The Crawling Band As An Exchange Rate Regime

Author : John Williamson
Publisher : Peterson Institute
Page : 204 pages
File Size : 45,7 Mb
Release : 1996
Category : Business & Economics
ISBN : 0881322318

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The Crawling Band as an Exchange Rate Regime by John Williamson Pdf

This study examines in detail the experiences of three countries that have in recent years operated exchange rate systems of "crawling bands," similar in spirit to the target zones that the author has recommended in the past. Williamson compares the succcessful experiences of 3 countries that have operated crawling bands with 15 similar countries and concludes that the crawling band exchange-rate policy has been an important element in their success. The study includes a manual for managing crawling bands.

Author : John Williamson
Publisher : Springer
Page : 426 pages
File Size : 46,6 Mb
Release : 1981-06-18
Category : Business & Economics
ISBN : 9781349051663

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Exchange Rate Rules by John Williamson Pdf

Author : John Williamson
Publisher : Palgrave Macmillan
Page : 410 pages
File Size : 51,8 Mb
Release : 1981
Category : Business & Economics
ISBN : 0312273967

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Exchange Rate Rules by John Williamson Pdf

Author : Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta
Publisher : International Monetary Fund
Page : 29 pages
File Size : 46,5 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 : John Williamson
Publisher : Columbia University Press
Page : 104 pages
File Size : 54,7 Mb
Release : 2007-04-30
Category : Business & Economics
ISBN : 9780881324792

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Reference Rates and the International Monetary System by John Williamson Pdf

Growing global imbalances threaten to induce a collapse of the dollar, which could in turn produce a severe recession in the rest of the world. This crisis could force countries to say "never again" and search for a system to prevent similar disasters. The system that could do so is a reference rate system—where countries' authorities are forbidden from intervening in order to push the exchange rate too far from what is termed the "reference rate." It could help a country's authorities manage its exchange rate to avoid large misalignments, assist the private sector in forming more dependable expectations of future exchange rates and thus to manage their businesses more efficiently in a world of floating exchange rates, and aid the International Monetary Fund in designing and managing an effective system of multilateral surveillance. The world economy would function better as a result, with less chance of the global imbalances leading to a world recession.

Author : Anonim
Publisher : World Bank Publications
Page : 72 pages
File Size : 52,8 Mb
Release : 2000
Category : Banda cambiaria
ISBN : 8210379456XXX

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Verifying Exchange Rate Regimes by Anonim Pdf

One reason intermediate exchange rate regimes have fallen out of favor is that they are not transparent or easy to verify. A simple peg or a simple float may be easier for market participants to verify than a more complicated intermediate regime.

Author : Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta
Publisher : International Monetary Fund
Page : 40 pages
File Size : 52,8 Mb
Release : 2004-07-01
Category : Business & Economics
ISBN : 9781451854930

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From Fixed to Float by Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta Pdf

This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with the new regime, establishing an alternative nominal anchor in the context of a new monetary policy framework, and building the capacity of market participants to manage exchange rate risks and of supervisory authorities to regulate and monitor them. It also assesses the factors that influence the pace of exit and the appropriate sequencing of exchange rate flexibility and capital account liberalization.

Author : Michael D. Bordo
Publisher : International Monetary Fund
Page : 29 pages
File Size : 44,5 Mb
Release : 2003-08-01
Category : Business & Economics
ISBN : 9781451857764

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Exchange Rate Regime Choice in Historical Perspective by Michael D. Bordo Pdf

In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.

Author : International Monetary Fund. Monetary and Financial Systems Dept.
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,5 Mb
Release : 2004-11-19
Category : Business & Economics
ISBN : 9781498330015

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From Fixed to Float-Operational Aspects of Moving Toward Exchange Rate Flexibility by International Monetary Fund. Monetary and Financial Systems Dept. Pdf

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Author : John Wiulliamson
Publisher : Unknown
Page : 110 pages
File Size : 46,9 Mb
Release : 1983
Category : Electronic
ISBN : 0783742185

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The Exchange Rate System by John Wiulliamson Pdf

Now available directly from: IIE 11 Dupont Circle, NW Washington, DC 20036 Tel: (202) 328-9000 This book examines the system of flexible exchange rates, estimating misalignments of major currencies and analyzing costs and benefits of volatility and deviations from equilibrium. It considers target zones, reference rates, and other alternatives for stabilizing the system.

Author : John Williamson
Publisher : Peterson Institute
Page : 110 pages
File Size : 44,5 Mb
Release : 2000
Category : Business & Economics
ISBN : 0881322938

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Exchange Rate Regimes for Emerging Markets by John Williamson Pdf

In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.

Author : Ms.Inci Ötker
Publisher : International Monetary Fund
Page : 94 pages
File Size : 55,8 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 : Andrea Bubula,Inci Ötker
Publisher : International Monetary Fund
Page : 50 pages
File Size : 49,6 Mb
Release : 2002-09
Category : Business & Economics
ISBN : UCSD:31822032146979

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The Evolution of Exchange Rate Regimes Since 1990: Evidence From De Facto Policies by Andrea Bubula,Inci Ötker Pdf

This paper presents a monthly database on de facto exchange rate regimes that covers all IMF members since 1990. Information from IMF country reports and other sources, including exchange rate data, is utilized to determine de facto exchange rate policies. Countries are categorized based on these policies using the IMF nomenclature adopted in 1999. This approach ensures the forward compatibility of the database. The database is then used to examine whether the "bipolar view" of exchange regimes holds with de facto regimes. It is found that the proportion of countries adopting "intermediate" regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. Analyses based on Markov chains of regime transitions, however, provide (mixed) evidence against the bipolar view.

Author : John Williamson
Publisher : Peterson Institute
Page : 608 pages
File Size : 40,9 Mb
Release : 1994
Category : Business & Economics
ISBN : 0881320765

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Estimating Equilibrium Exchange Rates by John Williamson Pdf

The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.

Author : Mr.Atish R. Ghosh,MissMahvash Qureshi,Mr.Charalambos G. Tsangarides
Publisher : International Monetary Fund
Page : 43 pages
File Size : 41,7 Mb
Release : 2014-08-08
Category : Business & Economics
ISBN : 9781484331453

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Friedman Redux by Mr.Atish R. Ghosh,MissMahvash Qureshi,Mr.Charalambos G. Tsangarides Pdf

Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.