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Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956940
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
This paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real interest differential formulations); and the portfolio balance approach. In this paper, the literature on these views is surveyed, followed by a discussion of the empirical evidence and likely future developments in the area of exchange rate determination. The literature on foreign exchange market efficiency, exchange rates and “news,” and international parity conditions is also reviewed.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956940
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
This paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real interest differential formulations); and the portfolio balance approach. In this paper, the literature on these views is surveyed, followed by a discussion of the empirical evidence and likely future developments in the area of exchange rate determination. The literature on foreign exchange market efficiency, exchange rates and “news,” and international parity conditions is also reviewed.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 145195624X
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Washington, D. C. 20431
Author: International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781463915476
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451959990
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
This paper highlights various problems and policies related to latent inflation. Disappointment will undoubtedly be widespread if, after 10 years of inflation control, latent inflation is permitted to become active and there is a considerable rise in prices. It is not unlikely that some governments will feel they simply cannot accept such a policy. However, the prospect of wiping out or working off latent inflation in any moderate period is very slight. There is every reason to deal with the latent inflation as far as possible by absorbing it through taxation and by measures to reduce liquidity. At the same time, with increased output it should be possible to work off part of the latent inflation. Even if it becomes generally recognized that all or most of such inflation cannot be wiped out or worked off, its immediate activation may be unwise. At some stage soon, governments must face the difficulties presented by latent inflation and recognize that a comprehensive program for dealing with it must be put into effect. Unless such programs are adopted, there can be no great confidence that international payments problems can be solved simply by imposing more rigorous and more extensive controls.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956401
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
This paper provides a survey of some major issues of incomes policy rather than an evaluation of individual countries' policies. It seeks to highlight and explain the changing emphasis of such policies in the three periods when they were widely adopted. After the War, incomes policies were implemented in several European countries, in the context of scarcities of goods and shortage of foreign exchange. Policies involving a considerable element of compulsion were then associated with other restrictions, such as direction of labor and rationing. At current high rates of inflation and of unemployment, there is growing recognition of the threat that inflation poses to political and economic institutions. Although the recent results of incomes policy have not been striking, present circumstances may be more conducive for success. Experience suggests that incomes policy may be most effective in restraining wage and price increases under conditions of less than full employment.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 9781589063228
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new featured section, "Data Issues," which will be devoted in future issues to on-going discussions of the latest in econometric and statistical tools for economists, data puzzles, and other related topics of interest to researchers.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956339
Category : Business & Economics
Languages : en
Pages : 275
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Book Description
This paper focuses on current issues on the transmission process of monetary policy. The main process by which monetary forces influence the real economy in Keynesian income/expenditure models is through the cost-of-capital channel. In addition to the cost-of-capital channel, post-Keynesians also recognized two other channels, namely, the wealth effect on consumption expenditure and the credit rationing linkage between the financial and real sectors. One of the most significant post-Keynesian developments has been the emphasis on net private wealth as well as income as a factor influencing real flows of expenditures. The flow of services of outside money is the saving of time in barter transactions, which stems from the role of money as a medium of exchange. The saving of time may be used either for leisure or to produce capital goods. A fundamental and basic development in monetary theory subsequent to Keynes' liquidity preference theory has been the capital theoretic formulation of the demand for money.
Author: Mr.Ashoka Mody
Publisher: International Monetary Fund
ISBN: 9781589063204
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451957068
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451974515
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.
