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This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.
Monetary policy --- Finance --- Business & Economics --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Econometric models --- Banks and Banking --- Investments: General --- Money and Monetary Policy --- Demand for Money --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- Central Banks and Their Policies --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Investment & securities --- Banking --- Demand for money --- Monetary base --- Treasury bills and bonds --- Government securities --- Financial institutions --- Open market operations --- Central banks --- Banks and banking --- Nepal
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A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy to restore external balance must deal directly with capital inflows. The paper recommends making nominal exchange rate sufficiently flexible to avoid inconsistencies between short-run and long-run real exchange rates; complementing credit tightening by fiscal restraint to reduce interest rate differentials; and strengthening reforms and surveillance of the financial system to prevent banks from excessive risk taking.
Exports and Imports --- Foreign Exchange --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International economics --- Currency --- Foreign exchange --- Capital account --- Current account --- Real exchange rates --- Capital inflows --- Current account deficits --- Balance of payments --- Capital movements --- Mexico
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External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
International finance --- 339.74 --- Foreign exchange --- -Foreign exchange --- -Foreign exchange rates --- -AA / International- internationaal --- EEU / Central & Eastern Europe --- LDC / Developping Countries - Pays En Développement --- 333.111.0 --- 333.111.40 --- 333.432.8 --- 333.450 --- -332.4562091724 --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- Monetaire buitenlandse politiek. Deviezenpolitiek --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Rates of exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Government policy --- -Congresses --- Congresses --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- Gelduitgifte en gelddekking: algemeen. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Rates --- Foreign exchange rates --- Change --- Taux de change --- Politique gouvernementale --- Congrès --- 332.4562091724 --- AA / International- internationaal --- Government policy&delete& --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken --- Gelduitgifte en gelddekking: algemeen --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Exports and Imports --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Price Level --- Deflation --- Currency --- Finance --- Monetary economics --- International economics --- Macroeconomics --- Exchange rate arrangements --- Exchange rate policy --- Currency markets --- Real exchange rates --- Financial markets --- Exchange rate adjustments --- Foreign exchange market --- Money --- Monetary unions --- Prices --- Mexico
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This paper examines the impact of the introduction of inflation targeting on the unemployment-inflation trade-off in OECD countries. Theoretical models suggest that the credibility-enhancing effects of the adoption of inflation targeting should cause an improvement in the unemployment-inflation trade-off, i.e., that reducing inflation by a given amount should occur with a smaller rise in unemployment. The empirical evidence examined for OECD countries adopting inflation targeting supports this hypothesis. Using a smooth transition regression model, it is shown that the improvement in this trade-off does not take place immediately after the adoption of inflation targeting; rather, it improves over time as the credibility of the central bank is established.
Inflation --- Labor --- Money and Monetary Policy --- Monetary Policy --- Price Level --- Deflation --- General Aggregative Models: Forecasting and Simulation --- Unemployment: Models, Duration, Incidence, and Job Search --- Monetary economics --- Macroeconomics --- Labour --- income economics --- Inflation targeting --- Unemployment --- Unemployment rate --- Disinflation --- Monetary policy --- Prices --- New Zealand
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This book edited by Chorng-Huey Wong and Naheed Kirmani, examines a wide range of trade policy issues relevant in the 1990s that were the subject of a seminar organized by the IMF in 1996. The topics include the design and implementation of trade reform, trade liberalization in industrial and transition economies, regional trading arrangements, the impact of the Uruguay Round, the role of the World Trade Organization, and post Uruguay Round issues.
International finance --- Commercial policy --- Free trade --- Politique commerciale --- Libre-échange --- Congresses --- Congrès --- World Trade Organization --- Uruguay Round --- 339.54 --- -Free trade --- -AA / International- internationaal --- 382.30 --- 382.50 --- 334.81 --- 382 --- 382.14 --- 382.1 --- 330.191.6 --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Foreign trade policy --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden. --- Internationale handelsbetrekkingen: algemeenheden. --- Wereldhandelsorganisatie (WHO). Algemene overeenkomst voor handel en tarieven (GATT). --- internationale handel - wereldhandel - buitenlandse handel --- internationale handelspolitiek --- handelspolitiek --- wereldeconomie - internationale economie --- Government policy --- -Biśva Bāṇijya Saṃsthā --- Dėlkhiĭn Khudaldaany Baĭguullaga --- DTÖ --- Dünya Ticaret Örgütü --- Munaẓẓamat al-Tijārah al-ʻĀlamīyah --- O.M.C. --- OMC --- ʻOngkān Kānkhā Lōk --- Organisation mondiale du commerce --- Organização Mundial do Comércio --- Organización Mundial de Comercio --- Organización Mundial del Comercio --- Organizația Mondială de Comerț --- Organizzazione mondiale del commercio --- Organizzazione mondiale per il commercio --- Qaṅgkār Bāṇijjakamm Bibhab Lok --- Sāzmān-i Tijārat-i Jahānī --- Shi jie mao yi zu zhi --- SOT --- Světová obchodní organizace --- Svitova orhanizat︠s︡ii︠a︡ torhivli --- Światowa Organizacja Handlu --- Tổ chức thương mại thế giới --- Viśva Vyapāra Saṅgaṭhana --- Vsemirnai︠a︡ torgovai︠a︡ organizat︠s︡ii︠a︡ --- VTO --- W.T.O. --- Welthandelsorganisation --- World Trade Organisation --- WTO --- منظمة التجارة العالمية --- 世界貿易組織 --- 世界贸易组织 --- General Agreement on Tariffs and Trade (Organization) --- Uruguay Round, 1987-1994 --- -Congresses --- Commerce --- Business & Economics --- International Commerce --- 339.54 Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel --- Libre-échange --- Congrès --- Biśva Bāṇijya Saṃsthā --- Cycle d'Uruguay --- Gyros Ourougouaēs --- Gyros tēs Ourougouaēs --- Jawlat Ūrūjuwāy --- Multilateral Trade Negotiations, the Uruguay Round --- Negociaciones Comerciales Multilaterales, Ronda Uruguay --- Négociations commerciales multilatérales, Cycle d'Uruguay --- Putaran Uruguay --- Ronda Uruguay --- Rō̜p ʻUrukwai --- Uruguai Raundŭ --- Uruguay Round of MTNs --- Uruguay Round of Multilateral Trade Negotiations --- Uruguay Runde --- Urugwai Raundŭ --- Wu-la-kuei hui ho --- AA / International- internationaal --- Wereldhandelsorganisatie (WHO). Algemene overeenkomst voor handel en tarieven (GATT) --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden --- Internationale handelsbetrekkingen: algemeenheden --- Congresses. --- E-books --- Exports and Imports --- Macroeconomics --- Taxation --- Agribusiness --- Investments: Commodities --- Trade Policy --- International Trade Organizations --- Trade: General --- Agriculture: General --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Neoclassical Models of Trade --- International economics --- Public finance & taxation --- Agricultural economics --- Investment & securities --- Tariffs --- Exports --- Imports --- Taxes --- Tariff --- United States
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Macroeconomic Management: Programs and Policies edited by Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong. 2002. x + 346 pp. ISBN 1-58906-094-6 Since its founding in 1964, the IMF Institute has provided macroeconomic management training to over 20,000 officials from almost all of the International Monetary Fund's 183 member countries-more than 13,000 at IMF headquarters in Washington, and about 8,000 overseas. This volume, edited by Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong-respectively Director, Deputy Director, and Senior Advisor in the IMF Institute-compiles some of the analysis that the Institute uses in its macroeconomic training to address key questions that policymakers face in managing their national economies. The chapters, by IMF staff and external economists, cover salient topics in monetary, fiscal, and exchange rate management and show that there are no definitive prescriptions for effective economic policymaking, but rather a range of options, and that any course of policy action has explicit pros and cons.
International finance --- Monetary policy --- Fiscal policy --- Foreign exchange rates --- Growth --- Balance of payments --- Politique monétaire --- Politique fiscale --- Taux de change --- Croissance --- Balance des paiements --- International Monetary Fund --- 339.72 --- 339.732 --- AA / International- internationaal --- 331.31 --- 330.00 --- Economic growth --- 339.5 --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Development, Economic --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Rates of exchange --- Tax policy --- Taxation --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Morphology (Animals) --- Physiology --- Developmental biology --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Economisch beleid. --- Economische en sociale theorieën: algemeenheden. --- Rates --- Government policy --- International Monetary Fund. --- 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) --- Finance --- Business & Economics --- Money --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.72 Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- Internationaal monetair fonds --- International monetary fund --- Monetary policy. --- Fiscal policy. --- Foreign exchange rates. --- Growth. --- Balance of payments. --- Politique monétaire --- Economische en sociale theorieën: algemeenheden --- Economisch beleid --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt --- IMF. --- Exports and Imports --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Macroeconomics --- Fiscal Policy --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Currency --- Public finance & taxation --- International economics --- Monetary economics --- Real exchange rates --- Inflation targeting --- Prices --- Debts, Public --- United Kingdom
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This seminar volume, edited by Richard C. Barth, Alan R. Roe, and Chorng-Huey Wong, presents an overview of the links between structural and macroeconomic policies that were addressed in an IMF Institute seminar held in Washington, D.C., in 1993. The most important areas of structural reform are covered: the price system, tax and expenditure policy, exchange rate management, external trade, public enterprises, the financial sector, and social safety nets. Four case studies are presented: China, Poland, Argentina, and the Gambia.
Economic stabilization -- Developing countries -- Congresses. --- Structural adjustment (Economic policy) -- Developing countries -- Congresses. --- Structural adjustment (Economic policy) --- Economic stabilization --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- Taxes --- Colombia --- Taxation --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- National Government Expenditures and Welfare Programs --- Public Enterprises --- Public-Private Enterprises --- Trade Policy --- International Trade Organizations --- Currency --- Foreign exchange --- Public finance & taxation --- Civil service & public sector --- International economics --- Social assistance spending --- Exchange rates --- Public sector --- Exchange rate flexibility --- Expenditure --- Economic sectors --- Prices --- Expenditures, Public --- Finance, Public --- Government policy --- Russian Federation
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