Choosing the Width of Exchange Rate Bands PDF Download

Author: Alex Cukierman
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 68

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Author: Assaf Razin
Publisher: Springer Science & Business Media
ISBN: 3642608469
Category : Business & Economics
Languages : en
Pages : 300

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Book Description
Ass a f R a z i nand Hans-Jiirgen Vosgerau The eight chapters of this volume have been grouped into two parts. Part A of contains chapters which are mainly monetary in character, whereas real aspects international economics are treated in Part B. It goes without saying that this is only a device for structuring the field. In substance most chapters reveal the close connections between real and monetary aspects. Part A on "Inflation, Exchange Rates, and Macro-Economic Adjustment in the Global Economy" consists of four papers. In recent years, an inflation targeting framework for monetary policy has been adopted by New Zealand, Canada, the United Kingdom, Finland, Sweden, Australia, and Spain (in chronological order). The use of inflation targeting can be viewed as a further step in the evolution of monetary policy techniques adopted by central banks. A common feature of the countries that have adopted inflation targets is the relatively poor inflation record over the last 30 years compared with other industrial countries such as Germany, Switzerland, Japan and the United States. Because of their relatively good inflation record, this latter group of countries has not explicitly adopted inflation targeting. With, or without, explicit inflation targeting the monetary policy credibility hinges on the independence of the central bank. Alex Cukierman addresses the issue of central bank independence by surveying alternative ways to characterize independence.

Author: Leonardo Leiderman
Publisher: Cambridge University Press
ISBN: 9780521454384
Category : Business & Economics
Languages : en
Pages : 400

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This edited volume examines capital mobility in both industrialised and developing countries.

Author: Peter Isard
Publisher: Cambridge University Press
ISBN: 9780521466004
Category : Business & Economics
Languages : en
Pages : 298

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Book Description
This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.

Author: Paul Krugman
Publisher: Cambridge University Press
ISBN: 9780521435260
Category : Business & Economics
Languages : en
Pages : 274

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Book Description
This volume examines the intersection between a new analytical approach and a real economic problem.

Author: Pierre-Richard Agénor
Publisher: World Bank Publications
ISBN:
Category : Economic stabilization
Languages : en
Pages : 100

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Book Description
In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.

Author: Thomas M. Leonard
Publisher: Routledge
ISBN: 1135205086
Category : Business & Economics
Languages : en
Pages : 2184

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Book Description
A RUSA 2007 Outstanding Reference Title The Encyclopedia of the Developing World is a comprehensive work on the historical and current status of developing countries. Containing more than 750 entries, the Encyclopedia encompasses primarily the years since 1945 and defines development broadly, addressing not only economics but also civil society and social progress. Entries cover the most important theories and measurements of development; relate historical events, movements, and concepts to development both internationally and regionally where applicable; examine the contributions of the most important persons and organizations; and detail the progress made within geographic regions and by individual countries.

Author: C. Usabiaga-Ibánez
Publisher: Springer
ISBN: 1403915946
Category : Business & Economics
Languages : en
Pages : 372

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Book Description
The book sets out to show the current state of macroeconomics, from three main perspectives: methodology, theory and economic policy. It is built on extensive conversation with some of the world's leading macroeconomists. These are based on wide questionnaires, covering jointly almost all the topics of macroeconomic theory, as well as questions of methodology, real economy, and even academic systems and future lines of research. Some of the questions have been put to all the respondents or many of them, with the aim of bringing out their different positions. References about authors and themes are also provided.

Author: Lars Calmfors
Publisher: Springer Science & Business Media
ISBN: 1461561833
Category : Business & Economics
Languages : en
Pages : 372

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Book Description
EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries. The book provides an in-depth analysis of how the demands on economic policy will be affected by the monetary union. Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants and non-participants. Other chapters analyse the importance of the EMU for European political integration, democratic aspects, and how membership in the monetary union will affect the possibilities for an individual member state to exert influence within the EU. EMU - A Swedish Perspective should be of interest to professional economists and political scientists, students, and all others who want to form an opinion about the monetary union on the basis of a balanced assessment of the consequences. EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries.

Author: John Williamson
Publisher: Peterson Institute
ISBN: 9780881322316
Category : Business & Economics
Languages : en
Pages : 204

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Book Description
This study examines in detail the experiences of three countries that have in recent years operated exchange rate systems of "crawling bands," similar in spirit to the target zones that the author has recommended in the past. Williamson compares the succcessful experiences of 3 countries that have operated crawling bands with 15 similar countries and concludes that the crawling band exchange-rate policy has been an important element in their success. The study includes a manual for managing crawling bands.