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2 Introduction

2 Introduction »

Source: Exchange Rate Regimes and the Stability of the International Monetary System

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

ISBN: 9781589069312

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, exchange rate, exchange rate regime, exchange rates, real exchange rate

Each member country of the International Monetary Fund collaborates with the IMF and other members to “assure orderly exchange arrangements and promote a stable system of exchange rates,” recognizing that th...

3 Countries’ Choice of Exchange Rate Regime

3 Countries’ Choice of Exchange Rate Regime »

Source: Exchange Rate Regimes and the Stability of the International Monetary System

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

ISBN: 9781589069312

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, exchange rate, exchange rate regime, exchange rates, real exchange rate

Although exchange rate policy is just one facet of a country’s overall set of macroeconomic policies, an appropriate choice of exchange rate regime can help the country meet particular macroeconomic goals. T...

4 Sources of Systemic Stress

4 Sources of Systemic Stress »

Source: Exchange Rate Regimes and the Stability of the International Monetary System

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

ISBN: 9781589069312

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, exchange rate, exchange rate regime, exchange rates, real exchange rate

The discussion in Chapter 3 alluded to possible tensions between individual countries’ choice of regime and systemic stability. This chapter broadens the discussion by considering three interrelated but dist...

5 Conclusions

5 Conclusions »

Source: Exchange Rate Regimes and the Stability of the International Monetary System

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

ISBN: 9781589069312

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, exchange rate, exchange rate regime, exchange rates, real exchange rate

Each member country of the International Monetary Fund undertakes to collaborate with the IMF and other members to ensure orderly exchange arrangements and promote a stable system of exchange rates. This goa...

Review of the Fund's Income Position for FY 2012 and FY 2013-14

Review of the Fund's Income Position for FY 2012 and FY 2013-14 »

Source: Review of the Fund's Income Position for FY 2012 and FY 2013-14

Volume/Issue: 2012/099

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 December 2012

ISBN: 9781498340700

Keywords: Executive Board decisions, Financial year, Fund financial position reviews, General Resources Account, Gold sales by Fund, Investment Account, Net income of Fund, Overdue obligations, Profits, Resource allocation

This paper reviews the Fund's income position for FY 2012 and FY 2013?14.1 The paper updates projections provided at the FY 2012 midyear review and proposes decisions for the current and next two financial years. T...

Capital Inflows

Capital Inflows »

Source: Capital Inflows : The Role of Controls

Volume/Issue: 2010/04

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Karl Habermeier , Marcos Chamon , Mahvash Qureshi , and Dennis B. S. Reinhardt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2010

ISBN: 9781462347513

Keywords: Cross country analysis, Capital controls, Capital inflows, Banking sector, Financial crisis, Exchange rate appreciation, Reserves accumulation, Global Financial Crisis 2008-2009, Fiscal policy, Monetary policy

With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and capital mobility more generally, allow countries with limited sav...

Uphill Capital Flows and the International Monetary System†

Uphill Capital Flows and the International Monetary System† »

Source: Uphill Capital Flows and the International Monetary System

Volume/Issue: 2017/174

Series: IMF Working Papers

Author(s): Balazs Csonto , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2017

ISBN: 9781484311424

Keywords: International financial markets, Central banks and their policies, Uphill capital flows, yield curve, term premium, US Treasuries, reserve accumulation, foreign holdings, Financial Markets and the Macroeconomy, International Policy Coordination and Transmission

Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of thi...

Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime

Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime »

Source: Policy Responses to Aid Surges in Countries with Limited International Capital Mobility : The Role of the Exchange Rate Regime

Volume/Issue: 2014/18

Series: IMF Working Papers

Author(s): Andrew Berg , Rafael Portillo , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2014

ISBN: 9781484397008

Keywords: Reserve Accumulation Policies, Sterilization Policies, Transfer Problem, exchange rate, exchange rate regime, fixed exchange rate, fixed exchange rate regime, flexible exchange rate, General, Monetary Policy (Targets

We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption - an increase i...

Back Matter

Back Matter »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the...

Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria

Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria »

Source: Pakistan : Staff Report for the First Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria

Volume/Issue: 2014/1

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2014

ISBN: 9781484339244

Keywords: Banking sector, Debt sustainability analysis, Extended arrangement reviews, Extended Fund Facility, Economic indicators, Fiscal consolidation, Monetary policy, Fiscal reforms, Fiscal policy, Foreign exchange reserves

This paper provides an update on economic and policy developments in Pakistan since the issuance of the IMF staff report on December 11, 2013. Gross official reserves were US$3.4 billion as of December 16, 2013, in...