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What Did You Do in the Currency Wars? (Part II)
Tony Addison The present currency turmoil is both a product and a cause of profound changes now underway in the global economy. Part 1 of this two...
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Blog
What Did You Do in the Currency Wars? (Part I)
Tony Addison The present currency turmoil is both a symptom and a cause of profound changes now underway in the global economy. In part 1 of this two...
Journal Special Issue
Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan AfricaThis special issue of the Journal of International Development presents the results of a study initiated two years ago by UNU/WIDER on `The impact of the liberalization of the exchange rate and financial markets in sub-Saharan Africa'. The project...
Book
Resetting the International Monetary (Non)SystemThis is an open access title available under the terms of a CC BY-NC-SA 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. International financial crises...
Book Chapter
A brief history of the international monetary system since Bretton WoodsPart of Book Resetting the International Monetary (Non)System
Book Chapter
Global monetary co-operation and the exchange rate systemPart of Book Resetting the International Monetary (Non)System
Working Paper
Gap Disequilibria
– Inflation, Investment, Saving and Foreign Exchange
Four "gaps" or restrictions on capacity growth -- from available saving and foreign exchange, investment demand (with crowding-in of private by public capital formation), and ex ante discrepancies between inflation rates needed on the one hand to...
Blog
The Euro's Impact on the Developing and Transition Economies
by Charles Wyplosz With all the hype in Europe and on financial markets worldwide, what does the birth of the euro mean for the developing and...
Blog
Apres La Chute: The CFA Franc Zone 1994-2003
by David FieldingMonetary Union in AfricaIn the last ten years, there has been much debate about the economic impact of monetary union, in which...
Research Brief
Aid and Dutch DiseaseIn 1959 the Netherlands discovered vast natural gas resources in the North Sea. This discovery led to a rapid increase in the country’s national wealth. However in the 1960s the Netherlands experienced an economic crisis. The natural gas reserves...
Journal Article
The Macroeconomic Management of Increased Aid
– Policy Lessons from Recent Experience
Part of Journal Special Issue Development Aid
Journal Article
Monetary Policy Rules for Managing Aid Surges in AfricaPart of Journal Special Issue Development Aid
Journal Article
Exchange Rates and Outward Foreign Direct Investment
– US FDI in Emerging Economies
Part of Journal Special Issue FDI, Employment, and Growth in China and India
Working Paper
A brief history of the international monetary system since Bretton WoodsThis paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton...
Book Chapter
EMU and the Developing CountriesPart of Book The Impact of EMU on Europe and the Developing Countries
Working Paper
How Can Korea be a Role Model for Catch-up Development?
– A ‘Capability-based View’
There is some scepticism about Korea as role model of development as the Korean model involved a considerable degree of state activism, unacceptable in today’s global environment. This paper propose a ‘capability-based view’ of the country’s catch-up...
Working Paper
The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility
– The Empirical Study of Brazil
Set in the context of the recent theoretical and policy debates on appropriate exchange rate regimes for emerging market economies in a world of free capital mobility, the paper attempts to present the case for an intermediate exchange rate regime...
Book Chapter
Exchange Rate Regimes and Trade
– Is Africa Different?
This chapter revisits the link between exchange rate regimes and trade in the context of Africa’s exchange rate arrangements. Applying an augmented gravity model that includes measures of currency unions and pegged regimes, the paper compares Africa...
Working Paper
The Real Exchange Rate, Foreign Aid and Macroeconomic Transmission Mechanisms in Tanzania and GhanaA recent study of 36 sub-Saharan African countries found a positive impact of aid in the absolute majority of these countries. However, for Tanzania and Ghana, two major aid recipients, aid did not seem to have been equally beneficial. This paper...
