[PDF] Exchange Rate Regimes In Selected Advanced Transition Economies eBook

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 26 pages
File Size : 24,22 MB
Release : 2000-04-01
Category : Business & Economics
ISBN : 1451974116

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Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.

Author : Mario I. Blejer
Publisher : Springer Science & Business Media
Page : 501 pages
File Size : 42,54 MB
Release : 2007-08-23
Category : Business & Economics
ISBN : 0585313466

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Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.

Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
Page : 85 pages
File Size : 46,54 MB
Release : 2003-12-01
Category : Business & Economics
ISBN : 1451875843

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Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

Author : Aasim M. Husain
Publisher :
Page : 60 pages
File Size : 10,27 MB
Release : 2004
Category : Capital movements
ISBN :

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"Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis"--NBER website

Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 31 pages
File Size : 14,96 MB
Release : 2019-03-07
Category : Business & Economics
ISBN : 1498302025

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China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.

Author : Ilker Domaç
Publisher :
Page : 72 pages
File Size : 16,75 MB
Release : 2001
Category : Foreign exchange
ISBN :

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The exchange rate regime does make a difference for inflation performance. It is difficult to infer its effect on growth, but policy variables, and other variables influencing economic activity, do have different effects on growth under different exchange-rate arrangements.