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Persistent link: https://www.econbiz.de/10004998576
This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.
Persistent link: https://www.econbiz.de/10005824848
This paper reviews the central features of France’s capital controls in the 70's and 80's and strives to assess their ability, in the context of various exchange rate mechanisms, to regulate capital flows and to stabilize the exchange rate while allowing France to preserve a measure of...
Persistent link: https://www.econbiz.de/10011170135
The mainstream economics view about capital mobility and economic growth faces a serious dilemma. Although in this perspective strong theoretical arguments support the view that free capital movements act to accelerate growth in the economies integrated to the international capital markets,...
Persistent link: https://www.econbiz.de/10004983433
Recent turbulence in global and Caribbean regional financial markets underscore the importance of reassessing the adequacy of international reserves held by the Eastern Caribbean Central Bank (ECCB). Using the Jeanne (2007) optimization framework, this paper finds that international reserves...
Persistent link: https://www.econbiz.de/10004999976
This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and...
Persistent link: https://www.econbiz.de/10005591321
Persistent link: https://www.econbiz.de/10005767357
In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6...
Persistent link: https://www.econbiz.de/10005769180
This paper reviews and discusses issues involved in assessing the relationship between capital account liberalization and economic performance. First, it discusses the different measures of restrictions used in the literature. Second, it reviews the literature on the relationship between growth...
Persistent link: https://www.econbiz.de/10005769332
This paper addresses the important question of how far a government will run down its stock of foreign reserves in a defense of a fixed exchange rate. An optimizing model of currency crisis is presented in which the decision of whether or not to borrow in a defense of a peg is explicitly...
Persistent link: https://www.econbiz.de/10005826079