Journal Article
Aid and Dutch Disease in the South Pacific and in Other Small Island StatesPart of Journal Special Issue Fragility and Development in Small Island Developing States
Journal Article
The Behavior of Interest Rate Differentials under Shifting Exchange Rate Regimes
– The Experience of Chile, Colombia and Israel
Part of Journal Special Issue Symposium on Spatial Inequality in Latin America
Book Chapter
Exchange Controls and Policy Autonomy
– The Case of Australia, 1983-88
Part of Book Financial Openness and National Autonomy
Book Chapter
Causes and Lessons of the Mexican Peso CrisisPart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
Aid and Dutch Disease in the South Pacific and in Other Small Island StatesPart of Book Understanding Small-Island Developing States
Book Chapter
Real Exchange Rate Policy and Non-Traditional Exports in Developing CountriesPart of Book Non-Traditional Export Promotion in Africa
Book Chapter
Export Performance in Chile
– Lessons for Africa
Part of Book Non-Traditional Export Promotion in Africa
Book Chapter
The Effects of Regional Integration
– Impact on Real Effective Exchange Rate Volatility, Institutional Quality and Growth for MENA Countries
Part of Book Financial Development, Institutions, Growth and Poverty Reduction
Book Chapter
Black Markets, Openness, and Central Bank AutonomyPart of Book Financial Openness and National Autonomy
Book Chapter
How Optimal are the Extremes?
– Latin American Exchange Rate Policies During the Asian Crisis
Part of Book From Capital Surges to Drought
Book Chapter
Corporate Risk Management and Exchange Rate Volatility in Latin AmericaPart of Book From Capital Surges to Drought
Book Chapter
Financial Crises and National Policy Issues
– An Overview
Part of Book From Capital Surges to Drought
Working Paper
Exchange Rates and Outward Foreign Direct Investment
– US FDI in Emerging Economies
The paper investigates the impact of exchange rates on US foreign direct investment (FDI) flows to a sample of 16 emerging market countries using annual panel data for the period 1990-2002. Three separate exchange rate effects are considered: the...
Journal Article
Exchange Rates and Competition for FDI in AsiaThis paper argues that relative exchange rates between the host countries of foreign direct investment affect their competition for FDI. Specifically, if the host country currency appreciates against the source country's currency more than that of...
Working Paper
China’s Trade Imbalances
– The Role of FDI
China has been running a large trade surplus with the rest of the world, particularly with the USA and EU. This has caused considerable diplomatic tensions and tremendous pressure on the Chinese currency. Existing analytical studies, however, mostly...
Working Paper
Interdependencies between Monetary Policy and Foreign Exchange Intervention under Inflation Targeting
– The Case of Brazil and the Czech Republic
The bulk of recent literature on foreign exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially...
Working Paper
How Optimal are the Extremes?
– Latin American Exchange Rate Policies During the Asian Crisis
During the Asian crisis, intermediate exchange rate regimes vanished. It has been argued that those regimes were no longer useful and only the extremes remained valid. The paper analyses three foreign exchange regimes: Argentina (pegged), Chile (band...
Working Paper
Financial Crises and National Policy Issues
– An Overview
In this overview we try to explain, first, why funds continued to flow towards emerging economies while fundamentals in host countries had been deteriorating before the Asian crisis (rising external deficit, with a significant liquid component...
Working Paper
The Macroeconomic Management of Increased Aid
– Policy Lessons from Recent Experience
This paper investigates the macroeconomic challenges created by a surge in aid inflows. It develops an analytical framework for examining possible policy responses to increased aid, in terms of absorption and spending of aid—where the central bank...
Working Paper
Monetary Policy Rules for Managing Aid Surges in AfricaWe examine the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium...
Working Paper
What Lessons have been learnt since the East Asian Crisis in 1997/98?
– CIBS, Capital Flows, and Exchange Rates
This paper discusses the movement of capital flows to and from the exchange rate regimes and monetary policies of China, India, Brazil, and South Africa (CIBS). Furthermore, we compare the level of financial stability, and the composition and...
Working Paper
Exchange Rates and Competition for FDIThis paper analyses the role of exchange rates in the competition for FDI. Based on the assumption that two countries compete for FDI from the same source country, the paper shows explicitly that the relative FDI of one country is determined by the...
Working Paper
Aid and Dutch Disease in the South PacificThe impact of aid inflows on relative prices and output is ambiguous. Aid inflows that increase domestic expenditure are likely to cause real exchange rate appreciation, ceteris paribus. However, if this expenditure raises the capital stock in the...
