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Trilemma stability and international macroeconomic archetypes

Popper, Helen; Mandilaras, Alex; Bird, Graham - In: European Economic Review 64 (2013) C, pp. 181-193

This paper uses the simple geometry of the classic, open-economy trilemma to introduce a new gauge of the stability of … fixity, financial openness, and monetary sovereignty. So, the new gauge is bounded and correspondingly non-Gaussian. We use … the new stability gauge in nonlinear panel estimates to examine the post-Bretton Woods period, and we find that trilemma …

Persistent link: https://www.econbiz.de/10010729791

Trilemma Stability and International Macroeconomic Archetypes in Developing Economies

Popper, Helen; Mandilaras, Alex; Bird, Graham - School of Economics, University of Surrey - 2011

-Bretton Woods period. We use the simple geometry of the classic, open-economy trilemma to construct a new, univariate measure of … their semblance to definitive policy archetypes; and, we use the trilemma constraint to provide a new gauge of monetary … sovereignty. Using these measures, we find that the greatest international macroeconomic stability among developing economies …

Persistent link: https://www.econbiz.de/10008926455

Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options

International Monetary Fund (IMF); International … - 2008

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

Persistent link: https://www.econbiz.de/10011245902

The Pros and Cons of Full Dollarization

Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000

, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world …

Persistent link: https://www.econbiz.de/10005605277

Financial Repression and Exchange Rate Management in Developing Countries; Theory and Empirical Evidence for India

Kohli, Renu; Kletzer, Kenneth - International Monetary Fund (IMF) - 2001

Most developing countries have imposed restrictions on domestic and international financial transactions at one time or another. Such restrictions have allowed governments to generate significant proportions of their revenues from financial repression while restraining inflation. The eventual...

Persistent link: https://www.econbiz.de/10005826206

External Performance in Low-Income Countries

Prati, Alessandro; Ricci, Luca Antonio; Christiansen, … - International Monetary Fund (IMF) - 2011

Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automatically applied to poorer nations. This paper uses a large database, unique in the set of indicators and...

Persistent link: https://www.econbiz.de/10010790491

Determinants of the Choice of Exchange Rate Regimes in Six Central American Countries; An Empirical Analysis

Papaioannou, Michael G. - International Monetary Fund (IMF) - 2003

This paper examines whether decisions about the appropriate exchange rate regime in six Central American countries were based on longer-run economic fundamentals or on the confluence of historical and political circumstances. To uncover any actual relationship both across countries and across...

Persistent link: https://www.econbiz.de/10005769047

A Currency Union for the Caribbean

Worrell, DeLisle - International Monetary Fund (IMF) - 2003

The experiences of Caribbean Economic Community countries show that exchange rate depreciation in these countries is inflationary, and that, while changes in the relative prices of tradables may affect exports, tourism, and imports, nominal exchange rate changes have no predictable effect on...

Persistent link: https://www.econbiz.de/10005599271

Losing Credibility; The Stabilization Blues

Guidotti, Pablo Emilio; Gramont, Carlos A. Végh - International Monetary Fund (IMF) - 1992

In exchange rate-based stabilization programs, credibility often follows a distinct time pattern. At first it rises as the highly visible nominal anchor provides a sense of stability and hopes run high for a permanent solution to the fiscal problems. Later, as the domestic currency appreciates...

Persistent link: https://www.econbiz.de/10005605058

Malaysia; 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Malaysia

International Monetary Fund (IMF); International … - 2009

This 2009 Article IV Consultation highlights that Malaysia has been hit hard by the global downturn. The economy is set to contract for the first time in 10 years. Global turbulence has spilled into the domestic financial markets. Executive Directors have commended the Malaysian authorities for...

Persistent link: https://www.econbiz.de/10011243500