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This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the last twenty years is looked at using a number of econometric techniques that control for the external environment.

Banks and Banking --- Currency --- Debt Management --- Debt --- Debts, Public --- Economic theory --- Expenditure --- Expenditures, Public --- Finance --- Financial services --- Foreign Exchange --- Foreign exchange --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Macroeconomics --- Macroeconomics: Production --- National Government Expenditures and Related Policies: General --- Output gap --- Production and Operations Management --- Production --- Public debt --- Public finance & taxation --- Public Finance --- Real exchange rates --- Real interest rates --- Sovereign Debt --- South Africa

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The paper examines factors affecting exchange rate volatility, with an emphasis on structural features of the foreign exchange regime. It draws for the first time on detailed survey data collected by the IMF on foreign exchange market organization and regulations. Key findings are that decentralized dealer markets, regulations on the use of domestic currency by nonresidents, acceptance of Article VIII obligations, and limits on banks' foreign exchange positions are associated with lower exchange rate volatility. The paper also provides support for earlier results on the influence of macroeconomic conditions and the choice of exchange rate regime on volatility.

Foreign exchange administration. --- Foreign exchange market. --- Exchange market --- Foreign exchange markets --- FX market --- Markets --- Foreign exchange --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Finance --- Monetary economics --- Exchange rates --- Currency markets --- Exchange rate arrangements --- Currencies --- Foreign exchange market --- Money --- United States

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We assess the current barriers to trade in financial services in the six Central American countries seeking a free trade agreement with the United States (the CAFTA) and examine the relative merits of regional and multilateral liberalization. Even though there are few formal barriers, deficiencies in regulatory and competition standards and in the judicial systems still restrict the participation of foreign institutions in the financial systems in the region. A greater presence of such institutions could support other objectives of trade and investment liberalization, though it would require several adjustments in prudential supervision at national levels and greater cooperation between members of the CAFTA.

Banks and Banking --- Financial Risk Management --- Industries: Financial Services --- Exports and Imports --- Trade Policy --- International Trade Organizations --- Financial Aspects of Economic Integration --- Financial Markets and the Macroeconomy --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- Empirical Studies of Trade --- Finance --- Banking --- Economic & financial crises & disasters --- International economics --- Financial services --- Foreign banks --- Deposit insurance --- Financial sector --- Financial institutions --- Financial crises --- Economic sectors --- Trade in services --- International trade --- Financial services industry --- Banks and banking, Foreign --- Crisis management --- Banks and banking --- Balance of trade --- El Salvador

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This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing, amount, degree of transparency, and choice of markets and counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention is a highly subjective excercise, and some degree of discretion is almost necessary, though policy rules may serve as "rules of thumb.".

Banks and Banking --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Central Banks and Their Policies --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Foreign exchange --- Banking --- Finance --- Monetary economics --- Exchange rates --- Currency markets --- Foreign exchange intervention --- Financial markets --- Currencies --- Money --- Banks and banking --- Foreign exchange market --- United States

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Spillovers from South Africa into the other members of the Souther Africa Customs Union (known as the BLNS for Botstwana, Lesotho, Namibia, and Swaziland) are substantial reflecting sizeable real and financial interlinkages. However, shocks to real GDP growth in South Africa do not seem to systematically affect growth developments in BLNS countries as a group. Nevertheless, vector autoregressions, which allow country-specific parameters, suggest some strong spillovers onto the smaller economies.

Investments --- Monetary policy --- Fiscal policy --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Tax policy --- Taxation --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Government policy --- Southern African Customs Union --- SACU --- Economic conditions. --- South Africa --- Africa, Southern --- Southern Africa --- Africa, South --- Foreign economic relations --- Commerce --- E-books --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Empirical Studies of Trade --- Multinational Firms --- International Business --- International Policy Coordination and Transmission --- Economywide Country Studies: Africa --- Trade: General --- Externalities --- International economics --- Currency --- Foreign exchange --- Exports --- Real exchange rates --- Imports --- Terms of trade --- Spillovers --- International trade --- Financial sector policy and analysis --- nternational cooperation --- International finance --- Nternational cooperation