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The Great Exchange Rate Debate after Argentina

Edwards, Sebastian - 2022

In this paper I discuss in what way, if any, the collapse of Argentina's experience with a currency board has affected …

Persistent link: https://www.econbiz.de/10013323989

Monetary Policy Strategies for Latin America

Mishkin, Frederic S.; Savastano, Miguel A. - 2022

The paper examines possible monetary policy strategies for Latin America that may help lock-in the gains in the fight against inflation attained by the region during the 1990s. We start by calling for a refocus of the debate about the conduct of monetary policy away from thinking that it is...

Persistent link: https://www.econbiz.de/10013323456

Fewer Monies, Better Monies

Dornbusch, Rudiger - 2001

In the aftermath of emerging market crises from Russia to Asia and Latin America, there is a quest for better monetary arrangements that are more crisis-proof. Fixed rates are out, flexible rates are in with a policy focus on inflation targeting. But there is, of course, the alternative of...

Persistent link: https://www.econbiz.de/10012787678

No Single Currency Regime is Right for All Countries or at All Times

Frankel, Jeffrey A. - 2021

This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered...

Persistent link: https://www.econbiz.de/10013218806

Pricing Currency Risk : Facts and Puzzles from Currency Boards

Schmukler, Sergio L.; Servén, Luis - 2021

patterns and determinants of the currency risk premium in two currency boards -- Argentina and Hong Kong. Despite the presumed …

Persistent link: https://www.econbiz.de/10013238692

International Borrowing and Macroeconomic Performance in Argentina

Dominguez, Kathryn M.; Tesar, Linda L. - 2022

This paper provides an overview of the major economic events in Argentina from the adoption of the convertibility plan … currency board and capital flows, and the inescapable link between fiscal and monetary policy. Argentina inadvertently entered … the late 1990s, when Argentina went into recession, it required some sort of stimulus -- either a loosening of monetary …

Persistent link: https://www.econbiz.de/10013309250

Hyperinflation with Currency Substitution : Introducing an Indexed Currency

Sturzenegger, Federico - 2021

Currency substitution (CS) and financial adaptation are in general believed to increase the equilibrium rate of inflation. This result derives from a setup in which the government finances a certain amount of real resources through money printing and where CS reduces the base of the inflation...

Persistent link: https://www.econbiz.de/10013224332

Limiting Currency Volatility to Stimulate Goods Market Integration : A Price Based Approach

Parsley, David C.; Wei, Shang-jin - 2021

This paper empirically studies the effect of instrumental and institutional stabilization of the exchange rate on the integration of goods markets. An instrumental stabilization of the exchange rate is accomplished through intervention in the foreign exchange market, or by monetary policies. An...

Persistent link: https://www.econbiz.de/10013246260

Hong Kong'S Currency Board and Changing Monetary Regimes

Kwan, Yum-keung; Lui, Francis Tingming - 2021

The paper discusses the historical background and institutional details of Hong Kong's currency board. We argue that its experience provides a good opportunity to test the macroeconomic implications of the currency board regime. Using the method of Blanchard and Quah (1989), we show that the...

Persistent link: https://www.econbiz.de/10013246274

A Currency of One'S Own? An Empirical Investigation on Dollarization and Independent Currency Unions

Edwards, Sebastian; Magendzo W., Igal - 2021

In this paper we analyze whether common currency' countries that is, dollarized and independent currency union countries have outperformed countries that have a currency of their own. The paper is empirical and estimates jointly the probability of being a common currency country and outcome'...

Persistent link: https://www.econbiz.de/10013221081