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This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It...
Persistent link: https://www.econbiz.de/10012470642
This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...
Persistent link: https://www.econbiz.de/10012471842
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10012463248
Persistent link: https://www.econbiz.de/10012470870
interest to policymakers at the time of adoption. We examine the political economy of Japan's adoption of the gold standard in … contrast to previous studies examining bond yields, we find little evidence that joining the gold standard reduced Japan … policymakers suggested, we find that membership in the gold standard increased Japan's exports by lowering transactions costs and …
Persistent link: https://www.econbiz.de/10012463454