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Financial Reform and Capital Flows in a Developing Economy

Financial Reform and Capital Flows in a Developing Economy »

Source: IMF Staff papers : Volume 26 No. 3

Volume: 26

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1979

ISBN: 9781451972597

Keywords: exchange rate, real exchange rate, terms of trade, effective exchange rate, exchange rate policy

This paper examines two questions: What basket of currencies should a small developing country use as the exchange rate standard for its currency? When are discretionary changes of the value of its currency against...

Fiscal Policy and the Exchange Rate-Current Account Nexus

Fiscal Policy and the Exchange Rate-Current Account Nexus »

Source: Fiscal Policy and the Exchange Rate-Current Account Nexus

Volume/Issue: 2007/27

Series: IMF Working Papers

Author(s): Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

ISBN: 9781451865912

Keywords: exchange rate elasticity of trade balance, fiscal policy, consumption smoothing, exchange rate, government spending, real exchange rate

By using a simple intertemporal model of the current account, I show that the exchange rate elasticity of the trade balance would ceteris paribus be smaller for countries with higher government spending ratios (rel...

Coping with Capital Inflows

Coping with Capital Inflows »

Source: Coping with Capital Inflows : Experiences of Selected European Countries

Volume/Issue: 2007/190

Series: IMF Working Papers

Author(s): David Vávra , Inci Ötker , Barry Topf , and Zbigniew Polanski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867541

Keywords: capital markets integration, policy responses, exchange rate, capital account liberalization, exchange rate flexibility,

This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the pol...

Capital Flows in a Transitional Economy and the Sterilization Dilemma

Capital Flows in a Transitional Economy and the Sterilization Dilemma »

Source: Capital Flows in a Transitional Economy and the Sterilization Dilemma : The Hungarian Case

Volume/Issue: 1996/86

Series: IMF Working Papers

Author(s): Pierre Siklos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1996

ISBN: 9781451850833

Keywords: Monetary policy, Hungary, exchange rate, real exchange rate, money demand, national bank

This paper compares Hungary's experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate tha...

Managing Capital Outflows - Further Operational Considerations

Managing Capital Outflows - Further Operational Considerations »

Source: Managing Capital Outflows - Further Operational Considerations

Volume/Issue: 2015/039

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2015

ISBN: 9781498343930

Keywords: Capital flows, Capital outflows, Exchange rate regimes, Fiscal policy, Foreign exchange, Intervention, Monetary policy, Exchange rate policy, Exchange markets, Foreign exchange intervention

The Guidance Note for the Liberalization and Management of Capital Flows (IMF 2013a) provides operational guidance to staff on the use of the Fund's institutional view on the liberalization and management of capita...

Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa

Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa »

Source: Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa

Volume/Issue: 2004/216

Series: IMF Working Papers

Author(s): Catherine Pattillo , Stephen O'Connell , Christopher Adam , and Edward Buffie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

ISBN: 9781451875119

Keywords: Africa, Aid, Currency substitution, Development assistance, Exchange rate policy, Sterilization, Seigniorage, exchange rate, inflation, real exchange rate

We focus on the management of highly persistent shocks to aid flows, including PRSP-related increases in net inflows, in three 'post-stabilization.' African economies with de jure flexible exchange rates. Such shoc...

Estimated Policy Rules for Capital Controls

Estimated Policy Rules for Capital Controls »

Source: Estimated Policy Rules for Capital Controls

Volume/Issue: 2020/80

Series: IMF Working Papers

Author(s): Gurnain Kaur Pasricha

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

ISBN: 9781513546100

Keywords: Trade policy, Central bank policy, Exchange rate policy, Real effective exchange rates, Monetary policy, capital controls, macroprudential policy, mercantilist motivations, capital flows, emerging markets

This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this questi...

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002 »

Source: The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China : 1980-2002

Volume/Issue: 2003/67

Series: IMF Working Papers

Author(s): Zhongxia Jin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451848922

Keywords: exchange rate, foreign exchange, real exchange rate, real interest rate, exchange reserves, Econometric Methods: - Multiple/Simultaneous Equation Models, Money and Interest Rates, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook

Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in C...

Large Capital Flows

Large Capital Flows »

Source: Large Capital Flows : A Survey of the Causes, Consequences, and Policy Responses

Volume/Issue: 1999/17

Series: IMF Working Papers

Author(s): Alejandro Lopez Mejia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1999

ISBN: 9781451843514

Keywords: Capital Flows, Crises, Policy Responses, Survey, capital inflows, exchange rate, private capital flows, private capital

This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital...

Fiscal Policy and the Current Account

Fiscal Policy and the Current Account »

Source: Fiscal Policy and the Current Account

Volume/Issue: 2010/121

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200801

Keywords: fiscal policy, external imbalances, current account, exchange rate, fiscal balance, government spending, budget balance

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis o...