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The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru »

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320648.001

ISBN: 9781484320648

Keywords: Western Hemisphere, Peru, Chile, Colombia, JEL Classification Numbers: E62, F14, H50, O13 Commodity Prices, Fiscal Policy, Flexible Exchange Rates

This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses o...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Regional Economic Outlook, October 2015: Western Hemisphere Department
			: Adjusting Under Pressure

Regional Economic Outlook, October 2015: Western Hemisphere Department : Adjusting Under Pressure »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

DOI: http://dx.doi.org/10.5089/9781513575209.086

ISBN: 9781513575209

Keywords: Trade integration, Fiscal consolidation, Commodity prices, Exchange rate flexibility, interest, trade, exchange, interest rates, financial development

Economies in the Western Hemisphere are generally seeing a slowdown in growth. The U.S. economy regained momentum after a slow start at the beginning of the year, while in Latin America and the Caribbean economic a...

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

How to De-Dollarize Financial Systems in the Caucasus and Central Asia? »

Volume/Issue: 2015/203

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Amr Hosny , and Gregory Hadjian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513507279.001

ISBN: 9781513507279

Keywords: financial dollarization, financial development, de-dollarization, exchange, exchange rate, currency, inflation, deposits, General,

Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector develo...

Peru
			: Staying the Course of Economic Success

Peru : Staying the Course of Economic Success »

Series: Books

Author(s): Alejandro Werner , and Alejandro Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

DOI: http://dx.doi.org/10.5089/9781513599748.071

ISBN: 9781513599748

Keywords: exchange, tax, investment, exchange rate, foreign exchange

Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 19...

Drivers of Peru's Equilibrium Real Exchange Rate
			: Is the Nuevo Sol a Commodity Currency?

Drivers of Peru's Equilibrium Real Exchange Rate : Is the Nuevo Sol a Commodity Currency? »

Volume/Issue: 2015/26

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2015

DOI: http://dx.doi.org/10.5089/9781498302760.001

ISBN: 9781498302760

Keywords: Real exchange rate, exchange rate, equilibrium, currency, currencies, Open Economy Macroeconomics,

This paper tests the hypothesis of ‘commodity currency' on the nuevo sol and, more generally, identifies the drivers of Peru's equilibrium real exchange rate using a cointegration analysis. The results show that ex...

Motives and Effectiveness of Forex Interventions
			: Evidence from Peru

Motives and Effectiveness of Forex Interventions : Evidence from Peru »

Volume/Issue: 2014/217

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781484340189.001

ISBN: 9781484340189

Keywords: FX intervention, FX purchase, FX sale, FX volatility, exchange, exchange rate, central bank, portfolio,

This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volati...

Managing Economic Volatility in Latin America

Managing Economic Volatility in Latin America »

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

DOI: http://dx.doi.org/10.5089/9781484364987.071

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in rece...

Russian Federation
			: Selected Issues

Russian Federation : Selected Issues »

Volume/Issue: 2013/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 2013

DOI: http://dx.doi.org/10.5089/9781484343470.002

ISBN: 9781484343470

Keywords: exchange rate, exchange rate volatility, exchange rate regime, exchange rates, exchange rate regimes, Exchange rate regimes],

This Selected Issues paper analyzes the impact of the adoption of inflation targeting (IT) on exchange rate volatility in Russian Federation. Russia has seen an increase in exchange rate volatility during the past...

Nonfinancial Firms in Latin America
			: A Source of Vulnerability?

Nonfinancial Firms in Latin America : A Source of Vulnerability? »

Volume/Issue: 2012/279

Series: IMF Working Papers

Author(s): Maria Gonzalez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2012

DOI: http://dx.doi.org/10.5089/9781475513486.001

ISBN: 9781475513486

Keywords: External Vulnerability, Global Shocks, Leverage, Debt Structure, exchange rate, short-term debt, exchange rate regime, terms of trade, trade growth, General,

We examine corporate sector vulnerabilities in Brazil, Chile, Colombia, Mexico and Peru. First, we identify stylized facts based on corporate financial indicators. Second, we assess vulnerability of individual firm...

Peru
			: Monetary and Exchange Rate Policies, 1930-1980

Peru : Monetary and Exchange Rate Policies, 1930-1980 »

Volume/Issue: 2012/166

Series: IMF Working Papers

Author(s): Gonzalo Pastor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475505146.001

ISBN: 9781475505146

Keywords: Peru monetary and exchange rate policies, Bretton Woods system, Polak model, exchange rate, foreign exchange, real exchange rate, exchange rates, nominal exchange rate, And The Supply Of Money And Credit, macroeconomic Aspects Of International Trade And Finance

This paper reviews monetary and exchange rate policies in Peru in 1930-80. The review covers major transformations to the world economy, including the post-1929 crash and WWII, and changing economic paradigms, such...

