Exchange Rate Regimes And Currency Unions PDF Download
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Author | : Alberto Alesina |
Publisher | : Hoover Institution Press |
Total Pages | : 99 |
Release | : 2013-11-01 |
Genre | : Business & Economics |
ISBN | : 0817928464 |
Download Currency Unions Book in PDF, ePub and Kindle
Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.
Author | : Ronald MacDonald |
Publisher | : Edward Elgar Publishing |
Total Pages | : 209 |
Release | : 2010-01-01 |
Genre | : Business & Economics |
ISBN | : 1849805377 |
Download Currency Union and Exchange Rate Issues Book in PDF, ePub and Kindle
This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union. Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.
Author | : Mr.Tamim Bayoumi |
Publisher | : International Monetary Fund |
Total Pages | : 20 |
Release | : 1995-04-01 |
Genre | : Business & Economics |
ISBN | : 1451846282 |
Download Who Needs Bands? Exchange Rate Policy Before Emu Book in PDF, ePub and Kindle
Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbors appear the most likely to gain; however, our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits. The second issue is how to avoid exchange rate instability in the transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement the parities at which different currencies would enter EMU could reduce such instability if governments were willing to accept the required limitations on domestic policies.
Author | : Michael D. Bordo |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2003-08-01 |
Genre | : Business & Economics |
ISBN | : 1451857764 |
Download Exchange Rate Regime Choice in Historical Perspective Book in PDF, ePub and Kindle
In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.
Author | : Mr.S. Nuri Erbas |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2003-04-01 |
Genre | : Business & Economics |
ISBN | : 1451848811 |
Download The GCC Monetary Union Book in PDF, ePub and Kindle
We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Author | : Silvana Tenreyro |
Publisher | : |
Total Pages | : 46 |
Release | : 2003 |
Genre | : Monetary policy |
ISBN | : |
Download Economic Effects of Currency Unions Book in PDF, ePub and Kindle
This paper develops a new instrumental-variable (IV) approach to estimate the effects of different exchange rate regimes on bilateral outcomes. The basic idea is that the characteristics of the exchange rate regime between two countries (exchange rate variability, fixed or float, autonomous or common currencies) are partially related to the independent decisions of these countries to peg explicitly or de facto to a third currency, notably that of a main anchor. Our approach is to use this component of the exchange rate regime as an IV in regressions of bilateral outcomes. We illustrate the methodology with one specific application: the economic e.ects of currency unions. The likelihood that two countries independently adopt the currency of the same anchor country is used as an instrument for whether they share or not a common currency. Three findings stand out. First, sharing a common currency enhances trade supporting previous work by Rose [2000]. Second, a common currency increases price co-movements; this finding is consistent with the observation that a large part of the variation in real exchange rates is caused by fluctuations in nominal exchange rates. Finally, a common currency decreases the co-movement of shocks to real GDP. This is consistent with the view that currency unions lead to greater specialization.
Author | : Ernst Baltensperger |
Publisher | : Springer |
Total Pages | : 308 |
Release | : 2016-07-27 |
Genre | : Business & Economics |
ISBN | : 1349220396 |
Download Exchange-Rate Regimes and Currency Unions Book in PDF, ePub and Kindle
The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.
Author | : Mr.Charalambos G. Tsangarides |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2010-02-01 |
Genre | : Business & Economics |
ISBN | : 145196319X |
Download The Empirics of Exchange Rate Regimes and Trade Book in PDF, ePub and Kindle
This paper examines the impact of exchange rate regimes on bilateral trade while differentiating the effects of "words" and "deeds". Our findings-based on an extended database for de jure and de facto exchange rate classifications-show that while fixed exchange rate regimes increase trade, there is no systematic difference in the effects of policy announcements versus actions to maintain exchange rate stability. The trade generating effect of more stable exchange rate regimes is however more pronounced when words and actions are aligned, both in the short and long-run. Policy credibility therefore plays an important role in determining the effects of de jure and de facto exchange rate arrangements such that deviations between the two could be costly. In addition, we find evidence that (i) the impact of hard pegs such as currency unions is broadly similar to that of conventional pegs; (ii) the currency union and direct peg effects evolve over time; and (iii) the effects of more stable regimes are heterogeneous across country groups.
Author | : George M. von Furstenberg |
Publisher | : Oxford University Press, USA |
Total Pages | : 399 |
Release | : 2004-03-25 |
Genre | : Business & Economics |
ISBN | : 0199271402 |
Download Monetary Unions and Hard Pegs Book in PDF, ePub and Kindle
Financial services with global reach are becoming ever more important in the conduct and organization of the trade and investment of nations, and currencies that lack international standing lose out in this business. The result of financial development has been destabilizing currency and portfolio substitution -- in favour of international currencies and against local ones.This book analyses formal approaches to overcoming monetary divisions within countries and within integrating regions, focusing on the consequences of monetary union for trade among union members and their financial development and stability. The authors discuss hard pegs such as those attempted by the currency board of Argentina, outright dollarization, such as in Ecuador, and multilateral monetary union, as in Europe, the least reversible form of monetary union and the most powerful elixir offinancial integration and trade.The political classes and central banks in most countries have been reluctant to admit the market- and technology-driven forces of currency consolidation, much less yield to them. International financial institutions too are still in the habit of proffering advice about national monetary and exchange-rate policies on the assumption that getting rid of both is not even an option. Emerging-market countries, in particular, have to choose between retaining what independent monetary means they stillhave -- and can safely use in the presence of widespread liability dollarization and currency mismatches -- and formally replacing the domestic with an international currency to reduce exposure to debilitating financial crises. In concrete investigations of this choice, this volume shows thatmonetary union deserves a much more sympathetic hearing.
Author | : Mr.Emil Stavrev |
Publisher | : International Monetary Fund |
Total Pages | : 25 |
Release | : 2009-06-01 |
Genre | : Business & Economics |
ISBN | : 1451872747 |
Download Current Accounts in a Currency Union Book in PDF, ePub and Kindle
A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other advanced economies with more flexible exchange rates. Also, the size of country-specific current account shocks in EMU countries is smaller and their persistence is greater than in the other advanced economies. However, these differences in current account dynamics do not appear related to different exchange rate dynamics.