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Exits from Heavily Managed Exchange Rate Regimes

Exits from Heavily Managed Exchange Rate Regimes »

Volume/Issue: 2005/39

Series: IMF Working Papers

Author(s): Enrica Detragiache , Eisuke Okada , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

DOI: http://dx.doi.org/10.5089/9781451860580.001

ISBN: 9781451860580

Keywords: orderly and disorderly exits, exchange rate, real exchange rate, international financial statistics, exchange rate regime, exchange rate regimes, International Lending and Debt Problems, orderly, and disorderly exits,

A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this adv...

Were Bid-Ask Spreads in the Foreign Exchange Market Excessive During the Asian Crisis?

Were Bid-Ask Spreads in the Foreign Exchange Market Excessive During the Asian Crisis? »

Volume/Issue: 2005/34

Series: IMF Working Papers

Author(s): Torbjorn Becker , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

DOI: http://dx.doi.org/10.5089/9781451860535.001

ISBN: 9781451860535

Keywords: market microstructure, bid-ask spreads, Asian crisis, exchange rate, pre-crisis, pre- crisis,

Bid-ask spreads for Asian emerging market currencies increased sharply during the Asian crisis. A key question is whether such wide spreads were excessive or explained by models of bid-ask spreads. Precrisis estima...

Can Higher Reserves Help Reduce Exchange Rate Volatility?

Can Higher Reserves Help Reduce Exchange Rate Volatility? »

Volume/Issue: 2004/189

Series: IMF Working Papers

Author(s): M. Nowak , Ketil Hviding , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2004

DOI: http://dx.doi.org/10.5089/9781451859645.001

ISBN: 9781451859645

Keywords: Foreign exchange volatility, reserve adequacy, exchange rate, exchange rate volatility, effective exchange rate, exchange rate regime, real effective exchange rate, International Finance: General,

This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging market countries. The study employs a panel of 28 countries over the period 1986-2002. Several co...

China
			: Sources of Real Exchange Rate Fluctuations

China : Sources of Real Exchange Rate Fluctuations »

Volume/Issue: 2004/18

Series: IMF Working Papers

Author(s): Tao Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2004

DOI: http://dx.doi.org/10.5089/9781451843675.001

ISBN: 9781451843675

Keywords: real exchange rate, structural VAR, exchange rate, effective exchange rate, real effective exchange rate, exchange rate fluctuations, Multiple or Simultaneous Equation Models: Time-Series Models, Open Economy Macroeconomics, Economywide Country Studies: Asia including Middle East,

This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic...

Patterns of Shocks and Regional Monetary Cooperation in South Asia

Patterns of Shocks and Regional Monetary Cooperation in South Asia »

Volume/Issue: 2003/240

Series: IMF Working Papers

Author(s): Nephil Maskay

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

DOI: http://dx.doi.org/10.5089/9781451875812.001

ISBN: 9781451875812

Keywords: shocks, regional monetary cooperation, exchange rate, economic integration, exchange rates, output growth, exchange rate policy, Macroeconomic Aspects of International Trade and Finance,

The member states of the South Asian Association for Regional Cooperation have set as a target the achievement of an economic union by 2020. Reaching this goal will require greater levels of monetary cooperation. H...

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China
			: 1980-2002

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China : 1980-2002 »

Volume/Issue: 2003/67

Series: IMF Working Papers

Author(s): Zhongxia Jin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

DOI: http://dx.doi.org/10.5089/9781451848922.001

ISBN: 9781451848922

Keywords: exchange rate, foreign exchange, real exchange rate, real interest rate, exchange reserves, Econometric Methods: - Multiple/Simultaneous Equation Models, Money and Interest Rates, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook

Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in C...

Post-Crisis Exchange Rate Policy in Five Asian Countries
			: Filling in the "Hollow Middle"?

Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"? »

Volume/Issue: 2001/170

Series: IMF Working Papers

Author(s): Leonardo Hernández , and Peter Montiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

DOI: http://dx.doi.org/10.5089/9781451858426.001

ISBN: 9781451858426

Keywords: exchange rate policy, exchange rate, crisis countries, pre-crisis, post-crisis period, exchange rates

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesi...

Characterizing Exchange Rate Regimes in Post-Crisis East Asia

Characterizing Exchange Rate Regimes in Post-Crisis East Asia »

Volume/Issue: 2001/152

Series: IMF Working Papers

Author(s): Taimur Baig

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

DOI: http://dx.doi.org/10.5089/9781451857092.001

ISBN: 9781451857092

Keywords: exchange rate regime, volatility, Asian crisis, exchange rate, exchange rates, random walk, exchange rate volatility, standard deviation, International Monetary Arrangements and Institutions,

This paper examines the behavior of the exchange rates of selected emerging market East Asian economies in the aftermath of the Asian crisis. The results suggest that movements in the Asia-5 currencies (Indonesia,...

The Russian Financial Crisis and its Consequences for Central Asia

The Russian Financial Crisis and its Consequences for Central Asia »

Volume/Issue: 2001/169

Series: IMF Working Papers

Author(s): Gonzalo Pastor , and Tatiana Damjanovic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

DOI: http://dx.doi.org/10.5089/9781451858341.001

ISBN: 9781451858341

Keywords: Russian financial crisis, external debt issues, exchange rate, foreign exchange, exchange rates, external debt, exchange rate flexibility, Studies of Particular Policy Episodes, Kyrgyzstan,

This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy re...

Reserve Adequacy in Emerging Market Economics

Reserve Adequacy in Emerging Market Economics »

Volume/Issue: 2001/143

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

DOI: http://dx.doi.org/10.5089/9781451856347.001

ISBN: 9781451856347

Keywords: Reserves, vulnerability, capital flight, exchange rate, currency board, external debt, exchange rates, foreign exchange

This paper analyzes reserve adequacy in emerging market countries. It argues that the old rule of thumb of maintaining reserves equivalent to three months of imports has become obsolete and that, instead, a new ben...