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2001 (4)

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Book
Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"?
Authors: ---
ISBN: 1462383165 1452705798 1282049747 9786613798046 1451903677 Year: 2001 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Macroeconomic Policy and Poverty Reduction
Authors: --- --- --- ---
ISBN: 1455236772 1451987536 Year: 2001 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Czech Koruna and Polish Zloty : Spot and Currency Option Volatility Patterns
Author:
ISBN: 1462357989 1452753253 1282027883 9786613796608 145189967X Year: 2001 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Euro Area : Report on Observance of Standards and Codes Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Monetary Policy and Payment System Oversight, and the CPSS Core Principles for Systemically Important Payment Systems (Target and the EURO1 Payment Systems).
Authors: ---
ISBN: 1462354483 1452703191 1280980109 1452798281 9786613751713 Year: 2001 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.

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