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Balance of Payments Anti-Crises

Balance of Payments Anti-Crises »

Volume/Issue: 2009/134

Series: IMF Working Papers

Author(s): Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

DOI: http://dx.doi.org/10.5089/9781451872811.001

ISBN: 9781451872811

Keywords: Balance of payments anti-crises, inflation dynamics, foreign exchange, exchange rate, inflation targeting,

Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciatio...

Balance of Payments Crises Under Inflation Targeting

Balance of Payments Crises Under Inflation Targeting »

Volume/Issue: 2007/84

Series: IMF Working Papers

Author(s): Shujing Li , Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

DOI: http://dx.doi.org/10.5089/9781451866483.001

ISBN: 9781451866483

Keywords: Balance of payments crisis, exchange rate targeting, flow speculative attack, inflation, exchange rate,

This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. Th...

Consumption-Based Interest Rate and the Present-Value Model of the Current Account-Evidence from Nigeria

Consumption-Based Interest Rate and the Present-Value Model of the Current Account-Evidence from Nigeria »

Volume/Issue: 2001/93

Series: IMF Working Papers

Author(s): Olumuyiwa Adedeji

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

DOI: http://dx.doi.org/10.5089/9781451851656.001

ISBN: 9781451851656

Keywords: Present-value model, consumption-based interest rate, current account, current account balance, current accounts, external shocks, balance of payments, Open Economy Macroeconomics,

This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the ter...

Current Accounts
			: What Is Their Relevance for Economic Policymaking?

Current Accounts : What Is Their Relevance for Economic Policymaking? »

Volume/Issue: 1998/71

Series: IMF Working Papers

Author(s): Fabio Scacciavillani , and Malcolm Knight

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1998

DOI: http://dx.doi.org/10.5089/9781451849219.001

ISBN: 9781451849219

Keywords: current account sustainability, current account balance, current account deficit, balance of payments, current account position

This paper surveys the main theoretical approaches for analyzing movements in the current account of the balance of payments, from the Mundell-Fleming paradigm to modern intertemporal approaches. It discusses the m...

Effects of Volatile Asset Priceson Balance of Payments and International Investment Position

Effects of Volatile Asset Priceson Balance of Payments and International Investment Position »

Volume/Issue: 2000/191

Series: IMF Working Papers

Author(s): Marco Committeri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2000

DOI: http://dx.doi.org/10.5089/9781451859706.001

ISBN: 9781451859706

Keywords: Balance of payments, International investment position, Statistical accuracy, Errors and omissions, Volatility, Capital flight, exchange rates, statistics, equation, exchange rate

This paper aims at clarifying, with the help of a simple formal model and numerical examples, several aspects of the relationship between international investment position (IIP) and balance of payments (BOP) statis...

Fiscal Expansion and External Current Account Balance

Fiscal Expansion and External Current Account Balance »

Volume/Issue: 1988/100

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 1988

DOI: http://dx.doi.org/10.5089/9781451948622.001

ISBN: 9781451948622

Keywords: current account, balance of payments, bonds, government debt, international reserves

This paper analyzes, in a general equilibrium framework, how fiscal policy transmits its effects to the current account of the balance of payments. In discussing the role of fiscal policies in the Fund’s sta...

Macroeconomic Policies and the Balance of Payments in Pakistan
			: 1972-1986

Macroeconomic Policies and the Balance of Payments in Pakistan : 1972-1986 »

Volume/Issue: 1990/78

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1990

DOI: http://dx.doi.org/10.5089/9781451956085.001

ISBN: 9781451956085

Keywords: balance of payments, current account, current account deficit, current account balance, exchange rate policy

This paper describes developments in the balance of payments of Pakistan during 1972-86, focusing particularly on the factors that gave rise to external payments problems and the macroeconomics policies that were a...

The Current Account in Perspective
			: Lessons from the Italian Experience

The Current Account in Perspective : Lessons from the Italian Experience »

Volume/Issue: 1990/37

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1990

DOI: http://dx.doi.org/10.5089/9781451977752.001

ISBN: 9781451977752

Keywords: current account, balance of payments, current account deficit, current account deficits, capital account

This paper draws some lessons about policies toward the current account from Italy’s balance of payments history between 1960 and 1988. The key role of speculative capital flows during every major episode of...

The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks

The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks »

Volume/Issue: 1988/5

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1988

DOI: http://dx.doi.org/10.5089/9781451929454.001

ISBN: 9781451929454

Keywords: current account, balance of payments, oil shock, current account surplus, oil prices

Standard real models predict that a permanent increase in oil prices would result in a current account surplus. This is due to the fact that investment falls while saving remains unchanged. This paper shows that if...

The Identification of Capital Transfers in the Balance of Payments

The Identification of Capital Transfers in the Balance of Payments »

Volume/Issue: 1995/93

Series: IMF Working Papers

Author(s): Jack Bame

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1995

DOI: http://dx.doi.org/10.5089/9781451951226.001

ISBN: 9781451951226

Keywords: payments, debt forgiveness, debt, liabilities

The separate identification of current and capital transfers was introduced for the first time in the fifth edition of the Fund’s Balance of Payments Manual (Manual), thus harmonizing with the treatment of t...