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Stabilization with Exchange Rate Management
1986Stabilization programs in open economies typically consist of two stages. In the first stage the rate of currency devaluation is reduced without a sufficient fiscal adjustment to eliminate the deficit that causes continued growth of debt and loss of reserves.
Drazen, Allan +3 more
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Exchange Rate Flexibility and Macro-Economic Stability
The Review of Economics and Statistics, 1974W OULD a movement from fixed to flexible exchange rates increase or decrease the stability of economic activity? This paper presents calculations of how increased responsiveness of exchange rates to balance-of-payments pressures would have affected macro-economic stability for most of the world's developed nations in the recent past.
Tower, Edward, Courtney, Mark M
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Exchange Rate Stabilization and Welfare
Annual Review of Economics, 2014This article considers recent literature on optimal monetary policy in simple open-economy models. The presence of pricing to market, incomplete financial markets, and differences in preferences among households (in different countries) introduces some fundamental differences between closed- and open-economy New Keynesian models.
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International cooperation and exchange rate stabilization [PDF]
Journal of International Economics, 1986 Abstract We show that exchange rate stabilization can be viewed as a public good. Consequently, when countries do not coordinate their economic policies, the exchange rate fluctuates more than in the case of international cooperation. We consider a quite standard two-country model where the policymakers of each country have at their disposal one ...
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Economic Viewpoint: Towards Exchange Rate Stability?
Economic Outlook, 1988At their recent meeting in Washington the Group of Seven reafirmed their desire to hold exchange rates at about their current level. In this Viewpoint we consider the prospects for success. We conclude that although current rates are feasible in terms of competitiveness, the system will remain under strain as long as there are major inconsistencies ...
Alan Budd, Geoffrey Dicks
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Export Promotion through Exchange Rate Policy: Exchange Rate Depreciation or Stabilization? [PDF]
, 2005 Exchange rate movements affect exports in two ways -- its depreciation and its variability (risk). A depreciation raises exports, but the associated exchange rate risk could offset that positive effect. The present paper investigates the net effect for eight Asian countries using a dynamic conditional correlation bivariate GARCH-M model that ...
Fang, WenShwo +2 more
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Exchange Rate Regimes and Economic Stability
Voprosy Ekonomiki, 2010The Bank of Russia intends to introduce inflation targeting policy and exchange rate free floating regime in three years. Exogenous shocks absorption which stabilizes the real sector of economy is usually considered to be one of the advantages of free floating exchange rate policy.
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Flexible exchange rates and stabilizing speculation
Journal of International Money and Finance, 1988Abstract This paper re-establishes the superiority of flexible exchange rates in small open economy models characterized by an efficient foreign exchange market and short-run imperfections in the product (labor) market.
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