International Currency Arrangements and Policies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Currency Arrangements and Policies write by Julius Horváth. This book was released on 2006. International Currency Arrangements and Policies available in PDF, EPUB and Kindle. This book deals with exchange rate arrangements and exchange rate policies. Chapter 2 classifies exchange rates into flexible, intermediate and rigid arrangements. The book is subdivided into an arrangement of free float, managed float, pegged but adjustable, target zone, crawling peg, hard peg, currency board, dollarisation, and monetary union. This chapter also discusses hypothesis of vanishing intermediate exchange rate arrangements as well as it deals with differentiation between de jure, and de facto exchange rate arrangements. Chapter 3 deals with the issue of choosing an appropriate exchange rate arrangement. The book briefly characterises basic approaches of how to choose an exchange rate regime. Furthermore, the book reviews considerations stemming from the optimum currency area literature. Chapter 4 deals with problems of exchange rate, which were encountered by the most developed transition countries. After discussing the initial stabilisation problems of the early 1990s, it provides a general overview of the macroeconomic situation and exchange rates arrangements in these countries in the period 1990-2004. Also the book discusses issues connected with the future introduction of the euro into these countries. Chapter 5 provides the reader with two case studies. First, a discussion of the Czech experience in the transition period till the crisis in May 1997 is presented. Second, a discussion of the Hungarian experience concerning banking and exchange rate policy in the 1990s till the early years of this century. Finally, Chapter 6 discusses different historical periods from the viewpoint of currency arrangements.
International Currency Arrangements and Policies
International Currency Arrangements and Policies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Currency Arrangements and Policies write by Julius Horvath. This book was released on 2006. International Currency Arrangements and Policies available in PDF, EPUB and Kindle.
Exchange Arrangements and Foreign Exchange Markets
Exchange Arrangements and Foreign Exchange Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Arrangements and Foreign Exchange Markets write by International Monetary Fund. This book was released on 2003-03-28. Exchange Arrangements and Foreign Exchange Markets available in PDF, EPUB and Kindle. This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework
Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework write by Romain Lafarguette. This book was released on 2021-02-12. Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework available in PDF, EPUB and Kindle. This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.
Exchange Rate Arrangements and Monetary Policy
Exchange Rate Arrangements and Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate Arrangements and Monetary Policy write by International Monetary Fund. This book was released on 1988-01-01. Exchange Rate Arrangements and Monetary Policy available in PDF, EPUB and Kindle. This paper examines the relationship between monetary and exchange rate policies by considering the factors that have led the authorities in developed and developing countries in Asia to alter their use of monetary policy instruments and exchange rate arrangements since the mid-1970s. There is first consideration of the extent to which real and monetary shocks, country size, and the degree of goods and capital market integration can explain the evolution of exchange rate arrangements. There is then an examination of the factors influencing the choice of money and credit policy instruments. Finally, there is a discussion of integrating monetary and exchange policies with extensive trade and financial market reforms.
