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Author : Robert M. Dunn
Publisher : Unknown
Page : 44 pages
File Size : 46,6 Mb
Release : 1983
Category : Business & Economics
ISBN : UOM:49015001167809
Author : Jan Herin
Publisher : Routledge
Page : 280 pages
File Size : 47,9 Mb
Release : 2019-03-12
Category : Political Science
ISBN : 9780429708169
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 : Peter Bernholz
Publisher : Unknown
Page : 60 pages
File Size : 43,6 Mb
Release : 1982
Category : Business & Economics
ISBN : UOM:39076006427848
Author : Ms.Inci Ötker
Publisher : International Monetary Fund
Page : 94 pages
File Size : 52,8 Mb
Release : 2007-04-30
Category : Business & Economics
ISBN : 9781589066243
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 : Egon Sohmen
Publisher : North Holland
Page : 386 pages
File Size : 51,5 Mb
Release : 1980
Category : Business & Economics
ISBN : STANFORD:36105037723660
Author : Ronald MacDonald
Publisher : Allen & Unwin Australia
Page : 344 pages
File Size : 48,9 Mb
Release : 1988
Category : Business & Economics
ISBN : IND:39000009148102
Author : Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta
Publisher : International Monetary Fund
Page : 29 pages
File Size : 55,6 Mb
Release : 2006-01-09
Category : Business & Economics
ISBN : 9781589064768
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 : Mr.Yan Carriere-Swallow,Mr.Nicolas E Magud,Juan Yepez
Publisher : International Monetary Fund
Page : 30 pages
File Size : 54,7 Mb
Release : 2018-10-01
Category : Business & Economics
ISBN : 9781484379370
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Author : C. Fred Bergsten,George Nikolaus Halm
Publisher : Princeton University Press
Page : 451 pages
File Size : 52,8 Mb
Release : 2015-03-08
Category : Business & Economics
ISBN : 9781400867271
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 : Richard N. Cooper
Publisher : Unknown
Page : 346 pages
File Size : 41,9 Mb
Release : 1982
Category : Business & Economics
ISBN : STANFORD:36105037362717
Author : Joseph E. Gagnon,Marc Hinterschweiger
Publisher : Peterson Institute
Page : 301 pages
File Size : 55,5 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780881326352
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 : Leo Melamed
Publisher : University Press of America
Page : 568 pages
File Size : 41,5 Mb
Release : 1988
Category : Foreign exchange
ISBN : STANFORD:36105038443961
This anthology of significant writings by eminent economists is, in part, a critique of the Bretton Woods system of fixed exchange rates, which was very successful at the time it was instituted but which, because of its rigidity, failed in the end to address the economic problems of the post-war era. The authors suggest that the stock market crash of 1987 might not have occurred if market forces had been allowed simply to run their course in the absence of any real economic restrictions. Contributors include: Harry Johnson, Fritz Machlup, Milton Friedman, Gottfried Haberler, Henry Wallich, Alan Greenspan, Leo Melamed, Jacques de Larosiere, Beryl Sprinkel, Michael L. Mussa, Martin Feldstein, Jacob Frenkel, Rudiger Dornbusch, Morris Goldstein, Rachel McCulloch, Paul R. Krugman, William H. Branson, Thomas D. Willett, J. Carter Murphy.
Author : Mr.Sebastian Weber,Pascal Towbin
Publisher : International Monetary Fund
Page : 53 pages
File Size : 44,8 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 9781455219001
A traditional argument in favor of flexible exchange rates is that they insulate output better from real shocks, because the exchange rate can adjust and stabilize demand for domestic goods through expenditure switching. This argument is weakened in models with high foreign currency debt and low exchange rate pass-through to import prices. The present study evaluates the empirical relevance of these two factors. We analyze the transmission of real external shocks to the domestic economy under fixed and flexible exchange rate regimes for a broad sample of countries in a Panel VAR and let the responses vary with foreign currency indebtedness and import structure. We find that flexible exchange rates do not insulate output better from external shocks if the country imports mainly low pass-through goods and can even amplify the output response if foreign indebtedness is high.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 52,5 Mb
Release : 1998-04-17
Category : Business & Economics
ISBN : 1557756929
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 : Egon Sohmen
Publisher : Unknown
Page : 200 pages
File Size : 42,8 Mb
Release : 1961
Category : Foreign exchange
ISBN : UOM:39015019116915