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Monetary Policies for Developing Countries : The Role of Corruption

Huang, Haizhou - 2003

This paper examines the role of corruption in the design of monetary policies for developing countries in a framework …, is typically not credible in countries with serious corruption. Second, the optimal degree of conservatism for a Rogoff … (1985)-type central banker is an inverse function of the corruption level. Third, either an optimally designed inflation …

Persistent link: https://www.econbiz.de/10014400002

Monetary policy frameworks : an index and new evidence

Unsal, D. Filiz; Papageorgiou, Chris; Garbers, Hendre - 2022

We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks' laws and websites for 50 advanced economies,...

Persistent link: https://www.econbiz.de/10013170321

Monetary policy under an exchange rate anchor

El Hamiani Khatat, Mariam; Buessing-Loercks, Mark; … - 2020

This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main monetary policy instrument while the policy rate can target the exchange rate. An...

Persistent link: https://www.econbiz.de/10012302036

Comfort in floating : taking stock of twenty years of freely-floating exchange rate in Chile

Albagli, Elías; Calani, Mauricio; Hadzi-Vaskov, Metodij; … - 2020

Chile offers an example of a country that has overcome the fear of floating by reducing balance sheet mismatches, enhancing financial market development, as well as improving monetary, fiscal, and political institutions, and strengthening policy credibility. Under the floating regime, Chile's...

Persistent link: https://www.econbiz.de/10012252010

Pooling fiscal risk in the ECCU : quantitative assessment of savings with a regional stabilization fund

Guerson, Alejandro - 2021

This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion under specific saving-withdrawal rules. Results...

Persistent link: https://www.econbiz.de/10012605596

Macro-fiscal gains from anti-corruption reforms in the Republic of Congo

Melina, Giovanni; Selim, Hoda; Verdugo Yepes, Concepcion - 2019

This paper argues that oil revenue management and public investment in Congo are vulnerable to corruption as a result … of limited transparency and accountability. Corruption has potentially contributed to poor macro-fiscal outcomes. The … paper acknowledges the authorities' anti-corruption efforts made so far and proposes further critical reforms to reduce …

Persistent link: https://www.econbiz.de/10012022067

Destabilizing stability? : exchange rate arrangements and foreign currency debt

Csonto, Balazs; Gudmundsson, Tryggvi - 2020

Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...

Persistent link: https://www.econbiz.de/10012301949

Fiscal Constraints of a Fixed Exchange Rate Regime

International Monetary Fund - 1989

The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective constraint is on the degree of monetary financing, which bears an uncertain...

Persistent link: https://www.econbiz.de/10014395841

What Determines Government Spending Multipliers?

Müller, Gernot J. - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10014396507

How big (small?) are fiscal multipliers?

Ilzetzki, Ethan; Mendoza, Enrique G.; Végh, Carlos A. - 2011

Persistent link: https://www.econbiz.de/10009486191