Current Account Effects of a Devaluation in an Optimizing Model with Capital Accumulation PDF Download
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Author: Søren Bo Nielsen
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Søren Bo Nielsen
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451931239
Category : Business & Economics
Languages : en
Pages : 33
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In pursuing a steady-state reserve target, policymakers in small open economies can resort to devaluation or to temporary increases in public saving. This paper contrasts the dynamic implications of these alternative policies in a model with optimizing agents who possess perfect foresight. In general, the private sector cannot be insulated from the effects of the government’s reserve-accumulation policies. The dynamic effects of devaluation depend on the fiscal policy rule in effect. In contrast to devaluation, the “equivalent” fiscal policies imply discontinuities in private consumption and temporary tax increases may cause key macroeconomic variables to overshoot their steady-state values.
Author: Maurice Obstfeld
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 13
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This paper examines the effects of ex-change-rate policies when individuals maximize lifetime utility on the basis of rational expectations about the future. The economy studied is one in which the authorities allow free mobility of capital under a crawling-peg exchange-rate regime. Many industrializing economies have adopted a crawling peg as a means of reconciling disparate inflation rates at home and abroad, and some recent efforts to use the rate of crawl as an instrument of anti-inflation policy have attracted considerable interest (see Carlos Diaz Alejandro). Tools similar to those employed here have been applied by Guillermo Calvo (forthcoming) to study this type of exchange-rate management under conditions of capital immobility
Author: N.M. Christodoulakis
Publisher: Elsevier
ISBN: 1483298825
Category : Business & Economics
Languages : en
Pages : 599
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The Symposium aimed at analysing and solving the various problems of representation and analysis of decision making in economic systems starting from the level of the individual firm and ending up with the complexities of international policy coordination. The papers are grouped into subject areas such as game theory, control methods, international policy coordination and the applications of artificial intelligence and experts systems as a framework in economic modelling and control. The Symposium therefore provides a wide range of important information for those involved or interested in the planning of company and national economics.
Author: Sebastian Edwards
Publisher: University of Chicago Press
ISBN: 9780226184944
Category : Business & Economics
Languages : en
Pages : 782
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Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Author: Kaoruko Kosai
Publisher:
ISBN:
Category :
Languages : en
Pages : 232
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Author: George Alogoskoufis
Publisher: Cambridge University Press
ISBN: 9780521405270
Category : Business & Economics
Languages : en
Pages : 428
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This book from the Centre for Economic Policy Research deals with the implications of the exchange rate regimes and capital flows of the 1990s for government macroeconomic policy-making and EC policy co-ordination.
Author: Paul J.J. Welfens
Publisher: Springer Science & Business Media
ISBN: 364259039X
Category : Business & Economics
Languages : en
Pages : 463
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Book Description
Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.
Author:
Publisher:
ISBN:
Category : International economic integration
Languages : en
Pages : 128
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 652
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