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This paper discusses some of the issues that concern the operation of currency boards, by comparison to conventional exchange rate pegs, and looks at the experiences of three examples of this type of arrangement: Argentina (from 1991), Hong Kong (from 1983) and Estonia (from 1992). In all three cases, the implementation of currency boards or equivalent arrangements played a significant role in their successful stabilization programs. Currency boards derive their strength from the fact that they severely constrain the policy maker’s room for manoeuvre, by comparison to conventional pegs. They generally require an even stricter and less forgiving attitude to bank failure, wage and price rigidities and other disturbances than do exchange rate pegs in general. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the international Monetary Fund mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the 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 --- Central Banks and Their Policies --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Currency boards --- Exchange rates --- Currencies --- Open market operations --- Money --- Commercial banks --- Financial institutions --- Central banks --- Banks and banking --- Hong Kong Special Administrative Region, People's Republic of China

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Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates. This paper examines the effect of these adjustments on inflation, the real interest rate and the exchange rate. It points out the risk that when financial discipline over enterprises is weak raising nominal interest rates may do little more than raise credit growth, the rate of depreciation and ultimately inflation. Simulations attempt to shed light on the importance of these linkages.

Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Studies of Particular Policy Episodes --- Interest Rates: Determination, Term Structure, and Effects --- Price Level --- Deflation --- Demand for Money --- Finance --- Monetary economics --- Macroeconomics --- Currency --- Foreign exchange --- Real interest rates --- Interest rate policy --- Demand for money --- Exchange rates --- Financial services --- Prices --- Monetary policy --- Money --- Interest rates --- Poland, Republic of

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Zonder onderwerpscode: economie

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This friendly guide is the companion you need to convert pure mathematics into understanding and facility with a host of probabilistic tools. The book provides a high-level view of probability and its most powerful applications. It begins with the basic rules of probability and quickly progresses to some of the most sophisticated modern techniques in use, including Kalman filters, Monte Carlo techniques, machine learning methods, Bayesian inference and stochastic processes. It draws on thirty years of experience in applying probabilistic methods to problems in computational science and engineering, and numerous practical examples illustrate where these techniques are used in the real world. Topics of discussion range from carbon dating to Wasserstein GANs, one of the most recent developments in Deep Learning. The underlying mathematics is presented in full, but clarity takes priority over complete rigour, making this text a starting reference source for researchers and a readable overview for students.

Engineering --- Computer science --- Probabilities. --- Statistical methods.

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This paper is part II of a two-volume study conducted as a part of the IMF's ongoing process of evaluating its lending facilities. It focuses on IMF-supported programs and macroeconomic performance during 1988-92, reflecting information available through the end of 1993. Part I (Occasional Paper No. 128) provides an overview of the principal issues and findings and distills the main message for future programs. Part II presents detailed examinations of selected policy issues in five background papers.

Structural adjustment (Economic policy) --- Conditionality (International relations) --- International Monetary Fund --- International finance --- 339.92 --- 338.22 --- -Conditionality (International relations) --- fmi --- politique economique --- marche international financier --- pays en voie de developpement --- AA* / International - Internationaal --- EEU / Central & Eastern Europe --- LDC / Developping Countries - Pays En Développement --- 382.242.0 --- 331.31 --- 333.432.8 --- 331.33 --- Political conditionality --- International relations --- Economic assistance --- Loans, Foreign --- International monetary system --- International money --- Finance --- International economic relations --- Economische samenwerking en integratie. Tolunie --- Economische organisatieleer. Economisch beleid. Economische politiek --- imf --- economisch beleid --- internationale financiele markt --- ontwikkelingslanden --- Balans van het kapitaalverkeer: algemeenheden. --- Economisch beleid. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Working papers --- -332.152 --- 330.05 --- International Monetary Fund. --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- 339.92 Economische samenwerking en integratie. Tolunie --- Internationaal monetair fonds --- International monetary fund --- 339.7 --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- IMF. --- Balans van het kapitaalverkeer: algemeenheden --- Economisch beleid --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- Structural adjustment (Economic policy) - Developing countries --- Banks and Banking --- Inflation --- Labor --- Macroeconomics --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Macroeconomics: Consumption --- Saving --- Wealth --- Wages, Compensation, and Labor Costs: General --- Monetary Policy --- Price Level --- Deflation --- Labour --- income economics --- Monetary economics --- Public finance & taxation --- Real interest rates --- Private savings --- Wages --- Exchange rate anchor --- Financial services --- National accounts --- Prices --- Monetary policy --- Interest rates --- Saving and investment --- Poland, Republic of --- Income economics