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Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
The turbulence in financial markets is Southeast Asia in 1997-98 and the crisis in Mexico in 1994-95 have renewed interest among policymarkers in the issues of capital account liberalization and financial sector reform. In all the East Asian cases and in Mexico, as well as in many other earlier episodes ...
Indexation, inflation, and monetary policy: an overview
Indexation policies and practices are common in many markets and economies. In most cases, price adjustment mechanisms arise in private contracts as a consequence of high and pervasive inflation. Sometimes governments also play an important role in promoting the use of indexation in their issues of ...
Monetary policy rules and transmission mechanisms under inflation targeting in Israel
Disinflation in Israel has been a relatively slow process. It took more than a decade for the annual rate of inflation to fall from about 18 percent in the late 1980s to less than 4 percent in the late 1990s. For 2000 and 2001 the government has set an inflation target range of 3 to percent. Whether ...
The effect of uncertainty on monetary policy: how good are the brakes?
In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of ...
Banking, financial integration, and international crises: an overview
The devaluation of the Thau bath in July 1997 triggered a major international financial crisis in East Asia, similar in many ways to the Latin American debt crisis of the early 1980s. The baht´s devaluation led to a Seriesos sharp devaluations in several other Asian countries, in particular Indonesia, ...
Policy biases when the monetary and fiscal authorities have different objectives
Until recently, the debate on the relationship between monetary and fiscal authorities centered on the inflationary consequences of mentary financing of the fiscal deficit. The moderately high inflation of the 1970s in some industrialized countries and, particularly, the recurring episodes of very ...
Politics and the determinants of banking crises: the effects of political checks and balances
There is likely to be little disagreement with the observation that political interference has exacerbated the problems associated with bank insolvencies. Nevertheless, most ot the analytical attention given to bank crises has focused on technocratic mistakes (inappropriate regulatory choices), exogenous ...
Market discipline and exuberant foreign borrowing
The debt crisis of the 1980s confirmed what most economists already knew well: the public sector cannot be trusted to make the rigth choices on behalf of society, especially in matters-such as foreign borrowing- whose ultimate costs may not be fully internalized by voters. The failure of the public ...
Optimal monetary policy rules when the current account matters
Policymarkers and the academic community have reached an increasing consensus during the last two decades: the primary objective of monetary policy should be to control inflation (see, for example, King, 1999). A less settled issue is the appropriate role of the central bank regarding other, secondary ...
Estimating monetary policy rules for South Africa
Monetary policy in South Africa's emerging market economy, given capital account liberalization and severe constraints on fiscal policy, has the major responsability for curbing inflation and currency instability while trying to ensure sufficient growth for longer-term political stability and the ...