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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.
Electronic books. -- local. --- Foreign exchange administration. --- Foreign exchange rates. --- Finance --- Business & Economics --- International Finance --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Price Level --- Deflation --- Currency --- Monetary economics --- Macroeconomics --- Currencies --- Exchange rate flexibility --- Exchange rate adjustments --- Money --- Prices --- Pakistan
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taux de change --- inflation --- histoire economique --- pays de l'ocde --- 330.05 --- 332.456091724 --- Foreign exchange rates --- -Inflation (Finance) --- Business cycles --- Economic cycles --- Economic fluctuations --- Cycles --- Financial crises --- Finance --- Natural rate of unemployment --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- wisselkoers --- inflatie --- economische geschiedenis --- oeso landen --- Rates --- Money market. Capital market --- Money. Monetary policy --- Developing countries --- Foreign exchange rates. --- Business cycles. --- Inflation (Finance). --- Inflation (Finance) --- Foreign exchange rates - Developing countries.
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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.
Fiscal policy --- Business cycles --- Petroleum industry and trade --- Econometric models. --- Tax policy --- Taxation --- Government policy --- Energy industries --- Oil industries --- Economic policy --- Finance, Public --- Investments: Energy --- Macroeconomics --- Public Finance --- Energy: Demand and Supply --- Prices --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Energy: General --- Public finance & taxation --- Investment & securities --- Oil prices --- Fiscal stance --- Expenditure --- Oil --- Expenditures, Public --- Saudi Arabia
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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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