Beliefs about Exchange-rate Stability
| Author | : Neven T. Valev |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2004 |
| Genre | : Currency boards |
| ISBN | : 9789549791808 |
Beliefs About Exchange Rate Stability
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How False Beliefs About Exchange Rate Systems Threaten Global Growth and the Existence of the Eurozone
| Author | : William Roy White |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
The current belief system that says “all will be well” if domestic price stability can be maintained is fundamentally flawed. If this can be achieved only through monetary, credit and debt expansion, the end result will be an increased risk of systemic crisis. Moreover, false beliefs about how exchange rate systems function, at both the global level and within the Eurozone, imply international “spillover” effects that increase both the likelihood and the seriousness of such crises. Gross international capital flows pose as many (perhaps more) dangers than do net flows (ie current account imbalances). And false beliefs about exchange rate regimes not only compromise crisis prevention, but they also hinder crisis management and resolution. At the global level, we still lack the instruments to do either effectively should current problems worsen. In the Eurozone, the crisis which began in 2010 has not been well managed and remains fundamentally unresolved.
Authorities' Beliefs about Foreign Exchange Intervention
| Author | : Christopher J. Neely |
| Publisher | : |
| Total Pages | : |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
"This paper presents the results of a survey of monetary authorities with respect to their beliefs about foreign exchange intervention. The survey provides evidence on new intervention issues that would be difficult to investigate otherwise, such as conditional response times, non-foreign exchange factors in intervention and beliefs about profitability. At the same time, the survey provides new evidence on issues that have been investigated with other methods, such as channels of effectiveness, effect on currency components, profitability, and motivations for secrecy. Respondents disagreed with the predominant views on intervention's effect on volatility and common arguments against intervention. The exchange rate regime of a central bank explains its beliefs about several important aspects of intervention, including factors in a successful intervention and the potential profitability of intervention"--Federal Reserve Bank of St. Louis web site.
Inflation Targeting and Exchange Rate Management In Less Developed Countries
| Author | : Mr.Marco Airaudo |
| Publisher | : International Monetary Fund |
| Total Pages | : 65 |
| Release | : 2016-03-08 |
| Genre | : Business & Economics |
| ISBN | : 1475523165 |
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Handbook of Safeguarding Global Financial Stability
| Author | : Gerard Caprio |
| Publisher | : Academic Press |
| Total Pages | : 547 |
| Release | : 2012-11-27 |
| Genre | : Business & Economics |
| ISBN | : 0123978750 |
Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends.. Substantial articles by top scholars sets this volume apart from other information sources Diverse international perspectives result in new opportunities for analysis and research Rapidly developing subjects will interest readers well into the future
Market Volatility and Foreign Exchange Intervention in EMEs
| Author | : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2013 |
| Genre | : Banks and banking, Central |
| ISBN | : 9789291319626 |
Exchange Rate Regimes and Macroeconomic Stability
| Author | : Lok Sang Ho |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 258 |
| Release | : 2011-06-28 |
| Genre | : Business & Economics |
| ISBN | : 1461510414 |
The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
The Monetary Approach to the Balance of Payments
| Author | : Jacob Frenkel |
| Publisher | : Routledge |
| Total Pages | : 389 |
| Release | : 2013-07-18 |
| Genre | : Business & Economics |
| ISBN | : 1135043493 |
This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.
