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Appendix I. Measurement and Accounting Issues

Appendix I. Measurement and Accounting Issues »

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

Various problems that arise in defining QFA, and in measuring the quasi-fiscal component of the operations of central banks and other PFIs, were briefly discussed in the text, as were the difficulties that c...

Appendix II Varieties of Country Experience

Appendix II Varieties of Country Experience »

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

This appendix describes a variety of QFAs that have been practiced in IMF member countries. Its intent is to give a flavor of the many forms that such practices can take; the countries whose experience is ci...

Appendix III Five Country Case Studies

Appendix III Five Country Case Studies »

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

Uruguay The history of QFA in the central bank and certain other PFIs since the early 1970s 50 can be divided roughly into three periods: the first,...

3. Foreign Exchange Market Intervention: How Good a Defense Against Appreciation Winds?

3. Foreign Exchange Market Intervention: How Good a Defense Against Appreciation Winds? »

Source: Regional Economic Outlook, April 2011, Western Hemisphere : Watching Out for Overheating

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

ISBN: 9781616350659

Keywords: inflation, exchange rate, central bank, foreign exchange, monetary policy

Emerging markets have increasingly relied on foreign exchange intervention to confront currency appreciation pressures arising from “easy external financing conditions.”Focusing on the last seve...

1. Global, U.S., and Canadian Outlook

1. Global, U.S., and Canadian Outlook »

Source: Regional Economic Outlook, April 2011, Western Hemisphere : Watching Out for Overheating

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

ISBN: 9781616350659

Keywords: inflation, exchange rate, central bank, foreign exchange, monetary policy

The global economy continues to expand, though heterogeneity and downside risks persist. The recovery in most advanced economies—where output remains below trend—is proceeding on...

I Overview

I Overview »

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

Central banks and other public financial institutions (PFIs) play an important role as agents of fiscal policy in many IMF member countries. Their activities in this guise can affect the overall public secto...

II Basic Issues

II Basic Issues »

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

In many countries, some of the activities in which central banks and PFIs engage, as well as some of the regulatory requirements of central banks, can be said to take on a fiscal character. These quasi-fisca...

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...

Implementing Official Dollarization

Implementing Official Dollarization »

Volume/Issue: 2010/106

Series: IMF Working Papers

Author(s): Åke Lönnberg , and Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

DOI: http://dx.doi.org/10.5089/9781455200658.001

ISBN: 9781455200658

Keywords: Central bank, exchange rate, inflation, domestic currency, monetary regime, central banks,

This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilatera...

Inflation and the Black Market Exchange Rate in a Repressed Market
			: A Model of Venezuela

Inflation and the Black Market Exchange Rate in a Repressed Market : A Model of Venezuela »

Volume/Issue: 2016/159

Series: IMF Working Papers

Author(s): Valerie Cerra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2016

DOI: http://dx.doi.org/10.5089/9781475523201.001

ISBN: 9781475523201

Keywords: inflation; black market; exchange rate; Venezuela; foreign exchange rationing; scarcity; cash in advance constraint; oil revenue; fiscal dominance

This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in in...