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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

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.E; 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

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

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 K.; Lui, Francis T. - 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

Exchange Rates in Emerging Countries : Eleven Empirical Regularities from Latin America and East Asia

Edwards, Sebastian - 2011

In this paper I discuss some of the most important lessons on exchange rate policies in emerging markets during the last 35 years. The analysis is undertaken from the perspective of both the Latin American and East Asian nations. Some of the topics addressed include: the relationship between...

Persistent link: https://www.econbiz.de/10013124845

On the Determinants of Exporters' Currency Pricing : History vs. Expectations

Fukuda, Shin-Ichi - 2006

The purpose of this paper is to investigate why the choice of invoice currency under exchange rate uncertainty depends not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically been the dominant vehicle currency in developing...

Persistent link: https://www.econbiz.de/10012779585

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