Options for Exchange Rate Policy
UN, Jan 1, 2000 - Business & Economics - 166 pages
The exchange rate is a vital pillar of macroeconomic management. During the recent Asian crises many analysts argued that otherwise sound economic management in east and southeast Asian countries was undermined by deficiences in exchange rate policies. An appropriate policy has to take into account the size, structural features and openness of the economy. It has to be consistent with monetary and fiscal policies and factor in the implications of policy evolution in major trading partners, particularly in the case of the least developed countries which have close trade and investment links with a large neighbouring country. This publication is the final output of a project for the benefit of selected least developed countries in the region. Country studies for Bangladesh, Bhutan, Cambodia, the Lao People's Democratic Republic, and Nepal are included.
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INTRODUCTION AND RECOMMENDATIONS
1 Structural features of the five sample countries
25 other sections not shown
adjustments arrangement Asian authorized dealers baht balance of payments Bangladesh Bank Bank of Cambodia banking system Bhutan capital account capital inflows cent of GDP central bank circulation commercial banks competitiveness convertible currencies country study currency substitution current account debt deficits deposits devaluation domestic currency economy effective exchange rate exchange rate policy exchange rate regime exports fiscal five countries fixed exchange rate flexible foreign currency foreign exchange market foreign exchange transactions Government implementation imports increase India Indian currency Indian rupee interbank interest rate Lao People's Democratic least developed countries macroeconomic macroeconomic policies managed float market rate monetary policy money supply neighbouring Nepal Rastra Bank Nepalese rupee ngultrum nominal exchange rate official rate parallel market parity People's Democratic Republic rate of exchange rate of inflation ratio real effective exchange real exchange rate region riel Royal Monetary Authority SAARC sector statistics Thailand third countries trading partners United States dollar