Multiple Exchange Rates Fiscal Deficit And Inflation Dynamics


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Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics


Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics

Author: Mr.Vincent Bodart

language: en

Publisher: International Monetary Fund

Release Date: 1996-05-01


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The paper explores the inflationary implications of exchange rate regime reforms in a small open economy model combining the public finance view of inflation with multiple exchange markets. To account for the experience of many developing countries, the analysis focuses on transitions to multiple official exchange markets. In those countries, multiple exchange rates were often announced as temporary. The paper shows that the dynamic response of inflation to the reform markedly differ whether the announcement is credible or not. The paper also compares the response of inflation under a fixed crawl of nominal official rates and under the presence of policy rules aimed at reducing the spread between the official and parallel exchange rates.

Multiple Exchange Rates, Fiscal Deficit and Inflation Dynamics


Multiple Exchange Rates, Fiscal Deficit and Inflation Dynamics

Author: Vincent Bodart

language: en

Publisher:

Release Date: 1996


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IMF Staff papers, Volume 43 No. 3


IMF Staff papers, Volume 43 No. 3

Author: International Monetary Fund. Research Dept.

language: en

Publisher: International Monetary Fund

Release Date: 1996-01-01


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This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather than risen on average. Also, although the autocorrelations in emerging market returns appear to turn negative at horizons of a year or more, the magnitude of these return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries.