By Lok-Sang Ho, Chi-Wa Yuen (auth.), Lok-Sang Ho, Chi-Wa Yuen (eds.)
The Asian quandary of 1997-1998 used to be a big impression on macroeconomic pondering touching on trade price regimes, the functioning of foreign associations, corresponding to the IMF and the realm financial institution, and foreign contagion of macroeconomic instability from one kingdom to a different.
Exchange cost Regimes and Macroeconomic Stability bargains views on those concerns from the viewpoints of 2 Nobel Laureates, an IMF economist, and Asian economists. This ebook contributes new rules to the continuing debate at the position of family financial experts and overseas associations in lowering the possibility of overseas monetary crises, in addition to the issues linked to a variety of trade cost regimes from the point of view of macroeconomic balance.
Overall, the chapters contained during this quantity supply attention-grabbing views, which were motivated by way of the new occasions within the foreign currency echange industry. they supply an invaluable reference for an individual drawn to the improvement of alternate fee regimes, and symbolize significant mirrored image by way of economists part a century after Bretton Woods.
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Extra info for Exchange Rate Regimes and Macroeconomic Stability
Let us look at each of those premises. Is it desirable to prevent the further deterioration of the exchange rate? Is it true that raising interest rates can do that? Is it true that benefits of maintaining exchange rates exceed the cost of high interest rate policy? 1 The Value ofPreventing Exchange Rate Devaluation First, is it desirable to prevent the deterioration of the exchange rate through government action? To suggest this is the case is to say that the market determined exchange rate is not desirable.
And if the IMF really believed seriously in the importance of contagion, it should have taken a wider range of preventive actions, including actions to stabilize capital flows. Financial Market Stability, Monetary Policy, and the IMF 39 Interestingly, in retrospect, even the IMF now agrees that it underestimated the significance of these linkages. In short, there seems little support for the first premise of the IMF's monetary strategy; the objective of trying to stop the further deterioration of exchange rates is, at best, questionable.
Herein, we may have an important reason for why HKMA was able to calm the currency markets in August 1998. The survival of the Hong Kong currency board was due not to the HKMA intervention being bold, unconventional, and unexpected, but to its large financial resources, and to the perceived readiness of China to commit its enormous reserves to defending the Hong Kong dollar. g. dollarisation, currency boards) or a free float. The key hypothesis behind this bipolar view is that the combination of an explicitly adjustable peg regime and an open capital account makes the currency a tempting target for speculators, and is hence unviable in the long run.