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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration
International Monetary Fund (IMF); International … - 2005
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
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The Role of the Exchange Rate in Inflation-Targeting Emerging Economies; Targeting Emerging Economies
Nordstrom, Anna; Roger, Scott; Stone, Mark R.; Shimizu, … - International Monetary Fund (IMF) - 2009
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that … has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation … targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little …
Persistent link: https://www.econbiz.de/10011245907
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of … the Central Bank's intervention in stemming domestic currency appreciation under an inflation targeting regime. The … slowing down domestic currency appreciation, as large-scale intervention became incompatible with meeting the inflation target …
Persistent link: https://www.econbiz.de/10005263872
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The Empirics of Foreign Exchange Intervention in Emerging Markets; The Cases of Mexico and Turkey
Karacadag, Cem; Guimarães, Roberto Pereira - International Monetary Fund (IMF) - 2004
This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey, two emerging countries that have floating exchange rate regimes. The paper finds mixed evidence on the effectiveness of intervention. In Mexico, foreign exchange sales have a...
Persistent link: https://www.econbiz.de/10005264020
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Setting the Stage for a National Currency in the West Bank and Gaza; The Choice of Exchange Rate Regime
Kandil, Magda E.; Beidas, S. - International Monetary Fund (IMF) - 2005
This paper sheds light on the quantitative behavioral responses of key economic variables in the Palestinian economy in the face of major economic shocks and draws implications for the choice of an exchange rate regime should a decision be taken to introduce a national currency. Time-series...
Persistent link: https://www.econbiz.de/10005264100
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Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, Enrique G. - International Monetary Fund (IMF) - 2006
This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...
Persistent link: https://www.econbiz.de/10005264110
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The Policy Interest-Rate Pass-Through in Central America
International Monetary Fund (IMF); International … - 2011
inflation targeting regimes. This paper finds that the interest-rate transmission mechanism, or the pass-through of the policy …
Persistent link: https://www.econbiz.de/10009369443
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Stabilization and Reforms in Latin America; A Macroeconomic Perspective of the Experience Since the 1990s
Belaisch, Agnes; Collyns, Charles; Masi, Paula De; … - International Monetary Fund (IMF) - 2005
This study examines external and domestic influences on Latin America’s economic performance over the past decade and a half. It notes that over the past few years, macroeconomic policies have strengthened and structural reforms have been implemented. Together with a favorable external...
Persistent link: https://www.econbiz.de/10005824870
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Exchange Rate Policy and Liability Dollarization; What Do the Data Reveal About Causality?
Berkmen, Pelin; Cavallo, Eduardo A. - International Monetary Fund (IMF) - 2007
The paper identifies the contemporaneous relationship between exchange rate policy and liability dollarization using three different definitions of dollarization. The presence of endogeneity makes the empirical identification elusive. We use identification through heteroskedasticity to solve the...
Persistent link: https://www.econbiz.de/10005825931
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From Fixed to Float; Operational Aspects of Moving towards Exchange Rate Flexibility
Fernandez, Gilda; Karacadag, Cem; Duttagupta, Rupa - International Monetary Fund (IMF) - 2004
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...
Persistent link: https://www.econbiz.de/10005826173