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Exchange Rate Regime Considerations for Jordan and Lebanon

Bhattacharya, Rina - International Monetary Fund (IMF) - 2003

This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the...

Persistent link: https://www.econbiz.de/10005768808

Currency Boards, Credibility, and Macroeconomic Behavior

Sy, Amadou N. R.; Rivera-Batiz, Luis - International Monetary Fund (IMF) - 2000

Currency boards operate differently from standard pegs. The former exhibit greater currency stability and lower transaction costs, inflation, and nominal interest rates, but are limited in their use of devaluation. We extend Drazen and Masson’s (1994) signaling model to consider the choice...

Persistent link: https://www.econbiz.de/10005768949

Exchange Rates in the Periphery and International Adjustment Under the Gold Standard

Catão, Luis; Solomou, Solomos - International Monetary Fund (IMF) - 2003

builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in … exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency … fluctuations had powerful effects on trade flows. We conclude that nominal exchange rate flexibility in the periphery was an …

Persistent link: https://www.econbiz.de/10005769107

Optimal and Sustainable Exchange Rate Regimes; A Simple Game-Theoretic Approach

Kawai, Masahiro - International Monetary Fund (IMF) - 1992

This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy...

Persistent link: https://www.econbiz.de/10005264066

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

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Magud, Nicolas E.; Vesperoni, Esteban; Reinhart, Carmen - International Monetary Fund (IMF) - 2012

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow...

Persistent link: https://www.econbiz.de/10009654160

Evolution and Performance of Exchange Rate Regimes

Husain, Aasim M.; Mody, Ashoka; Oomes, Nienke; Brooks, Robin - International Monetary Fund (IMF) - 2003

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis...

Persistent link: https://www.econbiz.de/10005599274

Europe and Global Imbalances

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2007

Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and … alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across …

Persistent link: https://www.econbiz.de/10005599397

Are Pegged and Intermediate Regimes More Crisis Prone?

Bubula, Andrea; Ötker, Inci - International Monetary Fund (IMF) - 2003

This paper provides evidence on the susceptibility of different types of exchange rate regimes to currency crises during 1990-2001. It explores the incidence of crises, identified as episodes of severe exchange market pressure, to seek evidence on whether pegged regimes are more crisis prone...

Persistent link: https://www.econbiz.de/10005604829

Net Foreign Assets and International Adjustment; The United States, Japan, and Germany

Horne, Jocelyn; Masson, Paul R.; Kremers, Jeroen J. M. - International Monetary Fund (IMF) - 1993

This paper examines external adjustment in the United States, Japan and Germany from the perspective of net foreign asset positions. It asks two questions: What are, in the long run, the determinants of net foreign asset equilibrium? and: What are, in the short run, some of the adjustment...

Persistent link: https://www.econbiz.de/10005604961