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Choices and Consequences
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty y...
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exch...
This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been...
A Policy Guide
A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic ...
How Much? and Why?
Following very high inflation rates at the beginning of the reform process, most transition countries have succeeded in lowering their inflation to mo...
External Adjustment and Exchange Rate Flexibility
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that...
Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperfor...
Although few would doubt that very high inflation is bad for growth, there is much less agreement about moderate inflation’s effects. Using panel re...
A Reassessment
This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still ...
This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countr...
The Ultimate Fix?
The growing integration of world capital markets has made it fashionable to argue that only extreme exchange rate regimes are sustainable. Short of ad...
What Tools to Use?
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit co...
Tailoring Policy Responses in Emerging Market Economies
Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper pr...
The effect of the exchange rate regime on inflation and growth is examined. The 30-year data set includes over 100 countries and nine regime types. Pe...
Monetary and Exchange Rate Policies in Emerging Market Economies
This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past h...
How Do Emerging Markets Respond to Capital Flows?
This paper examines whether—and how—emerging market economies (EMEs) respond to capital flows to mitigate their untoward consequences. Based on a ...
With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and c...
Does it Work?
This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient c...
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. E...
This paper proposes a methodology for testing whether capital flows to developing countries are determined by economic fundamentals or by purely specu...
What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), sh...
This publication contains a collection of papers which examine the design of IMF-supported programmes during the years 1995-2000 in both middle-income...
This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975...
The relationship between current account developments and changes in the macroeconomic environment remains a key issue in open economy macroeconomics....
This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper ...
We develop an overlapping generations model of a developing economy in which ‘culture’ and technology interact to determine savings, investment an...
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the ...
Is there a Trade-Off?
This paper examines whether expansionary credit policy can help sustain output growth in transition economies, with particular reference to Ukraine’...
Uncertainty about the export earnings accruing to a country (sometimes referred to as export instability) is an important source of macroeconomic unce...
Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can exp...
Was there a Crunch?
This paper uses a disequilibrium framework to investigate a possible credit crunch in the East Asian crisis countries (Indonesia, Korea, and Thailand)...
Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's
Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current...
In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in...
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A Genetic Approach to Finding Optimum Currency Areas
Recent moves towards greater monetary integration in Western Europe - and disintegration in Eastern Europe and the former Soviet Union - have rekindle...
This Selected Issues paper examines the factors determining housing prices in the United Kingdom. Based on econometric evidence, the paper assesses wh...