Moving to Greater Exchange Rate Flexibility : Operational Aspects Based on Lessons from Detailed Country Experiences / Inci Ötker.

Format:

Book

Government document

Author/Creator:

Ötker, Inci.

Contributor:

International Monetary Fund.

Series:

Occasional Papers; Occasional Paper ; No. 2007/005

Occasional Papers

Language:

English

Subjects (All):

Foreign exchange administration--Case studies.

Foreign exchange administration.

Foreign exchange rates--Case studies.

Monetary policy--Case studies.

Local Subjects:

Foreign exchange administration--Case studies.

Foreign exchange administration.

Foreign exchange rates--Case studies.

Monetary policy--Case studies.

Physical Description:

1 online resource (93 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2007.

Summary:

Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of flexibility. The institutional and operational requirements needed to support a floating exchange rate, as well as difficulties in assessing the right time and manner to exit, tend to be additional factors in this reluctance. This volume presents the concrete steps taken by a number of countries in transition to greater exchange rate flexibility and elaborates on the operational ingredients that proved helpful in promoting successful and durable transitions. It attempts to provide a better understanding (and hence a "road map") of how these various operational ingredients were established and coordinated, how their implementation interacted with macro and other conditions, and how they contributed to the smoothness of each transition.

Contents:

Cover; Contents; Preface; Abbreviations; Part 1. The Overall Framework and Synthesis of Country Experiences; I. Overview; Figures; 1. Addressing the Fear of Floating; Boxes; 1. Fixed to Float: Operational Ingredients of Durable Exits to Flexible Exchange Rates; II. Country Experiences with Transition to Greater Flexibility: Operational Aspects Underpinning Durable Exits; The Nature and Pace of the Exits; Tables; 1. Country Experiences with Transition from Pegged to Flexible Regimes: Nature of the Exits; 2a. Exchange Rate Regime Evolutions: Gradual Orderly Exits

2b. Exchange Rate Regime Evolutions: Fast Disorderly Exits2. Country Experiences with Transition from Pegged to Flexible Regimes: Motivation and Triggers of Exit; Factors that Triggered the Move to Greater Flexibility; Coordination of Transitions with the Supporting Elements of a Floating Regime; 3. Extent of Preparedness for Transitioning to Greater Flexibility: Before the Full Float; 4. Country Experiences with Transition from Pegged to Flexible Regimes: Sequencing with Supporting Elements; 3. Sequencing of Transitions with Supporting Elements: Gradual Orderly Exits

4. Sequencing of Transitions with Supporting Elements: Fast Disorderly ExitsChallenges Faced in the Transition to Greater Flexibility; Conclusions and Lessons from the Country Experiences; 5. Extent of Preparedness for Transitioning to Greater Flexibility: Before Moving to a More Flexible Peg; Part 2. Detailed Country Experiences; III. Orderly Transitions; Chile (1984-99); 6. Evolution of Chile's Exchange Rate Regime since 1984; Israel (1985-2005); 7. Evolution of Israel's Exchange Rate Regimes, 1985-2005; Poland (1990-2000); 8. Evolution of Poland's Exchange Rate Regime since 1990

IV. Disorderly TransitionsBrazil (1999); Czech Republic (1996-97); 2. Czech Republic: The Condition of the Financial System; Uruguay (2002); 9. Evolution of Uruguay's Exchange Rate Regime, 1990-2005; Appendixes; I. From Fixed to Float: Operational Ingredients of Durable Exits to Flexible Exchange Rates; Appendix Figure; A1. Preparing for an Orderly Exit from a Peg; II. Experiences with Short-Lived Exits to Greater Flexibility; III. Ukraine: An Example of Ongoing Cautious Steps toward Greater Exchange Rate Flexibility

IV. Foreign Exchange Hedging, Complementary Markets, and the Role of the Central BankAppendix Box; A1. The Bank of Israel's Role in Developing Foreign Exchange and Complementary Markets; Bibliography

Notes:

Description based upon print version of record.

Description based on publisher supplied metadata and other sources.

ISBN:

9781462362295

146236229X

9781452722078

1452722072

OCLC:

870245376