Dealing With Multiple Currencies In Transitional Economies
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| Author | : Giovanni Capannelli |
| Publisher | : Asian Development Bank |
| Total Pages | : 417 |
| Release | : 2009-12-01 |
| Genre | : Business & Economics |
| ISBN | : 929254750X |
Download Dealing with Multiple Currencies in Transitional Economies Book in PDF, Epub and Kindle
This study, conducted by a team of economists from the Asian Development Bank, academics, and personnel from Cambodia, the Lao People's Democratic Republic, and Viet Nam (the CLV countries) finance ministries and central banks, explores the issues of multiple currencies and regional monetary cooperation among the economies of the Association of Southeast Asian Nations (ASEAN) in the context of increasing regional economic interdependence. It reviews the main issues related to the monetary and exchange rate policy decisions taken by CLV national authorities, and discusses the options and opportunities available for enhancing monetary and financial stability in the ASEAN region.
| Author | : Ms.Ratna Sahay |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 1995-09-01 |
| Genre | : Business & Economics |
| ISBN | : 145195008X |
Download Dollarization in Transition Economies Book in PDF, Epub and Kindle
After most restrictions on foreign currency holdings were relaxed in the early 1990s, foreign currency deposits in transition economies have been increasing rapidly. This paper takes a first look at the evidence on dollarization for 15 transition economies, and then discusses some key conceptual and policy implications. Depending on the institutional constraints, foreign currency deposits as a proportion of broad money reached a peak of between 30 and 60 percent in 1992-93. Unlike what has been observed in Latin America, however, dollarization has fallen substantially in the aftermath of successful stabilization plans in Estonia, Lithuania, Mongolia, and Poland. Since foreign currency deposits reflect mainly a portfolio choice, the fall in dollarization can be primarily attributed to higher real returns on domestic-currency assets, as a result of lower inflation and more market-determined interest rates.
| Author | : Morris Goldstein |
| Publisher | : Columbia University Press |
| Total Pages | : 181 |
| Release | : 2004-04-25 |
| Genre | : Business & Economics |
| ISBN | : 0881324574 |
Download Controlling Currency Mismatches in Emerging Markets Book in PDF, Epub and Kindle
In most of the currency crises of the 1990s, the largest output falls have occurred in those emerging economies with large currency mismatches, a phenomenon that occurs when assets and liabilities are denominated in different currencies such that net worth is sensitive to changes in the exchange rate. Currency mismatching makes crisis management much more difficult since it constrains the willingness of the monetary authority to reduce interest rates in a recession (for fear of initiating a large fall in the currency that would bring with it large-scale insolvencies). The mismatching also produces a "fear of floating" on the part of emerging economies, sometimes inducing them to make currency-regime choices that are not in their own long-term interest. Authors Morris Goldstein and Philip Turner summarize what is known about the origins of currency mismatching in emerging economies, discuss how best to define and measure currency mismatching, and review policy options for reducing the size of the problem.
| Author | : Koji Kubo |
| Publisher | : Springer |
| Total Pages | : 255 |
| Release | : 2017-09-01 |
| Genre | : Business & Economics |
| ISBN | : 3319577689 |
Download Dollarization and De-dollarization in Transitional Economies of Southeast Asia Book in PDF, Epub and Kindle
This book sheds light on the dollarization trends of four transitional economies in Southeast Asia: Cambodia, Lao PDR, Myanmar, and Vietnam. Moving beyond the tendency to focus on the Latin American experience of dollarization and prolonged high inflation, the chapters in this book compare how payment dollarization has been more persistent than other types of dollarization in this region due to network externalities. The book illustrates that dollarization started in the underdeveloped financial system in these countries and that dollarization interacted with financial development, which is in contrast to dollarization in Latin America. This project extends the frontiers of empirical studies on dollarization. It will be of interest to students, researchers and policy makers concerned with dollarization and economics in Southeast Asia.
| Author | : Mr.Adam Bennett |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 1999-03-15 |
| Genre | : Business & Economics |
| ISBN | : 9781557757579 |
Download Monetary Policy in Dollarized Economies Book in PDF, Epub and Kindle
Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many countries with IMF - supported adjustment programs. This paper analyzes policy issues that arise-and various monetary strategies that may be pursued- when the monetary sector is dollarized, and it considers the implications that dollarization has for the design of IMF programs.
| Author | : Mario I. Blejer |
| Publisher | : Springer |
| Total Pages | : 0 |
| Release | : 1999-12-31 |
| Genre | : Business & Economics |
| ISBN | : 9780792384229 |
Download Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies Book in PDF, Epub and Kindle
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 | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2000-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1455291080 |
Download Exchange Rate Regimes in Selected Advanced Transition Economies Book in PDF, Epub and Kindle
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 | : Ratna Sahay |
| Publisher | : |
| Total Pages | : 34 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download Dollarization in Transition Economies Book in PDF, Epub and Kindle
After most restrictions on foreign currency holdings were relaxed in the early 1990s, foreign currency deposits in transition economies have been increasing rapidly. This paper takes a first look at the evidence on dollarization for 15 transition economies, and then discusses some key conceptual and policy implications. Depending on the institutional constraints, foreign currency deposits as a proportion of broad money reached a peak of between 30 and 60 percent in 1992-93. Unlike what has been observed in Latin America, however, dollarization has fallen substantially in the aftermath of successful stabilization plans in Estonia, Lithuania, Mongolia, and Poland. Since foreign currency deposits reflect mainly a portfolio choice, the fall in dollarization can be primarily attributed to higher real returns on domestic-currency assets, as a result of lower inflation and more market-determined interest rates.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 360 |
| Release | : 2013-03-01 |
| Genre | : |
| ISBN | : 9264187243 |
Download Southeast Asian Economic Outlook 2013 With Perspectives on China and India Book in PDF, Epub and Kindle
This edition of the Southeast Asian Economic Outlook examines medium-term growth prospects, recent macroeconomic policy challenges, and structural challenges including human capital, infrastructure and SME development.
| Author | : Mr.Marco Airaudo |
| Publisher | : International Monetary Fund |
| Total Pages | : 65 |
| Release | : 2016-03-08 |
| Genre | : Business & Economics |
| ISBN | : 1475523165 |
Download Inflation Targeting and Exchange Rate Management In Less Developed Countries Book in PDF, Epub and Kindle
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
