A New Taxonomy of Monetary Regimes

A New Taxonomy of Monetary Regimes PDF

Author: Mr.Ashok Bhundia

Publisher: International Monetary Fund

Published: 2004-10-01

Total Pages: 45

ISBN-13: 1451859740

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This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history.

A New Taxonomy of Monetary Regimes

A New Taxonomy of Monetary Regimes PDF

Author: Mark Stone

Publisher:

Published: 2006

Total Pages: 44

ISBN-13:

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This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history.

Exchange Rate Regime Choice in Historical Perspective

Exchange Rate Regime Choice in Historical Perspective PDF

Author: Michael D. Bordo

Publisher: International Monetary Fund

Published: 2003-08-01

Total Pages: 29

ISBN-13: 1451857764

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In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.

Monetary Regime Transformations

Monetary Regime Transformations PDF

Author: Barry J. Eichengreen

Publisher: Edward Elgar Publishing

Published: 1992

Total Pages: 616

ISBN-13:

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This important volume collects, for the first time, key essays and papers on monetary regime transformations by economists, historians and political scientists alike. The inflation of the 1970s prompted considerable research by economists on monetary regimes and their transformation. However, empiricists who take seriously the notion that monetary regimes matter must necessarily examine long spans of data and, by implication, analyse historical experience. Empirical research on monetary regimes necessarily is historical research. The landmark volume - presenting as it does a careful selection of the most important historical essays - will be essential to an understanding of monetary regime transformations.

Evolution and Performance of Exchange Rate Regimes

Evolution and Performance of Exchange Rate Regimes PDF

Author: Mr.Kenneth Rogoff

Publisher: International Monetary Fund

Published: 2003-12-01

Total Pages: 85

ISBN-13: 1451875843

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Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

A New Taxonomy of Monetary Regimes

A New Taxonomy of Monetary Regimes PDF

Author: Mark Richard Stone

Publisher:

Published: 2004

Total Pages: 50

ISBN-13:

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This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history.

The Rise of Public and Private Digital Money

The Rise of Public and Private Digital Money PDF

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2021-07-29

Total Pages: 33

ISBN-13: 1513592033

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Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.

Virtual Currencies and Beyond

Virtual Currencies and Beyond PDF

Author: Mr.Dong He

Publisher: International Monetary Fund

Published: 2016-01-20

Total Pages: 42

ISBN-13: 1498321305

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New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Monetary Issues in the Middle East and North Africa Region

Monetary Issues in the Middle East and North Africa Region PDF

Author: Mr.Simon T Gray

Publisher: International Monetary Fund

Published: 2013-05-15

Total Pages: 176

ISBN-13: 1475590563

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This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.

Annual Report on Exchange Arrangements and Exchange Restrictions 2013

Annual Report on Exchange Arrangements and Exchange Restrictions 2013 PDF

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2013-12-15

Total Pages: 105

ISBN-13: 1484366808

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This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.

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