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Macroeconomic Adjustment in a Highly Dollarized Economy; The Case of Cambodia

International Monetary Fund (IMF); International … - 2002

Cambodia became dollarized suddenly in the early 1990s, as a result of massive dollar inflows stemming from a postconflict situation. Considering that the amount of dollars in circulation is unusually high, we attempt to estimate the true degree of dollarization empirically. Our results show...

Persistent link: https://www.econbiz.de/10005248256

External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule

Ostry, Jonathan David; Montiel, Peter - International Monetary Fund (IMF) - 1992

This paper shows that the response of inflation to external shocks is very different when the authorities target the … would have no effect on the steady-state inflation rate under a fixed exchange rate are either inflationary or deflationary …

Persistent link: https://www.econbiz.de/10005248257

Currency Substitution; The Recent Experience of Bolivia

Clements, Benedict J.; Schwartz, Gerd - International Monetary Fund (IMF) - 1992

currency substitution process. Thus, further reductions in inflation or higher interest rates for boliviano bank deposits are …

Persistent link: https://www.econbiz.de/10005263665

Smuggling, Currency Substitution and Unofficial Dollarization; A Crime-Theoretic Approach

Mourmouras, Alex; Russell, Steven - International Monetary Fund (IMF) - 2000

Large stocks of U.S. dollars and other hard currencies circulate in the transition economies, in Latin America, and in other countries that have experienced macroeconomic mismanagement. Using a monetary model that combines the legal restrictions and crime-theoretic traditions, this paper...

Persistent link: https://www.econbiz.de/10005263949

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

The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies

Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000

We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information content of various monetary aggregates in developing countries. We conclude that a high degree of currency substitution argues for a more fixed exchange rate regime, while...

Persistent link: https://www.econbiz.de/10005264031

The Implications of Cross-Border Monetary Aggregation

Lane, Timothy D.; Kremers, Jeroen J. M. - International Monetary Fund (IMF) - 1992

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European...

Persistent link: https://www.econbiz.de/10005264074

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

Currency Convertibility and the Transformation of Centrally Planned Economies

Greene, Joshua E.; Isard, Peter - International Monetary Fund (IMF) - 1991

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

Persistent link: https://www.econbiz.de/10005824848

Determinants of Inflation in the Islamic Republic of Iran; A Macroeconomic Analysis

Liu, O.; Adedeji, Olumuyiwa - International Monetary Fund (IMF) - 2000

This study establishes a framework for analyzing the major determinants of inflation in the Islamic Republic of Iran …, and goods. Results strongly support the need for a sustained prudent monetary policy in order to reduce inflation and … inflation that, in turn, intensifies asset substitution (from money to foreign exchange), thereby weakening real demand for …

Persistent link: https://www.econbiz.de/10005825654

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