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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" hypothesis. But some academics have claimed that the crisis countries' policies have been similar in the post- and pre-crisis periods. This paper analyzes the evidence and concludes that, except for Malaysia, which adopted a hard peg and imposed capital controls, the other crisis countries are floating more than before, though less than "real" floaters do. Further, the crisis countries' policies during the post-crisis period can be justified on second-best arguments.
Finance: General --- Financial Risk Management --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Studies of Particular Policy Episodes --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Financial Crises --- International Financial Markets --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Finance --- Exchange rates --- Exchange rate policy --- Exchange rate arrangements --- Financial crises --- Currency markets --- Financial markets --- Foreign exchange market --- Malaysia
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This pamphlet excerpts a chapter on macroeconomic policy from the Poverty Reduction Policy Source book, a guide prepared by the World Bank and IMF to assist countries in developing and strengthening their poverty reduction strategies. It probes the relationship between macroeconomic policy matters, such as growth and inflation, and the fight against poverty, and explains how sound monetary and fiscal policies-key tools of the macroeconomist-can help to spur growth and ease poverty.
Exports and Imports --- Foreign Exchange --- Macroeconomics --- Social Services and Welfare --- Poverty and Homelessness --- Government Policy --- Provision and Effects of Welfare Program --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Welfare, Well-Being, and Poverty: General --- Personal Income, Wealth, and Their Distributions --- Social welfare & social services --- Currency --- Foreign exchange --- Poverty & precarity --- International economics --- Poverty reduction strategy --- Poverty reduction --- Exchange rate arrangements --- Exchange rate policy --- Poverty reduction and development --- Poverty --- Income --- Balance of payments --- Central African Republic
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Exchange rate flexibility has facilitated an impressively fast insertion of the Czech koruna and the Polish zloty into the global currency market. However, exchange rate volatility patterns differ: Lower volatility is observed for the koruna against the euro relative to the U.S. dollar, while the opposite is true for the zloty, apparently related to earlier financial integration of the Czech Republic with Europe and early dollarization in Poland as a result of initial higher inflation rates. By contrast, the currency options market shows enhanced information content of both currencies against the euro reflected in the behavior of their implied volatility.
Finance: General --- Foreign Exchange --- Investments: Options --- Money and Monetary Policy --- Single Equation Models --- Single Variables: General --- Financial Aspects of Economic Integration --- Contingent Pricing --- Futures Pricing --- option pricing --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Finance --- Monetary economics --- Exchange rates --- Currencies --- Currency markets --- Options --- Exchange rate policy --- Money --- Financial markets --- Financial institutions --- Foreign exchange market --- Derivative securities --- Poland, Republic of
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The Euro system maintains a high level of transparency in all aspects of operations, demonstrating a strong institutional commitment to openness and a high degree of observance of the code. Greater consistency in the disclosure practices of individual National Central Banks (NCBs) will ensure that the conduct of monetary policy, payment system oversight, and the development of financial markets proceed in a uniform basis. Executive Directors suggests that the European Central Bank (ECB) review its current practice of selective and informal public consultation on payment issues.
Banks and Banking --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Policy --- Finance --- Financial services law & regulation --- Banking --- Monetary economics --- Currency --- Foreign exchange --- Payment systems --- Core Principles for Systemically Important Payment Systems --- Real time gross settlement systems --- Exchange rate policy --- Financial markets --- Financial regulation and supervision --- Large value payment systems --- Clearinghouses --- Banks and banking --- State supervision --- Monetary policy --- Credit --- Canada
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