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This paper examines the effect of the real exchange rate misalignment (RERMIS) on the collective economic growth of Egypt, Jordan, Morocco, and Tunisia. The paper constructs three measures of exchange rate misalignment based on purchasing power parity; a black market exchange rate; and a structured model. The empirical investigation confirmed the adverse effect of RERMIS on growth, using all measures of RERMIS, as predicted by endogenous growth models. The results also highlighted the role of other factors; specifically, capital growth and population have the theoretical signs predicted by the Solow growth model and are statistically significant.
Finance: General --- Foreign Exchange --- Open Economy Macroeconomics --- Macroeconomic Analyses of Economic Development --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Currency --- Foreign exchange --- Finance --- Exchange rates --- Exchange rate policy --- Currency markets --- Real exchange rates --- Financial markets --- Foreign exchange market --- Egypt, Arab Republic of
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In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in EMU. For most of these countries the benefits are likely to outweigh the cost of participation. After successfully meeting the basic conditions (wage flexibility, prudent fiscal and monetary stance, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the central rate, prior to formal participation. The paper concludes with a discussion of two policy dilemmas.
Banks and Banking --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Monetary Arrangements and Institutions --- Socialist Systems and Transitional Economies: General --- Interest Rates: Determination, Term Structure, and Effects --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Fiscal Policy --- Currency --- Foreign exchange --- Finance --- Monetary economics --- Exchange rates --- Exchange rate arrangements --- Short term interest rates --- Exchange rate policy --- Fiscal stance --- Financial services --- Currencies --- Money --- Interest rates --- Fiscal policy --- Czech Republic
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This paper outlines a “modern” approach to managing risks in cross-border capital movements that is consistent with an environment of increased and liberalized capital flows. Key elements of this approach include: a consistent monetary and exchange rate policy mix to avoid incentives for volatile capital flows; prudential management of the specific risks in capital flows; supporting financial sector reforms; and appropriate sequencing of liberalization. The approach can reduce the potential size of the shocks associated with capital movements and increase the resilience of the financial system to such shocks when they occur; overtime, it is expected to reduce the need for recourse to capital controls.
Capital movements. --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Foreign Exchange --- Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International economics --- Currency --- Capital controls --- Exchange rates --- Exchange rate policy --- Exchange rate flexibility --- Capital movements --- Malaysia
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IMF Managing Director Michel Camdessus visited Moscow from March 27 to March 29 and met with Russian Prime Minister Yevgeny Primakov and other senior officials. On March 29, Camdessus and Primakov issued a joint communique, the text of which follows.
Banks and Banking --- Exports and Imports --- Finance: General --- Foreign Exchange --- Data Transmission Systems --- Macroeconomics --- International Lending and Debt Problems --- International Investment --- Long-term Capital Movements --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Banking --- International economics --- Currency --- Foreign exchange --- Finance --- Data capture & analysis --- Offshore financial centers --- Capital flows --- Capital inflows --- Exchange rates --- Exchange rate arrangements --- Financial services --- Balance of payments --- Exchange rate policy --- International finance --- Capital movements --- Data transmission systems --- Financial services industry --- Nigeria
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The IMF's surveillance over its member'seconomic policies is one of the institution's central activities. In keeping with the increasing transparency of the IMF; the Executive Board askes a group of independent external experts to evaluate IMF surveillance, to assess the effectiveness of such surveillance, and to make recommendations for improvements. The group's report looks at the methods, substance, and impact of surveillance, both on individual countries and on the global economy. This publication also includes the reactions of the Executive Board, management, and the staff to the external evaluation.
Economic policy --- 332.152 --- 333.432.8 --- AA / International- internationaal --- 338.22 --- 339.732 --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- Economische organisatieleer. Economisch beleid. Economische politiek --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Evaluation --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- IMF. --- Internationaal monetair fonds --- International monetary fund --- Evaluation. --- International Monetary Fund. --- Banks and Banking --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Industries: Financial Services --- Exports and Imports --- Finance: General --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Financial Institutions and Services: General --- Labor Economics: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Current Account Adjustment --- Short-term Capital Movements --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Labour --- income economics --- Banking --- International economics --- Finance --- Exchange rate policy --- Financial sector --- Labor --- Financial crises --- Economic sectors --- Exchange rates --- Early warning systems --- Capital account --- Balance of payments --- Financial services industry --- Labor economics --- Banks and banking --- Crisis management --- United States
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