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America »

Volume/Issue: 2012/69

Series: IMF Working Papers

Author(s): Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781463939052.001

ISBN: 9781463939052

Keywords: exchange rate, exchange rate regime, International Lending and Debt Problems,

Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign curr...

The Policy Interest-Rate Pass-Through in Central America

The Policy Interest-Rate Pass-Through in Central America »

Volume/Issue: 2011/240

Series: IMF Working Papers

Author(s): Stephanie Medina Cas , Alejandro Carrion-Menendez , and Florencia Frantischek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463923228.001

ISBN: 9781463923228

Keywords: interest-rate transmission, exchange rate, central bank, exchange rate flexibility, inflation,

Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting...

Foreign Exchange Intervention
			: A Shield Against Appreciation Winds?

Foreign Exchange Intervention : A Shield Against Appreciation Winds? »

Volume/Issue: 2011/165

Series: IMF Working Papers

Author(s): Gustavo Adler , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781462301218.001

ISBN: 9781462301218

Keywords: sterilization, exchange rate, central bank,

This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin Amer...

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

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

DOI: http://dx.doi.org/10.5089/9781616350659.086

ISBN: 9781616350659

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

Despite the recent deterioration in the global economic environment, projections for the region involve only a modest worsening of the outlook. The October 2011 Regional Economic Outlook: Western Hemisphere caution...

What is Driving Financial De-Dollarization in Latin America?

What is Driving Financial De-Dollarization in Latin America? »

Volume/Issue: 2011/10

Series: IMF Working Papers

Author(s): Mercedes Garcia-Escribano , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211883.001

ISBN: 9781455211883

Keywords: de-dollarization, banking system, dollarization, exchange rate, exchange rate volatility, constant exchange rate, nominal exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General

In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and us...

Real Exchange Rates and Fundamentals
			: A Cross-Country Perspective

Real Exchange Rates and Fundamentals : A Cross-Country Perspective »

Volume/Issue: 2008/13

Series: IMF Working Papers

Author(s): Luca Ricci , Jaewoo Lee , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

DOI: http://dx.doi.org/10.5089/9781451868753.001

ISBN: 9781451868753

Keywords: equilibrium real exchange rate, Balassa-Samuelson effect, exchange rate, exchange rates, real exchange rate, net foreign assets, foreign assets,

This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set o...

Inflation Targeting in Dollarized Economies

Inflation Targeting in Dollarized Economies »

Volume/Issue: 2006/157

Series: IMF Working Papers

Author(s): Leonardo Leiderman , Rodolfo Maino , and Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864175.001

ISBN: 9781451864175

Keywords: exchange rate, foreign exchange, real exchange rate, Money And Interest Rates, Monetary Policy, Central Banking, And The Supply Of Money And Credit,

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful impleme...

Financial Dollarization in Latin America

Financial Dollarization in Latin America »

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862676.001

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

Financial De-Dollarization
			: Is it for Real?

Financial De-Dollarization : Is it for Real? »

Volume/Issue: 2005/187

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451862065.001

ISBN: 9781451862065

Keywords: Prudential policy, exchange rate, exchange rate regimes, real exchange rate, currency substitution, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: Government Policy and Regulation,

De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies. This paper...

Financial Dollarization Equilibria
			: A Framework for Policy Analysis

Financial Dollarization Equilibria : A Framework for Policy Analysis »

Volume/Issue: 2005/186

Series: IMF Working Papers

Author(s): Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451862058.001

ISBN: 9781451862058

Keywords: exchange rate, currency risk, interest rate risk, overvaluation, moral hazard, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

Rapidly rising dollarization and numerous related financial crises in recent years have heightened the need for policy action. This paper contributes to the policy debate by presenting a common analytic framework t...

Financial Stability in Dollarized Economies

Financial Stability in Dollarized Economies »

Series: Occasional Papers

Author(s): Anne Gulde , David Hoelscher , Alain Ize , Dewitt Marston , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2004

DOI: http://dx.doi.org/10.5089/9781589062962.084

ISBN: 9781589062962

Keywords: Dollarization, Financial stability, banking, foreign exchange, banking system, exchange rate

This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The stud...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2004/156

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2004

DOI: http://dx.doi.org/10.5089/9781451831047.002

ISBN: 9781451831047

Keywords: international monetary fund, public sector, exchange rate, debt, financial system

This Selected Issues paper focuses on policies to promote high, sustainable growth in Peru, the risks posed by dollarization, and key medium-term fiscal issues of decentralization and social security reform. The pa...

