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Since 1998, the staff of the International Monetary Fund has published a classification of countries' de facto exchange rate arrangements. Experience in operating this classification system has highlighted a need for changes. The present paper provides information on revisions to the system in early 2009. The changes are expected to allow for greater consistency and objectivity of classifications across countries, expedite the classification process, conserve resources, and improve transparency.
Finance --- Business & Economics --- International Finance --- Foreign exchange rates. --- Monetary policy. --- Monetary management --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Economic policy --- Currency boards --- Money supply --- Foreign Exchange --- International Agreements and Observance --- International Organizations --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Exchange rate arrangements --- Exchange rate policy --- Crawling peg --- Conventional peg
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We need to understand more deeply a number of critical issues that confront the World Bank and its member countries before we can transform knowledge into effective actions.
Armed Forces --- Defense budgets --- Military budgets --- Appropriations and expenditures --- E-books --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Finance --- Women''s Studies' --- National Security and War --- Economics of Gender --- Non-labor Discrimination --- Trade: General --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Public finance & taxation --- International economics --- Currency --- Foreign exchange --- Gender studies --- women & girls --- Finance --- Defense spending --- Women --- Exchange rates --- Exchange rate policy --- Exports --- Expenditure --- Gender --- International trade --- Expenditures, Public --- Population --- United States
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Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
Labor --- Macroeconomics --- National Government Expenditures and Welfare Programs --- Debt --- Debt Management --- Sovereign Debt --- Development Planning and Policy: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Labor Economics: General --- Institutions and the Macroeconomy --- Aggregate Factor Income Distribution --- Education: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Education --- Structural reforms --- Income --- Labor markets --- Macrostructural analysis --- National accounts --- Income inequality --- Labor economics --- Labor market --- Income distribution --- Korea, Republic of
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This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering external shocks, with the resulting macroeconomic costs varying with the nature of the shock, the economy's structural characteristics, and the level of reserves.
Finance --- Business & Economics --- International Finance --- Foreign exchange reserves --- Finance, Public --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Reserves (Accounting) --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Policy --- Empirical Studies of Trade --- Trade: General --- Macroeconomics: Consumption --- Saving --- Wealth --- International Investment --- Long-term Capital Movements --- International economics --- Banking --- International reserves --- Terms of trade --- Imports --- Consumption --- Foreign direct investment --- Economic policy --- nternational cooperation --- Economics --- Investments, Foreign
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This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.
Electronic books. -- local. --- Monetary unions -- Islands of the Pacific. --- Money -- Islands of the Pacific. --- Finance --- Business & Economics --- International Finance --- Monetary unions --- Money --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary economics --- Foreign exchange --- International economics --- Currencies --- Exchange rate arrangements --- Exchange rate policy --- Exchange rates --- Papua New Guinea
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This paper analyzes Zimbabwe's export performance in recent years and identifies the factors that could improve export performance, from both a quantitative and qualitative perspective. Improving export performance is critical to a turnaround in Zimbabwe's economic situation. The growth rate of total exports declined dramatically in the early 2000s, following a large real appreciation of the currency and the introduction of the fast-track land reform program. An important finding of the paper is that policies that reduce (eliminate) the parallel market premium and lower ethnic tensions would be key to promoting export growth.
Electronic books. -- local. --- Exports -- Zimbabwe -- Econometric models. --- International trade -- Econometric models. --- Commerce --- Business & Economics --- International Commerce --- Exports --- International trade --- Econometric models. --- Exports and Imports --- Foreign Exchange --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Models of Trade with Imperfect Competition and Scale Economies --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Natural Resources and Domestic and International Conflicts --- Trade: General --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Export performance --- Exchange rates --- Multiple currency practices --- Zimbabwe
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Structural transformation depends not only on how much countries export but also on what they export and with whom they trade. This paper breaks new ground in analyzing India’s exports by the technological content, quality, sophistication, and complexity of the export basket. We identify five priority areas for policies: (1) reduction of trade costs, at and behind the border; (2) further liberalization of FDI including through simplification of regulations and procedures; (3) improving infrastructure including in urban areas to enhance manufacturing and services in cities; (4) preparing labor resources (skills) and markets (flexibility) for the technological progress that will shape jobs in the years ahead; and (5) creating an enabling environment for innovation and entrepreneurship to draw the economy into higher productivity activities.
Economic development -- India. --- Exports -- India. --- India -- Commerce. --- Manufacturing industries -- India. --- Commerce --- Business & Economics --- Local Commerce --- Exports --- Manufacturing industries --- India --- Commerce. --- Exports and Imports --- Macroeconomics --- Industries: Manufacturing --- Empirical Studies of Trade --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Comparative Studies of Countries --- Trade: General --- Neoclassical Models of Trade --- Industry Studies: Manufacturing: General --- Personal Income, Wealth, and Their Distributions --- International economics --- Service exports --- Comparative advantage --- Manufacturing --- Personal income --- International trade --- Economic sectors --- National accounts --- Income
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While trade integration has been an engine of global growth and prosperity, as suggested by theory, some sectors have been negatively affected by increased import competition. We test if this negative effect is significant in a context of high intranational migration, as theory indicates that labor mobility could reduce it. We focus on the 2004-14 period of trade liberalization in Peru (a major beneficiary of trade integration), which allows for methodological improvements relative to similar studies. We find that districts competing with liberalized imports experienced significantly lower growth in consumption per capita despite some emigration in response to increased import competition. This underscores the need to support the “losers of trade liberalization” even amidst high labor mobility.
Free trade --- Free trade. --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- E-books --- Exports and Imports --- Labor --- Taxation --- Poverty and Homelessness --- Trade Policy --- International Trade Organizations --- Measurement and Analysis of Poverty --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Infrastructure --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Trade: General --- Welfare, Well-Being, and Poverty: General --- Geographic Labor Mobility --- Immigrant Workers --- Public finance & taxation --- International economics --- Poverty & precarity --- Labour --- income economics --- Tariffs --- Imports --- Poverty --- Labor mobility --- Taxes --- Tariff --- Commercial policy --- Peru
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What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.
Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Economic Integration --- Foreign Exchange --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Crises --- Monetary economics --- International economics --- Economic & financial crises & disasters --- Monetary unions --- Reserve currencies --- Currencies --- International monetary system --- Global financial crisis of 2008-2009 --- Economic integration --- Money --- Numéraire --- International finance --- Global Financial Crisis, 2008-2009 --- United States
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This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding that an exchange rate policy biased towards currency depreciation and currency mismatches tends to contribute to high FD and that FD is highly persistent. These results suggest that countries with significant FD should encourage the use of domestic currency by maintaining macroeconomic stability; allowing more exchange rate flexibility and less bias towards currency depreciation; and adapting prudential regulations to ensure that costs associated with FD are fully internalized in financial contracts. At the same time, restoring confidence in the domestic currency may take many years of sound policies.
Currency question -- Latin America. --- Electronic books. -- local. --- Monetary policy -- Latin America. --- Finance --- Business & Economics --- Money --- Monetary policy --- Currency question --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance, Public --- Legal tender --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Portfolio Choice --- Investment Decisions --- Financial Institutions and Services: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Price Level --- Deflation --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Macroeconomics --- Currencies --- Dollarization --- Bank deposits --- Exchange rate policy --- Financial services --- Prices --- Banks and banking --- Brazil
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