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This paper examines the credibility of the exchange rate policy pursued by the Belgian monetary authorities of pegging the Belgian franc to a narrow fluctuation band around the deutsche mark, in the context of the exchange rate mechanism of the European Monetary System. Simple interest rate corridor analysis, based on the Belgian-German long-term interest rate differential and taking explicit account of the currency’s position within its fluctuation band, would appear to suggest that the hypothesis that long-run exchange rate credibility has been attained should be rejected, even though considerable progress has been made in this regard since the early 1980s. The paper proceeds to decompose the Belgian-German interest rate differential into a sovereign credit risk and an exchange rate risk component, via the modelling of inflationary expectations, and concludes that long-run exchange rate credibility cannot be rejected from 1990 onwards.

Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- International Monetary Arrangements and Institutions --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Price Level --- Deflation --- Currency --- Foreign exchange --- Financial services law & regulation --- Monetary economics --- Finance --- Macroeconomics --- Exchange rates --- Credit risk --- Interest rate corridor --- Long term interest rates --- Financial regulation and supervision --- Monetary policy --- Financial services --- Prices --- Interest rates --- Financial risk management --- Belgium

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Money. Monetary policy --- Developing countries --- Financial statements --- Debts, External --- Financial crises --- Crises financieres --- Etats financiers --- Dettes exterieures --- crise financiere --- dette --- developpement economique --- argentine --- uruguay --- turquie --- bresil --- perou --- liban --- -NDC / Newly Industrialized Countries --- 658.40 --- 382.250 --- 333.481 --- 330.05 --- 332.042 --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- financiele crisis --- schuld --- economische ontwikkeling --- argentinie --- turkije --- brazilie --- libanon --- Statistics --- -Financieel beheer van de bedrijven: algemeenheden. --- Middelen om het evenwicht van de betalingsbalans te herstellen: algemeenheden. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Working papers --- Crises financières --- Dettes extérieures --- États financiers --- États financiers --- NDC / Newly Industrialized Countries --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Middelen om het evenwicht van de betalingsbalans te herstellen: algemeenheden --- Financieel beheer van de bedrijven: algemeenheden --- Financial statements - Developing countries --- Debts, External - Developing countries --- Financial crises - Developing countries --- Crises financieres - Nouveaux pays industrialises --- Etats financiers - Nouveaux pays industrialises --- Dettes exterieures - Nouveaux pays industrialises

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The analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF’s tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.

Financial statements --- Debts, External --- Financial crises --- Crises financières --- États financiers --- Dettes extérieures --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Money and Monetary Policy --- Public Administration --- Public Sector Accounting and Audits --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Public Enterprises --- Public-Private Enterprises --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial reporting, financial statements --- Banking --- Public finance & taxation --- International economics --- Civil service & public sector --- Monetary economics --- Public debt --- Commercial banks --- External debt --- Public sector --- Public financial management (PFM) --- Financial institutions --- Currencies --- Money --- Finance, Public --- Banks and banking --- Debts, Public --- Slovak Republic