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Employing economic theory, cross-country empirical comparison and case studies, this work analyses the effect of currency boards on inflation, output growth and macroeconomic performance. The case studies come from Argentina, Estonia Lithuania, Bulgaria and Bosnia and Herzegovina.
Currency boards -- Argentina. --- Currency boards -- Europe, Eastern. --- Currency boards -- History. --- Monetary policy -- Argentina. --- Monetary policy -- Europe, Eastern. --- Currency boards --- Monetary policy --- Finance --- Business & Economics --- Money --- History --- -Currency boards --- -Monetary policy --- -332.456 --- Financial institutions --- Monetary management --- Economic policy --- Money supply --- E-books --- History. --- ECONOMICS/Macroeconomics --- ECONOMICS/Finance --- 332.456 --- 333.420.0 --- 333.454.0 --- 333.825 --- AA / International- internationaal --- Theorieën in verband met de keuze van de geldstandaard. Currency substitution. Foreign currency deposits --- Deviezencontrole: algemeenheden --- Deviezenpolitiek. Interventies
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An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years.Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth.This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Foreign exchange rates. --- International finance. --- International monetary system --- International money --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Finance --- International economic relations --- ECONOMICS/Macroeconomics --- ECONOMICS/Trade & Development --- Foreign exchange rates --- International finance --- 333.432.8 --- 333.451.1 --- 333.825 --- AA / International- internationaal --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Wisselkoersen --- Deviezenpolitiek. Interventies
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Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that on average per capita GDP growth was slightly faster underfloating regimes than under pegged exchange regimes.
Economic growth --- International finance --- Foreign Exchange --- Inflation --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rate arrangements --- Exchange rates --- Floating exchange rates --- Conventional peg --- Prices
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