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To peg or not to peg : a template for assessing the nobler
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ISBN: 1451863144 146230642X 1451908504 9786613828156 1452761256 1283515709 Year: 2006 Publisher: [Washington, D.C.] : International Monetary Fund,

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This paper proposes a template for assessing whether or not a country's economic and financial characteristics make it an appropriate candidate for a pegged exchange rate regime. The template employs quantifiable measures of attributes-trade orientation, financial integration, economic diversification, macroeconomic stabilization, credibility, and "fear-offloating" type effects-that have been identified in the literature as key potential determinants of regime choice. To illustrate, the template is applied to Kazakhstan and Pakistan. The results indicate a fairly strong case against a pegged regime in Pakistan. The implications for Kazakhstan are mixed, although changes in that economy in recent years strengthen the case against a peg.


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Distortionary Taxation and the Debt Laffer Curve
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ISBN: 1462319831 1455227242 Year: 1992 Publisher: [Place of publication not identified] International Monetary Fund

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Sovereign Debt Relief Schemes and Welfare
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ISBN: 1462322832 1455221201 Year: 1992 Publisher: [Place of publication not identified] International Monetary Fund

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Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies
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Year: 2004 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Does Sequencing of Privatization Matter in Reforming Planned Economies
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ISBN: 1462348076 1455243388 Year: 1992 Publisher: [Place of publication not identified] International Monetary Fund

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International monetary fund : People's Republic of China : recent economic developments
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Year: 1999 Publisher: S.l. s.n.

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Fiscal policy and economic cycles in oil-exporting countries
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ISBN: 1451915640 1462346707 1451871112 1282842048 9786612842047 1452798516 Year: 2008 Volume: WP/08/253 Publisher: [Washington, District of Columbia] : International Monetary Fund,

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This paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries. Panel VAR analysis and the associated impulse responses indicate that in countries where the oil sector is large in relation to the economy, oil price changes affect the economic cycle only through their impact on fiscal policy. Once fiscal policy changes are removed, oil price shocks do not have a significant independent effect on the economic cycle.


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Debt reduction and new loans: a contracting perspective
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Year: 1997 Publisher: Washington, D.C. International Monetary Fund

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Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies
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Year: 2004 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. For emerging markets, our results parallel the Baxter and Stockman classic exchange regime neutrality result, though pegs are the least durable and expose countries to higher risk of crisis.

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