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Credibility and the International Monetary Regime PDF Download

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Credibility and the International Monetary Regime

2012-04-092012-04-09
Credibility and the International Monetary Regime PDF Author: Michael D. Bordo
Publisher: Cambridge University Press
ISBN: 0521811333
Category : Business & Economics
Languages : en
Pages : 240

Book Description
This book presents ten studies which combine historical narrative with econometrics to analyze the role of credibility in four monetary regimes.

Credibility and the International Monetary Regime

Credibility and the International Monetary Regime PDF Author: Michael D. Bordo
Publisher: Cambridge University Press
ISBN: 1107376955
Category : Business & Economics
Languages : en
Pages :

Book Description
The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.

Credibility and the International Monetary Regime

Credibility and the International Monetary Regime PDF Author: Michael D. Bordo
Publisher:
ISBN: 9781139223874
Category : International economic relations
Languages : en
Pages : 240

Book Description
The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.

Credibility Without Rules

Credibility Without Rules PDF Author: Mr.Carlo Cottarelli
Publisher: International Monetary Fund
ISBN: 9781557756442
Category : Business & Economics
Languages : en
Pages : 101

Book Description
During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.

Borrowing Credibility

Borrowing Credibility PDF Author: Jana Grittersová
Publisher: University of Michigan Press
ISBN: 0472130463
Category : Political Science
Languages : en
Pages : 295

Book Description
Explores multinational banks' role in enhancing monetary credibility, revealing the importance of market confidence in an interconnected world

Inflation, Credibility, and the Role of the International Monetary Fund

Inflation, Credibility, and the Role of the International Monetary Fund PDF Author: Mr.Carlo Cottarelli
Publisher: International Monetary Fund
ISBN: 1451969333
Category : Business & Economics
Languages : en
Pages : 26

Book Description
This paper argues that many developing countries may find it difficult to buttress disinflation programs purely through the adoption of traditional credibility-enhancing devices (such as monetary anchors and central bank independence), owing to “technical problems” (for example, high instability of money demand, increased capital mobility) and an insufficient endowment of credibility in the political institutions. In these cases, borrowing credibility from an outside agency like the International Monetary Fund may be the most effective solution. The paper discusses the different options that would allow the Fund to support programs aimed not at external adjustment—the Fund’s traditional role—but at disinflation.

Lending Credibility

Lending Credibility PDF Author: Randall W. Stone
Publisher: Princeton University Press
ISBN: 1400824435
Category : Political Science
Languages : en
Pages : 312

Book Description
With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.

Credibility and Exchange Rate Management in Developing Countries

Credibility and Exchange Rate Management in Developing Countries PDF Author: Pierre-Richard Agénor
Publisher: International Monetary Fund
ISBN: 1451850921
Category : Business & Economics
Languages : en
Pages : 43

Book Description
The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which policymakers are concerned about inflation and external competitiveness. Price setters in the nontraded goods sector of the economy adjust prices in reaction to anticipated fluctuations in the domestic price of tradable goods. This type of model is showm to generate a “devaluation bias” which undermines the credibility of a fixed exchange rate. The effect of reputational factors, signaling considerations, and joining a currency union as possible solutions to this bias is examined.

Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa

Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa PDF Author: Alain N. Kabundi
Publisher: International Monetary Fund
ISBN: 1484371674
Category : Business & Economics
Languages : en
Pages : 29

Book Description
This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility. To do this, it first documents the factors that explain monetary policy credibility. Using the standard deviation of individual inflation forecasts as a measure of monetary policy credibility, its shows that the latter is negatively affected by the level of inflation itself, monetary policy uncertainty, and a measure of the unobserved stochastic volatility of inflation. The second phase proceeds by analyzing the determinants of the pass-through using the monetary policy credibility index derived from the first phase. The paper confirms the remarkable achievement that, despite the many shocks that the economy has witnessed, the declining pass-through is indeed explained by the improving monetary policy credibility.

Monetary Policy Credibility and Exchange Rate Pass-Through

Monetary Policy Credibility and Exchange Rate Pass-Through PDF Author: Mr.Yan Carriere-Swallow
Publisher: International Monetary Fund
ISBN: 1475560311
Category : Business & Economics
Languages : en
Pages : 33

Book Description
A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer prices and the monetary policy regime’s performance in delivering price stability. Using input-output tables, we decompose exchange rate pass-through to consumer prices into a component that reflects the adjustment of imported goods at the border, and another that captures the response of all other prices. We find that price stability and central bank credibility have reduced the second component.

Credibility. Capital Controls, and the EMS

Credibility. Capital Controls, and the EMS PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451927037
Category : Business & Economics
Languages : en
Pages : 34

Book Description
A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital controls. In our model, capital controls themselves affect credibility, reducing it in the absence of exchange-rate bands but enhancing it when there are such bands. We also show that it is difficult to reconcile the non-zero width of the bands with the credibility-based interpretation of the EMS.

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