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The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective constraint is on the degree of monetary financing, which bears an uncertain...
Persistent link: https://www.econbiz.de/10014395841
This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate...
Persistent link: https://www.econbiz.de/10014404579
Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010. Its policies were loosened significantly, and consequently the account deficit increased and pressure on reserves intensified. The authorities agreed with the Eurasian Economic...
Persistent link: https://www.econbiz.de/10011244843
The staff report for the 2005 Article IV Consultation on Botswana highlights key issues, recent developments, and policy discussions. The authorities are strengthening their structural reform agenda and moving ahead with sector-specific development programs with a view to sustaining annual...
Persistent link: https://www.econbiz.de/10005599088
Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that...
Persistent link: https://www.econbiz.de/10014399171
Currency amounts are used to determine the daily value of the SDR. Currency amounts are the number of units of each … currency in the SDR basket. The value of the SDR (in U.S. dollars) is the sum of these amounts, valued at daily exchange rates … SDR basket becomes effective (transition date) such that they correspond to the currency weights determined by the IMF …
Persistent link: https://www.econbiz.de/10014408723
freely usable was adopted for SDR valuation only in 2000, although considerations relating to this concept had been taken …
Persistent link: https://www.econbiz.de/10014410363
This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original...
Persistent link: https://www.econbiz.de/10014396111
This paper reviews recent developments in the exchange system in the Islamic Republic of Iran and in the real effective exchange rate (REER). It also considers the determinants of the REER in connection with the choice of exchange regime after unification. The study illustrates how economic...
Persistent link: https://www.econbiz.de/10014401804
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014395957