Finance & Development, March 2003

Finance & Development, March 2003 »

Volume/Issue: 40/1

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2003

DOI: http://dx.doi.org/10.5089/9781451953350.022

ISBN: 9781451953350

Keywords: exporting countries, exchange rate regimes, oil-exporting countries, oil prices, high trade barriers

This paper analyzes why the Middle East and North Africa (MENA) region has lagged in growth and globalization. Despite attempts to spur recovery and initiate structural reforms, many countries in the region remain...

An Evaluation of Monetary Regime Options for Latin America

An Evaluation of Monetary Regime Options for Latin America »

Volume/Issue: 2002/211

Series: IMF Working Papers

Author(s): Andrew Berg , Paolo Mauro , and Eduardo Borensztein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

DOI: http://dx.doi.org/10.5089/9781451874853.001

ISBN: 9781451874853

Keywords: currency union, exchange rate, inflation, monetary policy, real exchange rate, International Monetary Arrangements and Institutions, Open Economy Macroeconomics,

We assess monetary regime options for Latin American countries. The costs of a common currency are likely to outweigh its benefits, as those countries face diverse economic shocks, do not trade much with each other...

Exchange Rate Pass-Through to Domestic Prices
			: Does the Inflationary Environment Matter?

Exchange Rate Pass-Through to Domestic Prices : Does the Inflationary Environment Matter? »

Volume/Issue: 2001/194

Series: IMF Working Papers

Author(s): Dalia Hakura , and Ehsan Choudhri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451859867.001

ISBN: 9781451859867

Keywords: Pass-through, exchange rate, inflation rate, average inflation, average inflation rate, Open Economy Macroeconomics,

The paper tests a hypothesis suggested by Taylor (2000) that a low inflationary environment leads to a low exchange rate pass-through to domestic prices. To test this hypothesis, the paper derives a pass-through re...

The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies

The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies »

Volume/Issue: 2000/29

Series: IMF Working Papers

Author(s): Eduardo Borensztein , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2000

DOI: http://dx.doi.org/10.5089/9781451844795.001

ISBN: 9781451844795

Keywords: exchange rates, financial programming, money demand, exchange rate, inflation, monetary aggregates

We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information content of various monetary aggregates in developing countries. We conclude that a high degree...

Monetary Policy in Dollarized Economies

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

DOI: http://dx.doi.org/10.5089/9781557757579.084

ISBN: 9781557757579

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

Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many co...

Dollarization of Financial Intermediation
			: Causes and Policy Implications

Dollarization of Financial Intermediation : Causes and Policy Implications »

Volume/Issue: 1998/28

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1998

DOI: http://dx.doi.org/10.5089/9781451844634.001

ISBN: 9781451844634

Keywords: Dollarization, financial intermediation, asset substitution, exchange rate, real exchange rate, home currency, foreign exchange

This paper presents a portfolio model of financial intermediation in which currency choice is determined by hedging decisions on both sides of a bank’s balance sheet. Minimum variance portfolio (MVP) allocat...

Anticipated Exchange Rate Reforms

Anticipated Exchange Rate Reforms »

Volume/Issue: 1992/32

Series: IMF Working Papers

Author(s): Robert Flood , and Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

DOI: http://dx.doi.org/10.5089/9781451845075.001

ISBN: 9781451845075

Keywords: exchange rate, parallel exchange rate, equation, equations, foreign exchange

Exchange rate reforms in developing countries have often aimed at floating the exchange rate in an attempt to unify the official and parallel markets for foreign exchange. This paper examines the anticipatory dynam...

Currency Substitution and Inflation in Peru

Currency Substitution and Inflation in Peru »

Volume/Issue: 1992/33

Series: IMF Working Papers

Author(s): Liliana Rojas-Suárez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

DOI: http://dx.doi.org/10.5089/9781451979206.001

ISBN: 9781451979206

Keywords: exchange rate, inflation rate, monetary policy

This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of curr...

Currency Substitution in Developing Countries
			: An Introduction

Currency Substitution in Developing Countries : An Introduction »

Volume/Issue: 1992/40

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

DOI: http://dx.doi.org/10.5089/9781451845884.001

ISBN: 9781451845884

Keywords: Exchange rates, Developing countries, Currency substitution, Inflation, foreign currency, exchange rate, inflation tax

This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how...

IMF Staff papers
			: Volume 38 No. 3

IMF Staff papers : Volume 38 No. 3 »

Volume: 38

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1991

DOI: http://dx.doi.org/10.5089/9781451973136.024

ISBN: 9781451973136

Keywords: current account, real exchange, real exchange rate, exchange rate, trade liberalization

Trade liberalization in developing countries is frequently opposed on the grounds that, because it is likely to cause a deterioration in the external balance, it may not be a viable policy option for countries faci...