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This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers...
Persistent link: https://www.econbiz.de/10005826104
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...
Persistent link: https://www.econbiz.de/10005767365
, and inflation. The authors develop a framework that emphasizes the different roles of monetary and fiscal policy and apply …
Persistent link: https://www.econbiz.de/10005767387
In recent years, recommendations for countries to unilaterally dollarize/eurorize have become common, particularly when the countries lack economic credibility. After exploring the characteristics of dollarizing/eurorizing economies, we look at the merits and costs of unilateral eurorization for...
Persistent link: https://www.econbiz.de/10008528623
regimes. It also reviews the performance of exchange rate regimes in terms of inflation and business cycles. …
Persistent link: https://www.econbiz.de/10005590922
regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop …
Persistent link: https://www.econbiz.de/10005599274
This paper investigates the factors that affect inflation in the GCC region by examining the inflationary processes in … Saudi Arabia and Kuwait. The paper utilizes a model that accounts for foreign factors affecting inflation, such as trading … partners' inflation and exchange rate pass-through effect, as well as domestic influences. The analysis concludes that, in the …
Persistent link: https://www.econbiz.de/10005604864
, and current account liberalization; and (ii) inflation and various determinants, including lagged inflation, the nominal … and the real exchange rate are significant determinants but not the exchange regime or liberalization; and for inflation …, the lagged inflation rate, nominal exchange rate, and the de facto regime are significant. Exchange rate pass-through is …
Persistent link: https://www.econbiz.de/10010790391
the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative …
Persistent link: https://www.econbiz.de/10010790495