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This paper compares the experience with exchange-rate–based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables—inflation, output, demand, the real exchange rate and the current...
Persistent link: https://www.econbiz.de/10014403352
"This paper reviews the experience with exchange rate-based stabilization of four Western European countries-Italy, Ireland, Portugal, and Greece-in 1980-1996 and compares it with the experience of high-inflation developing countries. We find that inflation stabilization was contractionary, in...
Persistent link: https://www.econbiz.de/10004981249
Persistent link: https://www.econbiz.de/10001447610
Persistent link: https://www.econbiz.de/10000967697
This paper compares the experience with exchange-rate-based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables inflation, output, demand, the real exchange rate and the current account...
Persistent link: https://www.econbiz.de/10012782268
This paper is a preliminary review of the design of and early experience with IMF-supported programs in Indonesia, Korea, and Thailand during 1997-98. The review takes into account developments as of October 1998, and was the basis for a discussion of the programs by the IMF's Executive Board in...
Persistent link: https://www.econbiz.de/10005590908
In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rate regimes to regimes of greater exchange rate flexibility. This paper suggests...
Persistent link: https://www.econbiz.de/10005590968
Persistent link: https://www.econbiz.de/10005767357
The positive impact of foreign aid is limited by the erratic behavior of aid flows. The introduction in 1999 of various initiatives anchored in Poverty Reduction Strategy Papers (PRSPs) which were aimed at strengthening coordination among donors, improving the design of financial support...
Persistent link: https://www.econbiz.de/10005769017
Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases...
Persistent link: https://www.econbiz.de/10005769183