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This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.
Foreign exchange rates --- Inflation targeting --- Targeting, Inflation --- Monetary policy --- Banks and Banking --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- International Financial Markets --- Monetary Policy --- Price Level --- Deflation --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Finance --- Monetary economics --- Macroeconomics --- Banking --- Foreign exchange market --- Prices --- Interest rates --- New Zealand
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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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This paper discusses key findings of the two-year Stand-By-Arrangement for Ukraine under the Emergency Financing Mechanism. Output growth is turning negative on the back of a large terms-of-trade shock and the ongoing credit crunch. The deterioration of the economic and financial situation is contributing to an increase in program implementation risks. Policy implementation is in line with the program. The authorities have introduced a flexible exchange rate regime, tightened monetary policy, and have taken measures to contain the 2008 government deficit.
Finance. --- International Monetary Fund. --- Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Exchange rate flexibility --- Exchange rates --- Bank deposits --- Exchange rate arrangements --- Currencies --- Money --- Exchange rate policy --- Banks and banking --- Ukraine
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Trade policy occupies an unusual and at times problematic place in the work of the IMF. Though trade policies of IMF members have strong influences on macroeconomic stability, they are often seen as peripheral to the IMF’s core competency. This evaluation, which examines the IMF’s involvement in trade policy issues during 1996–2007, addresses five questions. What is the nature of the IMF’s mandate to cover trade policy? Did the IMF work effectively with other international organizations on trade policy issues? Did the Executive Board provide clear guidance to staff on the IMF’s role and approach to trade policy? How well did the IMF address trade policy issues through lending arrangements and surveillance? Was IMF advice effective? The evaluation finds that the IMF’s role in trade policy has evolved in some desirable and some less desirable ways and recommends how to use the limited resources the IMF can devote to trade policy to fill these gaps.
Commercial policy. --- Commercial policy --- International trade. --- International cooperation. --- International Monetary Fund --- Evaluation. --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Foreign trade policy --- International trade --- International trade policy --- Trade policy --- Economic policy --- Government policy --- Internationaal monetair fonds --- International monetary fund --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Taxation --- Industries: Financial Services --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- Financial Institutions and Services: Government Policy and Regulation --- Labor Economics: General --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International economics --- Finance --- Labour --- income economics --- Currency --- Foreign exchange --- Public finance & taxation --- Trade in services --- Financial services --- Labor --- Exchange rate policy --- Trade liberalization --- Balance of trade --- Financial services industry --- Labor economics --- Tariff --- United States
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