The Evolution Of Exchange Rate Regimes Since 1990 Evidence From De Facto Policies

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The Evolution of Exchange Rate Regimes Since 1990: Evidence From De Facto Policies

Andrea Bubula,Inci Ötker
The Evolution of Exchange Rate Regimes Since 1990 Evidence From De Facto Policies Book PDF

Author : Andrea Bubula,Inci Ötker
Publisher : International Monetary Fund
Page : 50 pages
File Size : 51,8 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.

Evolution and Performance of Exchange Rate Regimes

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

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 : 55,9 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.

Exchange Rate Regimes

Atish R. Ghosh,Anne-Marie Gulde,Holger C. Wolf
Exchange Rate Regimes Book PDF

Author : Atish R. Ghosh,Anne-Marie Gulde,Holger C. Wolf
Publisher : MIT Press
Page : 252 pages
File Size : 45,9 Mb
Release : 2002
Category : Business & Economics
ISBN : 0262072408

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Exchange Rate Regimes by Atish R. Ghosh,Anne-Marie Gulde,Holger C. Wolf Pdf

An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.

Fixed or Flexible

International Monetary Fund
Fixed or Flexible Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,5 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.

Exchange Rate Regime Choice in Historical Perspective

Michael D. Bordo
Exchange Rate Regime Choice in Historical Perspective Book PDF

Author : Michael D. Bordo
Publisher : International Monetary Fund
Page : 29 pages
File Size : 42,8 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.

The Empirics of Exchange Rate Regimes and Trade

Mr.Charalambos G. Tsangarides,MissMahvash Qureshi
The Empirics of Exchange Rate Regimes and Trade Book PDF

Author : Mr.Charalambos G. Tsangarides,MissMahvash Qureshi
Publisher : International Monetary Fund
Page : 46 pages
File Size : 53,8 Mb
Release : 2010-02-01
Category : Business & Economics
ISBN : 9781451963199

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The Empirics of Exchange Rate Regimes and Trade by Mr.Charalambos G. Tsangarides,MissMahvash Qureshi Pdf

This paper examines the impact of exchange rate regimes on bilateral trade while differentiating the effects of "words" and "deeds". Our findings-based on an extended database for de jure and de facto exchange rate classifications-show that while fixed exchange rate regimes increase trade, there is no systematic difference in the effects of policy announcements versus actions to maintain exchange rate stability. The trade generating effect of more stable exchange rate regimes is however more pronounced when words and actions are aligned, both in the short and long-run. Policy credibility therefore plays an important role in determining the effects of de jure and de facto exchange rate arrangements such that deviations between the two could be costly. In addition, we find evidence that (i) the impact of hard pegs such as currency unions is broadly similar to that of conventional pegs; (ii) the currency union and direct peg effects evolve over time; and (iii) the effects of more stable regimes are heterogeneous across country groups.

Exchange Rates and Economic Policy in the 20th Century

Derek H. Aldcroft
Exchange Rates and Economic Policy in the 20th Century Book PDF

Author : Derek H. Aldcroft
Publisher : Routledge
Page : 332 pages
File Size : 49,9 Mb
Release : 2017-07-05
Category : History
ISBN : 9781351937900

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Exchange Rates and Economic Policy in the 20th Century by Derek H. Aldcroft Pdf

The themes of this study are the exchange rate regimes chosen by policy makers in the twentieth century, the means used to maintain these regimes, and the impact of these decisions on individual national economies and the world economy in general. The book draws heavily on new research showing the lessons and the legacy left for policy makers by the gold standard and the attempt at its resurrection in the 1920s. In examining issues such as the gold exchange standard, the gold bullion standard, the experience of floating exchange rates, the Bretton Woods arrangements, the EMS and the ERM, and the Currency Board approach, there is a conscious attempt to draw out the relevance of history for policy makers now.

