[PDF] Collective Pegging To A Single Currency eBook

Author : Jorge Braga de Macedo
Publisher :
Page : pages
File Size : 46,85 MB
Release : 1988
Category :
ISBN :

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The paper presents a model of a monetary union designed to illuminate monetary and exchange rate policy in the West African Monetary Union (UMOA). Emphasis is placed on the interaction of the members of UMOA with each other, through the common central bank, and on their interaction with France and the rest of the world. As a consequence, the structure of the national economies depends essentially on their size.The relative size of the partners is reflected in the source and type of disturbances as well as in the trade pattern: large countries are not affected by disturbances originating in small countries. Small countries are affected by all external disturbances. The collective nature of the pegging becomes important because the small countries are taken to be of equal size.Using a four-country, two-tier macroeconomic model, it is shown that the pseudo-exchange rate union with the large partner has no effect on the real exchange rates of the small countries but affect their price levels, whereas a full monetary union requires in principle a transfer whose allocation between the two small countries by their common central bank may have real effects. This transfer is precisely provided by the large country, as guarantor of the fixed exchange rate arrangement. When both small countries are in surplus, there is a reverse transfer to the large country, with no monetary consequences. In line with the findings of the model, evidence is provided on monetary allocations in UMOA and on the real exchange rates of its major members, as compared to ot her African countries

Author : Sebastian Edwards
Publisher : University of Chicago Press
Page : 460 pages
File Size : 40,29 MB
Release : 2007-12-01
Category : Business & Economics
ISBN : 0226184730

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In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.

Author : John Waterbury
Publisher : Routledge
Page : 200 pages
File Size : 44,76 MB
Release : 2005-08-12
Category : Business & Economics
ISBN : 1135779473

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First Published in 1987. Routledge is an imprint of Taylor & Francis, an informa company.

Author : Mr.Jean-Claude Nascimento
Publisher : International Monetary Fund
Page : 48 pages
File Size : 22,8 MB
Release : 1994-01-01
Category : Business & Economics
ISBN : 1451926006

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The paper compares the performance of monetary policy in the Central African Monetary Area (CAMA) and the Eastern Caribbean Currency Area (ECCA) during 1976-90. Their institutional setup and mechanism for monetary control are examined to explain the opposite trends in the net external position of their banking system during this period. It concludes that monetary policy in the ECCA succeeded by relying on active interest rate management aimed at stemming capital outflows and adhering to stringent rules aimed at limiting credit expansion. The passive policy stance in the CAMA contributed to a significant redistribution of the area’s money stock.

Author : Tony Killick
Publisher : World Bank Publications
Page : 422 pages
File Size : 31,68 MB
Release : 1993-01-01
Category : Business & Economics
ISBN : 9780821321256

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This book explores the relationship between economic adaptation and long-run development, with particluar emphasis on small, low- income economies. It also examines what makes for flexibility within an economy and how policy can affect an economy's ability to adapt to conditions over which it has no control. The premise is that all economies need to adapt to changing circumstances in order to achieve a reasonable pace of development. The author explains the forces to which economies need to respond, the attributes that increase an economy's capacity to adjust, the difficulties of adjustment, and what policy can do to facilitate adjustment. The author illustrates structure and flexibility within an economy and offers a guide to forming policy. Specific policy options are examined, among them using exchange rate fluctuations. The roles of government and markets in setting adjustment policies for industry, agriculture, and finance are explored. The study draws upon a wide range of material and avoids a narrowly economic point of view. The book is intended for use by economists working for or advising government agencies and for teachers and students of development economics. It includes an extensive reference list.

Author : Rajat Acharyya
Publisher : Oxford University Press
Page : 657 pages
File Size : 14,61 MB
Release : 2023-02-17
Category : Business & Economics
ISBN : 0192688537

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Complementing trade theories with relevant trade empirics, this book covers three aspects of the study of International Economics: pure theory of trade, trade policy, and theory of Balance of Payments (BoP) and exchange rate. In the first part, it discusses the basic principles of international trade between dissimilar countries as well as between similar countries, and implications thereof in terms of welfare, income distribution, and growth. The approach taken here is distinctly different from that in most of the existing textbooks on international economics. Instead of model-specific discussions of the basic issues, it discusses the basic principles governing trade, gains from trade, and characteristics of international equilibrium in the context of a general trading environment of open economies. Subsequently, specific models of trade are introduced as alternative theoretical explanations for the basic principles of trade. In the second part, a wide range of policy issues are analysed including unilateral trade restrictions and promotions; reciprocatory trade policy choices through regionalism; product standards that regulate trade between developed and developing countries; and implications of capital inflow, FDI, fragmentation, and global value chains. In the third part, the book discusses different currency and exchange rate regimes and their implications for a country's balance of payments and foreign exchange reserves. Drawing upon the basic theories, it studies expenditure-reducing and expenditure-switching policies to correct for BoP imbalances under a pegged exchange rate regime. Finally, some reflections on the choice of exchange rate regime and optimum currency area wind up discussions of monetary issues in international economics.

Author : Ian Goldin
Publisher : Cambridge University Press
Page : 350 pages
File Size : 22,79 MB
Release : 1992-05-28
Category : Business & Economics
ISBN : 9780521420563

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Examines the interaction between macroeconomic and agricultural sector reforms in developing and East European economies.

Author : Peter B. Kenen
Publisher : Cambridge University Press
Page : 358 pages
File Size : 45,17 MB
Release : 1997-11-13
Category : Business & Economics
ISBN : 9780521580861

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This collection of essays is intended to help define an agenda for future research in the field of international trade and finance.

Author : Ngaire Woods
Publisher : Cornell University Press
Page : 272 pages
File Size : 49,47 MB
Release : 2014-11-15
Category : Political Science
ISBN : 0801456010

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The IMF and the World Bank have integrated a large number of countries into the world economy by requiring governments to open up to global trade, investment, and capital. They have not done this out of pure economic zeal. Politics and their own rules and habits explain much of why they have presented globalization as a solution to challenges they have faced in the world economy.—from the Introduction The greatest success of the International Monetary Fund and the World Bank has been as globalizers. But at whose cost? Would borrowing countries be better off without the IMF and World Bank? This book takes readers inside these institutions and the governments they work with. Ngaire Woods brilliantly decodes what they do and why they do it, using original research, extensive interviews carried out across many countries and institutions, and scholarship from the fields of economics, law, and politics. The Globalizers focuses on both the political context of IMF and World Bank actions and their impact on the countries in which they intervene. After describing the important debates between U.S. planners and the Allies in the 1944 foundation at Bretton Woods, she analyzes understandings of their missions over the last quarter century. She traces the impact of the Bank and the Fund in the recent economic history of Mexico, of post-Soviet Russia, and in the independent states of Africa. Woods concludes by proposing a range of reforms that would make the World Bank and the IMF more effective, equitable, and just.