Fixed Versus Flexible Exchange Rates
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Author | : Joseph E. Gagnon |
Publisher | : Peterson Institute |
Total Pages | : 301 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 0881326356 |
Download Flexible Exchange Rates for a Stable World Economy Book in PDF, Epub and Kindle
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Author | : Mrs.Gilda Fernandez |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2006-01-09 |
Genre | : Business & Economics |
ISBN | : 1589064763 |
Download Moving to a Flexible Exchange Rate Book in PDF, Epub and Kindle
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Author | : Jan Herin |
Publisher | : Routledge |
Total Pages | : 290 |
Release | : 2019-03-12 |
Genre | : Political Science |
ISBN | : 0429728174 |
Download Flexible Exchange Rates/h Book in PDF, Epub and Kindle
This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
Author | : Ronald MacDonald |
Publisher | : Allen & Unwin Australia |
Total Pages | : 340 |
Release | : 1988 |
Genre | : Business & Economics |
ISBN | : |
Download Floating Exchange Rates Book in PDF, Epub and Kindle
Author | : Mr.Luca Antonio Ricci |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1997-06-01 |
Genre | : Business & Economics |
ISBN | : 1451960824 |
Download Exchange Rate Regimes and Location Book in PDF, Epub and Kindle
This paper investigates the effects of fixed versus flexible exchange rates on firms’ location choices and on countries’ specialization patterns. In a two-country, two-differentiated-goods monetary model, demand, supply, and monetary (as well as exchange rate) shocks arise after wages are set and prices are optimally chosen. The paper finds that countries are more specialized under flexible than fixed rates, and that the pattern of specialization is not uniquely defined by trade models but depends also on the exchange rate regime. The adoption of fixed exchange rates endogenously increases the desirability of this currency area by reducing the shock asymmetry. These results also shed light on the effects of exchange rate variability on trade.
Author | : Marin Muzhani |
Publisher | : Vernon Press |
Total Pages | : 368 |
Release | : 2018-03-31 |
Genre | : Business & Economics |
ISBN | : 1622731778 |
Download Fixed or Flexible Exchange Rates? History and Perspectives Book in PDF, Epub and Kindle
This book compares and contrasts flexible versus fixed exchange rate regimes. Beginning with their theoretical justifications, it showcases their observed advantages and disadvantages as they played out in the currency crises of the 1990s and early 2000s across Asia, Europe and Latin America. An analysis of the drivers and implications of these crises singles out fast-paced liberalization and globalization as having played central roles. Moreover it sheds light on some of the factors contributing to the 2008 financial crisis and the key monetary events in its aftermath. An accessible, yet rigorous discussion, supported by extensive evidence, helps readers reach their own conclusions regarding the respective merits of alternative exchange rate systems.
Author | : Milton Friedman |
Publisher | : |
Total Pages | : 220 |
Release | : 1967 |
Genre | : Balance of payments |
ISBN | : |
Download The Balance of Payments: Free Versus Fixed Exchange Rates Book in PDF, Epub and Kindle
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 1998-04-17 |
Genre | : Business & Economics |
ISBN | : 9781557756923 |
Download Fixed or Flexible Book in PDF, Epub and Kindle
This paper examines the recent evolution of exchange rate policies inthe developing world. It looks at why so many countries have made a transition from fixed or "pegged" exchange rates to "managed floating"currencies. It discusses how economies perform under different exchangerate arrangements, issues in the choice of regime, and the challenges poised by a world of increasing capital mobility, especially when bankingsectors are inadequately regulated or supervised.
Author | : Mathias Hoffmann |
Publisher | : |
Total Pages | : 0 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Fixed Versus Flexible Exchange Rates Book in PDF, Epub and Kindle
This paper investigates the hypothesis that in a small open economy flexible exchange rates act as a shock absorber and mitigate the effects of external shocks more effectively than fixed exchange rate regimes. Using a sample of 42 developing countries, the paper assesses whether the responses of real GDP, the trade balance and the real exchange rate to world output and world real interest rate shocks differ across exchange rate regimes. The paper shows that there are significant differences in the variability of macroeconomic aggregates under fixed and flexible exchange rate regimes.
Author | : John Williamson |
Publisher | : |
Total Pages | : 40 |
Release | : 2000 |
Genre | : Foreign exchange |
ISBN | : |
Download Designing a Middle Way Between Fixed and Flexible Exchange Rates Book in PDF, Epub and Kindle