged after the reversion of loose monetary policies that debilitated the export-led growth model. This book discusses the issue of the financialised globalisation model in Latin America, looking at the region’s relationship with the international market. This edited collection is divided into three main sections. The first section discusses regional trends highlighting issues of trade and payments in financialised economies, the impact on deindustrialisation, its effect on inequality, external capital movements and monetary policies. The second section analyses the failure of comparative advantages of the export-led model in Colombia, Argentina and Mexico. Finally, the last section deals with the growth of financial balance sheets in small and developing economies such as Chile; how growth, investment and big corporation evolution were affected in Brazil and Mexico; and the effects of foreign exchange activity in Mexico. Through these discussions, this book aims to deepen the understanding of the crisis of financialisation and the export-led model, raising the question of whether it is possible for this model to continue or if it requires major readjustments to unfold economic growth. This book provides a distinctive analysis of the financialisation mechanisms in developing countries in order to emphasise affinities and differences between the countries of the region in productive and financial terms. It will be of great interest to economic and social science scholars and students, to journalists specialising on economic and development issues, and, more importantly, to policy makers.

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

Mr.Tidiane Kinda,Jean-Louis Combes,Patrick Plane
Capital Flows Exchange Rate Flexibility and the Real Exchange Rate Book PDF

Author : Mr.Tidiane Kinda,Jean-Louis Combes,Patrick Plane
Publisher : International Monetary Fund
Page : 35 pages
File Size : 48,6 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781455211876

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Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate by Mr.Tidiane Kinda,Jean-Louis Combes,Patrick Plane Pdf

This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.

Global Economic Prospects, Volume 8, January 2014

The World Bank
Global Economic Prospects Volume 8 January 2014 Book PDF

Author : The World Bank
Publisher : World Bank Publications
Page : 162 pages
File Size : 52,9 Mb
Release : 2014-02-05
Category : Capital movements
ISBN : 9781464802010

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Global Economic Prospects, Volume 8, January 2014 by The World Bank Pdf

High-income economies appear to be finally turning the corner, contributing to a projected acceleration in global growth from 2.4 percent in 2013 to 3.2 percent this year, 3.4 percent in 2015, and 3.5 percent in 2016. Overall, growth in developing countries is projected to pick up modestly from 4.8 percent in 2013 to 5.3 percent this year, 5.5 percent in 2015, and 5.7 percent in 2016. In the baseline, the withdrawal of quantitative easing (and its effect on the long end of U.S. interest rates) is assumed to follow a relatively slow orderly trajectory. If, however, the taper is met with an abrupt market adjustment, capital inflows could weaken sharply?placing renewed stress on vulnerable developing economies. In a scenario where long-term interest rates rise rapidly by 100 basis points, capital inflows could decline by as much as 50 percent for several quarters.

Mapping Financial Sector Vulnerability in a Non-Crisis Country

Ms.Inci Ötker,Mr.Patrick Downes,Mr.Dewitt Marston
Mapping Financial Sector Vulnerability in a Non Crisis Country Book PDF

Author : Ms.Inci Ötker,Mr.Patrick Downes,Mr.Dewitt Marston
Publisher : International Monetary Fund
Page : 30 pages
File Size : 47,5 Mb
Release : 1999-05-01
Category : Business & Economics
ISBN : 9781451973433

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Mapping Financial Sector Vulnerability in a Non-Crisis Country by Ms.Inci Ötker,Mr.Patrick Downes,Mr.Dewitt Marston Pdf

The forward-looking framework expounded in this paper links a qualitative evaluation of system-wide vulnerability (covering macro, sectoral, institutional, and systemic liquidity issues) with a quantitative assessment of the financial condition of significant financial institutions. Based on vulnerability criteria and judgmental stress tests, twelve indicators of soundness (measuring risk exposure, solvency, liquidity, profitability, and supervisory assessment) are developed. This holistic methodology can be used not only as an early warning/crisis-avoidance system to identify potential systemic problems—and problem institutions—requiring immediate attention, but also to pinpoint needed reforms in the legal, regulatory, and institutional infrastructure that can lessen the likelihood of a future crisis.

Managing Economic Volatility and Crises

Joshua Aizenman,Brian Pinto
Managing Economic Volatility and Crises Book PDF

Author : Joshua Aizenman,Brian Pinto
Publisher : Cambridge University Press
Page : 615 pages
File Size : 51,7 Mb
Release : 2005-10-03
Category : Business & Economics
ISBN : 9781139446945

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Managing Economic Volatility and Crises by Joshua Aizenman,Brian Pinto Pdf

Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.

Managing Economic Volatility in Latin America

Mr.R. Gelos
Managing Economic Volatility in Latin America Book PDF

Author : Mr.R. Gelos
Publisher : International Monetary Fund
Page : 202 pages
File Size : 52,7 Mb
Release : 2014-03-27
Category : Business & Economics
ISBN : 9781484364987

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Managing Economic Volatility in Latin America by Mr.R. Gelos Pdf

How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in recent years in an environment of uncertainty. It presents a collection of novel contributions on capital flows, terms of trade, and macroeconomic policy in Latin America. The rigorous expert analysis offers an up-to-date guide to many of the key economic policy questions in the region. Chapters focus on important analytical issues, including assessing reserves adequacy and current account levels. The roles of macroeconomic policies and exchange rates regimes in coping with large capital inflows are examined, as well as the effectiveness of both monetary policy and fiscal policy in dealing with economic challenges in the region.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 42,6 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 41,8 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Canada

International Monetary Fund. Monetary and Capital Markets Department
Canada Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 85 pages
File Size : 43,9 Mb
Release : 2019-06-24
Category : Business & Economics
ISBN : 9781498321112

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Canada by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.

Commodities, Governance and Economic Development under Globalization

Machiko Nissanke,George Mavrotas
Commodities Governance and Economic Development under Globalization Book PDF

Author : Machiko Nissanke,George Mavrotas
Publisher : Springer
Page : 368 pages
File Size : 54,7 Mb
Release : 2010-01-20
Category : Business & Economics
ISBN : 9780230274020

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Commodities, Governance and Economic Development under Globalization by Machiko Nissanke,George Mavrotas Pdf

Alfred Maizels' work on commodity trade and prices documented trends in a major area of international economic relations. This book elaborates the ideas in the tradition of Maizels' contributons, and discusses and extends these theories in relation to current problems.