Working Paper
Gearing Macroeconomic Policies to Manage Large Inflows of ODA
– The Implications for HIV/AIDS Programmes
This paper examines how macroeconomic policies can be managed to accommodate a large inflow of foreign aid to combat the HIV/AIDS epidemic and still maintain macroeconomic stability. Because of the daunting scale of this epidemic, funds need to be...
Working Paper
Non-Financial Corporate Risk Management and Exchange Rate Volatility in Latin AmericaThis article studies the currency risk management of multinational companies with investments in Latin American countries. The analysis is centred on episodes of currency or financial shocks, searching into the behaviour of the financial management...
Working Paper
What Accounts for China's Trade Balance Dynamics?This paper proposes a structural VAR model which extends the frameworks of Hoffmaister and Roldós (2001) and Prasad (1999). The model is then used to analyse the sources of China’s trade balance fluctuations in the period of 1985–2000. Efforts are...
Working Paper
The Effects of (within and with EU) Regional Integration
– Impact on Real Effective Exchange Rate Volatility, Institutional Quality and Growth for MENA Countries
We analyse two potential effects arising from regional (and with EU) integration—increased quality of institutions (including the quality of financial institutions) and, economic policies and reduced multilateral exchange rate volatility—in a...
Working Paper
Global macroeconomic cooperation and the exchange rate systemThis paper looks at historical and current frameworks to manage macroeconomic linkages among economies. It considers first the evolving nature of global payments imbalances. It then focuses on the mechanisms of macroeconomic dialogue and cooperation...
Working Paper
Exchange Rate Regimes and Trade
– Is Africa Different?
This paper revisits the link between exchange rate regimes and trade in the context of Africa’s exchange rate arrangements. Applying an augmented gravity model that includes measures of currency unions and pegged regimes, the paper compares Africa’s...
Working Paper
Testing for a Significant Change in the Egyptian Economy Under the Economic Reform Programme EraLate 1990, Egypt witnessed major and radical changes in all areas of its national life—political, legal, economic and social—as a reflection of implementing an economic reform programme in order to achieve progress in its economic indicators. This...
Working Paper
The Liberalization of Foreign Exchange Markets and Economic Growth in Sub-Saharan AfricaThis paper analyses the rationale of interventions in foreign exchange markets in Sub- Saharan Africa and reviews exchange rate theory and balance of payments management and its application to African countries. It analyses the liberalization of...
Working Paper
Real Exchange Rate Policy and Non-Traditional Exports in Developing CountriesIn this paper I estimate a non-traditional export performance equation for a panel of 60 developing countries. As an input to the export model, I also estimate a panel regression model of the real exchange rate (RER) for the same countries. The RER...
Working Paper
The Costs and Benefits Analysis of CFA Membership
– The Choice of an Exchange Rate Regime for the CFA Countries Zone
The paper determines an analytical framework defining the choice of an optimal exchange rate regime for a typical CFA country. The policymakers behave strategically to decide to adopt alternative exchange rate regime by minimizing their loss function...
Working Paper
Dual Exchange Markets and InterventionIt is argued that the theoretical literature on dual exchange markets has completely neglected the form of central bank intervention emphasized by the "classics". They advocated neutral intervention where the central bank sells in the capital market...
Working Paper
Capital Flows, Exchange Rate Regime, and Macroeconomic Performance in MexicoThis paper analyzes the short-term effects of foreign capital flows on aggregate demand in Mexico: their magnitude, transmission channels, and the possible influence of the country’s choice of exchange rate regime. The study is motivated by the...
Working Paper
Causes and Lessons of the Mexican Peso CrisisThis paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the...
Working Paper
Export Performance in Chile
– Lessons for Africa
Since the mid-1970s, Chile's exports have expanded at a fast rate, and the export basket has diversified considerably, away from copper towards other primary commodities and commodity-intensive manufactures. This paper explores the causal factors and...
Working Paper
The Currency composition of Foreign Exchange Reserves
– Retrospect and Prospect
The management of international reserves remains one of the understudied aspects of the international monetary system. There are now a number of reasons why this should change. On the supply side of the market there is the advent of the euro...
Working Paper
EMU and the Developing CountriesThe purpose of this paper is to explore economic and political implications of Europe's Economic and Monetary Union (EMU) for developing countries. In strictly economic terms, influences will be communicated through both trade and financial channels...
