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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

Czech Koruna and Polish Zloty; Spot and Currency Option Volatility Patterns

Morales, Armando Méndez - International Monetary Fund (IMF) - 2001

against the euro relative to the U.S. dollar, while the opposite is true for the zloty, apparently related to earlier … inflation rates. By contrast, the currency options market shows enhanced information content of both currencies against the euro …

Persistent link: https://www.econbiz.de/10005826189

Moving to Greater Exchange Rate Flexibility; Operational Aspects Based on Lessons from Detailed Country Experiences

Ötker, Inci - International Monetary Fund (IMF) - 2007

Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...

Persistent link: https://www.econbiz.de/10005767365

The Role of the Exchange Rate in Inflation-Targeting Emerging Economies; Targeting Emerging Economies

Nordstrom, Anna; Roger, Scott; Stone, Mark R.; Shimizu, … - International Monetary Fund (IMF) - 2009

This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy...

Persistent link: https://www.econbiz.de/10011245907

RMB Internationalization; O+L5022nshore/Offshore Links

Maziad, Samar; Kang, Joong Shik - International Monetary Fund (IMF) - 2012

of RMB-denominated bonds by the Chinese government and corporates in Hong Kong, SAR have created some feedback channels …

Persistent link: https://www.econbiz.de/10011242289

Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration

International Monetary Fund (IMF); International … - 2005

derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …

Persistent link: https://www.econbiz.de/10005767345

Financial Stability in Dollarized Economies

Gulde, Anne Marie; Hoelscher, David S.; Ize, Alain; … - International Monetary Fund (IMF) - 2004

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 studyâ€™s conclusions are the basis of an ongoing policy dialogue with IMF member...

Persistent link: https://www.econbiz.de/10005824860

The Pros and Cons of Full Dollarization

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

We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...

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

Official Intervention in the Foreign Exchange Market; Elements of Best Practice

Kriljenko, Jorge Iván Canales; Karacadag, Cem; … - International Monetary Fund (IMF) - 2003

This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing,...

Persistent link: https://www.econbiz.de/10005826478

Managing Financial Crises; Recent Experience and Lessons for Latin America

Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003

This paper seeks to draw lessons from the IMFâ€™s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Persistent link: https://www.econbiz.de/10005824823