Approaches to Exchange Rate Policy
External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
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Exchange Rate Policy in a Monetary Union
A Primer on the CFA France Zone
Summary of Discussion
Summary of Discussion
Reinold H van Til
Case Study of Mexico 198291
account transactions Argentina authorities balance of payments black market capital account capital flows central bank CFA franc zone competitiveness costs crawling peg credibility crisis currency convertibility current account debt depreciation developing countries discussion domestic price economic policy equilibrium RER exchange controls exchange rate policy exchange rate regime exchange rate system exchange regime export external fiscal policy fixed exchange rate fixed rate flexible exchange rate foreign exchange market growth imbalances important increase inflation rate inflationary inflows initial International Monetary Fund international reserves issue liberalization macroeconomic ment Mexico misalignment monetary policy monetary union multiple exchange rate multiple rate system nominal anchor nominal exchange rate nontradables official exchange rate official rate output overvalued parallel market problems real appreciation real exchange rate reduce reform relative price restrictions result ruble area shocks stabilization target tariffs terms of trade tion tradables transition economies U.S. dollar variables wage
Page 8 - In particular, each member shall: (i) endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability, with due regard to its circumstances; (ii) seek to promote stability by fostering orderly underlying economic and financial conditions and a monetary system that does not tend to produce erratic disruptions; 27 Ibid., p.
Page 8 - ... underlying economic and financial conditions and a monetary system that does not tend to produce erratic disruptions; (iii) avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members; and (iv) follow exchange policies compatible with the undertakings under this Section.