Working Paper
Dealing with Capital Inflows
– Are There Any Lessons?
We have now witnessed more than half a decade of relatively heavy capital inflows to a large group of highly heterogeneous developing countries and economies in transition in Asia, Eastern Europe, the Former Soviet Union, Latin America, and parts of...
Working Paper
The Banking System and Monetary Aggregates Following Financial Sector ReformsThis paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings...
Working Paper
The Development Implications of External Integration in Latin AmericaThis paper analyses the links between the integration into the international economy and development in Latin America over the past quarter century. It argues that external liberalization led to faster export growth but not to faster GDP or...
Book Chapter
Trade, Capital Flows and Dynamics of the Real Exchange RatePart of Book Debt, Stabilization and Development
Journal Article
Policy Responses to Aid Surges in Countries with Limited International Capital Mobility
– The Role of the Exchange Rate Regime
Part of Journal Special Issue Aid Policy and the Macroeconomic Management of Aid
Book Chapter
Crises? What Crises?
– Escudo from ECU to EMU
Part of Book Short-Term Capital Flows and Economic Crises
Book Chapter
Capital Flows and Policy Responses in South Africa in the 1990sPart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
Managing Capital Inflows in ChilePart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
Brazil's Macroeconomic Policies and Capital Flows in the 1990sPart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
The Dynamics of Capital Movements to Emerging Economies During the 1990sPart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
Globalization and the Logic of International Collective Action
– Re-examining the Bretton Woods Institutions
Part of Book Governing Globalization
Book Chapter
CIBS, Capital Flows, and Exchange Rates
– What Lessons Have Been Learnt since the East Asian Crisis in 1997/98?
Part of Book Southern Engines of Global Growth
Book
Debt, Stabilization and Development
– Essays in Memory of Carlos Diaz Alejandro
This volume consists of 18 essays dedicated to the memory of Carlos Diaz-Alejandro on topics that reflect his interests and contributions to the history and theory of international trade and economic development. The issues covered include historical...
Book
Short-Term Capital Flows and Economic CrisesThe currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term...
Book
Non-Traditional Export Promotion in Africa
– Experience and Issues
The volume contains original essays by authors who have worked together to derive lessons for African export prospects from the experiences of some of the more successful developing countries in East Asia and Latin America. They present up-to-date...
Book
The Impact of EMU on Europe and the Developing CountriesMuch has been written about EMU, mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The 'next generation' of research on EMU is already under way, and this volume presents a significant...
Journal Article
Financial and Foreign Exchange Markets Liberalization in GhanaPart of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Journal Article
Adjustment and Liberalization in Kenya
– The Financial and Foreign Exchange Markets
Part of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Journal Article
Gradual Liberalization of Key Markets
– The Road to Sustainable Growth in Mauritius
Part of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Journal Article
Impact of Liberalization on Key Markets in Sub-Saharan Africa
– The Case of Uganda
Part of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Journal Article
The Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
– Editors' Introduction
Part of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Book Chapter
External Shocks and Policy Reforms in the Southern Cone
– A Reassessment
Part of Book Debt, Stabilization and Development
Book Chapter
Smuggler’s Blues at the Central Bank
– Lessons from Sudan
Part of Book Debt, Stabilization and Development
Book Chapter
Economic Liberalization and the Equilibrium Real Exchange Rate in Developing CountriesPart of Book Debt, Stabilization and Development
Book Chapter
The Currency Composition of Foreign Exchange Reserves
– Retrospect and Prospect
Part of Book The Impact of EMU on Europe and the Developing Countries
Blog
Institutions and Macroeconomic Policies in Africa
by Jean-Paul Azam Appropriate macroeconomic policies are necessary for African countries to make progress in the fight against poverty. As discussed...
Research Brief
International Economic Integration and Growth in Latin AmericaIntegration of Latin America into the international economy over the past quarter century has led to faster export growth, but not to faster GDP or productivity growth Contrary to mainstream analysis, under the current market reforms countries have...
Working Paper
Aid and Dutch Disease in Sub-Saharan AfricaInternational aid has an ambiguous effect on the macroeconomy of the recipient country. To the extent that aid raises consumer expenditure, there will be some real exchange rate appreciation and a shift of resources away from traded goods production...
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