Conversely, the real exchange rate affects the probability of experiencing a reversal only under flexible arrangements. Second, current account reversals in advanced economies do not have an independent effect on growth. This result holds not only for industrial economies in general but also for ...
As a matter of fact, with respect to current exchange rate arrangements, one can see that basically there are two types of exchange rate regimes in the region. More specifically, three countries have fixed regimes 鈥 Bulgaria, BH and FYROM 鈥 and the first two of these operate on a ...
Many government spending decisions are insensitive to the current level of economic activity, the level of interest rates, the currency exchange rate, and other economic factors. Thus, economists often treat the level of government spending on goods and services (G) as anexogenouspolicy variable det...
We implemented a policy of large-scale tax and fee cuts with both institutional arrangements and time-limited measures. Tax and fee reductions were intensified following the outbreak of Covid-19, and they became a pivotal part of our response to the epidemic. We completed the task of replacing...
This resilience was not just good luck. Many emerging markets have spent years improving policy frameworks to mitigate external pressures. They have built additional currency reserves over the last two decades. Many countries have refined exchange-rate arrangements and moved towards exchange-rate flexibil...
The argument for a multi-dimensional approach draws on the extensive literature on exchange market pressure (Girton and Roper1977; Weymark1995), which recognises that, in the event of excess demand (supply) for the domestic currency at the current exchange rate, the government must either soak ...
Several other types of exchange rate arrangements are also possible for the North American bloc, and the aim of this paper is to evaluate all of these alternatives. The paper evaluates the full range of possible exchange-rate arrangements for the NAFTA bloc of countries from economic, political ...
Current-account reversals are achieved mainly through improvements in the trade balance, given that trade balance is typically its largest component. We then also investigate the relation between the exchange rate and trade balance changes, as opposed to the current account changes, during sudden stops...
to float their exchange rates. The model therefore predicts an equilibrium pattern of exchange rate arrangements that is remarkably similar to the one in the data. 我们发展了一个新颖的、基于风险的汇率稳定效应理论。在我们的模型中,汇率制度的选择使政策制定者能够使他们的货币,进而使他们本国的企业,...
In his view, the RMB exchange rate will remain relatively stable against a basket of currencies this year. There may not be any big moves in the internationalization of RMB, and more basic and foreshadowing work will be done, including clearing and clearing systems, currency swap arrangements, ...