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III Experience with Pegged Rates

III Experience with Pegged Rates »

Source: Exit Strategies : Policy Options for Countries Seeking Exchange Rate Flexibility

Series: Occasional Papers

Author(s): Barry Eichengreen , Inci Ötker , A. Hamann , Esteban Jadresic , R. Johnston , Hugh Bredenkamp , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 1998

ISBN: 9781557757340

Keywords: exchange rate, inflation, exchange rate regime, monetary policy, monetary fund

The trend toward greater exchange rate flexibility for developing and transition countries is a prominent theme in the recent evolution of the international monetary system. As detailed in Inter...

III Long-Term Costs of Losing Monetary Policy

III Long-Term Costs of Losing Monetary Policy »

Source: Adopting the Euro in Central Europe : Challenges of the Next Step in European Integration

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 April 2005

ISBN: 9781589063501

Keywords: Euro, exchange rate, inflation, monetary policy, exchange rates, foreign exchange

The principal economic costs of joining a currency union stem from the effects of giving up an independent monetary policy on the stability of growth and inflation. A long tradition of assessing these costs...

III Monetary Policy and Financial Sector Reform

III Monetary Policy and Financial Sector Reform »

Source: Poland : The Path to a Market Economy

Series: Occasional Papers

Author(s): Charalambos Christofides , Paul Mylonas , Inci Ötker , Liam Ebrill , Gerd Schwartz , and Ajai Chopra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1994

ISBN: 9781557754110

Keywords: interest, exchange rate, debt, payments, inflation

There are close linkages between financial sector reforms, the conduct of monetary policy, and macroeconomic and financial stabilization. Indeed, the success of the transformation programs in previously cent...

III Orderly Transitions

III Orderly Transitions »

Source: Moving to Greater Exchange Rate Flexibility : Operational Aspects Based on Lessons from Detailed Country Experiences

Series: Occasional Papers

Author(s): Inci Ötker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2007

ISBN: 9781589066243

Keywords: Floating exchange rates, exchange rate, inflation, monetary policy, central bank, exchange rate flexibility

Chile (1984–99) 1 Chile’s transition to a free float was a very gradual, and mostly orderly, process that took about 15 years from the...

III Risks and Benefits of Dollarization

III Risks and Benefits of Dollarization »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

In a fully liberalized and convertible financial system, savers would prefer to hold a portion of their portfolio in foreign-currency-denominated assets, simply in order to achieve a desired distribution of...

III The Desirable Degree of Exchange Rate Flexibility

III The Desirable Degree of Exchange Rate Flexibility »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

Exchange rate flexibility and fixity are relative terms. Choices of exchange rate regime range from (1) commitment to a fixed rate, such as that implied by currency union or a currency board;...

III Varieties and Economic Effects of Quasi-Fiscal Activities

III Varieties and Economic Effects of Quasi-Fiscal Activities »

Source: Quasi-Fiscal Operations of Public Financial Institutions

Series: Occasional Papers

Author(s): George Mackenzie , and Peter Stella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 1996

ISBN: 9781557755834

Keywords: central bank, inflation, monetary fund, central banks, exchange rate

The quasi-fiscal activities of a central bank stem from its roles as regulator of the exchange system and regulator of the financial system. The QFA of other PFIs takes the form of interventions in the finan...

Exchange Rate Regimes in Selected Advanced Transition Economies
			: Coping with Transition, Capital Inflows, and EU Accession

Exchange Rate Regimes in Selected Advanced Transition Economies : Coping with Transition, Capital Inflows, and EU Accession »

Volume/Issue: 2000/3

Series: IMF Policy Discussion Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2000

DOI: http://dx.doi.org/10.5089/9781451974119.003

ISBN: 9781451974119

Keywords: Estonia, Exchange rate regimes, European Union, Capital inflows, Czech Republic, Czech Republic, Hungary, Poland, Slovenia, Transition economies

Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession,...

Exchange Rates in Central Europe
			: A Blessing or a Curse?

Exchange Rates in Central Europe : A Blessing or a Curse? »

Volume/Issue: 2004/2

Series: IMF Working Papers

Author(s): Louis Kuijs , and Alain Borghijs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2004

DOI: http://dx.doi.org/10.5089/9781451841794.001

ISBN: 9781451841794

Keywords: Czech Republic, Exchange rates, Foreign exchange, Hungary, Poland, Slovak Republic, Slovenia, structural VAR, accession, CECs

Central European accession countries (CECs) are currently considering when to adopt the euro. From the perspective of macroeconomic stabilization, the cost or benefit of giving up a flexible exchange rate depends o...

IV Accomplishing an Orderly Exit

IV Accomplishing an Orderly Exit »

Source: Exit Strategies : Policy Options for Countries Seeking Exchange Rate Flexibility

Series: Occasional Papers

Author(s): Barry Eichengreen , Inci Ötker , A. Hamann , Esteban Jadresic , R. Johnston , Hugh Bredenkamp , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 1998

ISBN: 9781557757340

Keywords: exchange rate, inflation, exchange rate regime, monetary policy, monetary fund

As documented in Appendix II, the clear majority of exits have taken place in periods of speculative pressure and have been associated with adverse economic outcomes and an apparent loss of cred...