Reference Rates and the International Monetary System

John Williamson
Reference Rates and the International Monetary System Book PDF

Author : John Williamson
Publisher : Columbia University Press
Page : 104 pages
File Size : 52,9 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.

Exchange Rate Volatility and Trade Flows--Some New Evidence

International Monetary Fund
Exchange Rate Volatility and Trade Flows Some New Evidence Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 132 pages
File Size : 50,6 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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Exchange Rate Regimes in the Modern Era

Michael W. Klein,Jay C. Shambaugh
Exchange Rate Regimes in the Modern Era Book PDF

Author : Michael W. Klein,Jay C. Shambaugh
Publisher : MIT Press
Page : 267 pages
File Size : 43,8 Mb
Release : 2012-08-24
Category : Business & Economics
ISBN : 9780262258333

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Exchange Rate Regimes in the Modern Era by Michael W. Klein,Jay C. Shambaugh Pdf

An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.

Exchange Rate Regimes and the Stability of the International Monetary System

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

Author : Atish R. Ghosh,Jonathan David Ostry,Charalambos G. Tsangarides
Publisher : International Monetary Fund
Page : 52 pages
File Size : 55,7 Mb
Release : 2010-03-15
Category : Business & Economics
ISBN : MINN:31951D03160949U

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

Topics covered include: exchange rate regimes; financial stability; foreign exchange; international monetary system; monetary policy; reserve currencies; reserves accumulation; trade integration.

Exchange Rate Economics

Ronald MacDonald
Exchange Rate Economics Book PDF

Author : Ronald MacDonald
Publisher : Routledge
Page : 334 pages
File Size : 41,6 Mb
Release : 2005
Category : Foreign exchange
ISBN : 9781134838226

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Exchange Rate Economics by Ronald MacDonald Pdf

''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""

China’s Evolving Exchange Rate Regime

Mr.Sonali Das
China s Evolving Exchange Rate Regime Book PDF

Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 31 pages
File Size : 40,7 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.

Exchange Rate Regimes in the Twentieth Century

Derek Howard Aldcroft,Michael J. Oliver
Exchange Rate Regimes in the Twentieth Century Book PDF

Author : Derek Howard Aldcroft,Michael J. Oliver
Publisher : Unknown
Page : 232 pages
File Size : 43,7 Mb
Release : 1998
Category : Business & Economics
ISBN : STANFORD:36105023217073

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Exchange Rate Regimes in the Twentieth Century by Derek Howard Aldcroft,Michael J. Oliver Pdf

Provides an account of the evolution of exchange rate regimes in the 20th century, in chronological, non-technical format. Links between the past and present shed light on the merits of different exchange rate systems. Discusses forces that have brought about change in order to determine how different regimes affected the economic environment, considers the merits or otherwise of the respective regimes, and assesses arguments for and against fixed and floating exchange ratesAnnotation copyrighted by Book News, Inc., Portland, OR

Fixed or Floating Exchange Regimes

Peter J. Quirk
Fixed or Floating Exchange Regimes Book PDF

Author : Peter J. Quirk
Publisher : International Monetary Fund
Page : 30 pages
File Size : 50,8 Mb
Release : 1994-11-01
Category : Business & Economics
ISBN : 9781451855531

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Fixed or Floating Exchange Regimes by Peter J. Quirk Pdf

This paper reviews recent experience with the choice of floating or fixed (“anchor”) exchange regimes in industrial and developing countries. It concludes that desirable differences between the two sets of regimes have narrowed, owing to the useful operational role of exchange rate margins and unavoidable medium-term rate adjustments in the context of fixed regimes. A survey of recent empirical cross-country literature also suggests little unambiguous association of the choice of exchange regime with macroeconomic performance, inflation in particular. Stability of the exchange rate has generally been a by-product of other policy choices. Even announcement effects of the regime on inflation-fighting credibility depend on the country-specific assignments of policy instruments to more than one institution--central bank, government, or regional and multilateral institutions.