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Exchange rate regimes in Central, Eastern and Southeastern Europe : a euro bloc and a dollar bloc?

Slavov, Slavi T. - 2017

There are 13 countries in Central, Eastern and Southeastern Europe (CESEE) with floating exchange rate regimes, de jure. This paper uses the framework pioneered by Frankel and Wei (1994) and extended in Frankel and Wei (2008) to show that most of them have been tracking either the euro or the US...

Persistent link: https://www.econbiz.de/10011670455

A conceptual model for the integrated policy framework

Basu, Suman; Boz, Emine; Gopinath, Gita; Roch, Francisco; … - 2020

In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework abstracts from many real world imperfections, and countries often resort to unconventional policies to cope with shocks, such as COVID-19. This...

Persistent link: https://www.econbiz.de/10012252706

Exchange rate choices with inflexible markets and costly price adjustments

Iyer, Tara - 2017

This paper analyzes the appropriate choice of an exchange rate regime in agricultural commodity-exporting economies. In an open economy model that incorporates key structural characteristics of agricultural commodity exporters including dual labor markets, the benefits of exchange rate...

Persistent link: https://www.econbiz.de/10011705046

Inflation targeting and exchange rate management in less developed countries

Airaudo, Marco; Buffie, Edward F.; Zanna, Luis-Felipe - 2016

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...

Persistent link: https://www.econbiz.de/10011705444

Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime

International Monetary Fund - 2002

Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy,...

Persistent link: https://www.econbiz.de/10014401496

Accumulating Foreign Reserves Under Floating Exchange Rates

Gonçalves, Fernando M. - 2008

Official accumulation of foreign reserves may be perceived as interventions to influence the exchange rate, undermining the credibility of floating exchange rates and inflation targets. This paper develops a theoretical framework to study the interaction between reserve accumulation and monetary...

Persistent link: https://www.econbiz.de/10014401526

Floating Exchange Rates in Africa

International Monetary Fund - 1988

The paper examines the experiences of nine African countries that have introduced floating exchange rate regimes in the 1980s. The various types of market arrangements are explored, focusing on the roles of market participants. After a review of exchange rate developments under the regimes, some...

Persistent link: https://www.econbiz.de/10014396080

From Fixed to Float : Operational Aspects of Moving towards Exchange Rate Flexibility

Fernandez, Gilda - 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/10014404098

Yen Bloc or Yuan Bloc : An Analysis of Currency Arrangements in East Asia

Shirono, Kazuko - 2009

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to … if China''s relative presence continues to rise in the regional trade …

Persistent link: https://www.econbiz.de/10014404286

Official Dollarization As a Monetary Regime : Its Effectson El Salvador

Swiston, Andrew - 2011

This paper examines El Salvador’s transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that dollarization...

Persistent link: https://www.econbiz.de/10014399268

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