Download Currency Boards in Retrospect and Prospect (CESifo Book by Holger C. Wolf, Atish R. Ghosh, Helge Berger, Anne-Marie PDF
By Holger C. Wolf, Atish R. Ghosh, Helge Berger, Anne-Marie Gulde
An authoritative research that employs monetary conception, cross-country empirical comparability, and case stories to research the impression of foreign money forums on inflation, output development and macroeconomic functionality.
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Extra resources for Currency Boards in Retrospect and Prospect (CESifo Book Series)
Sample text
Ayh þ Ayy þ Ay 2 p e e p ¼ r  0 þ ð1 À rÞ þe : ð18Þ 1 þ Ay 2 Solving for expected inflation gives pe ¼ ð1 À rÞAyy : 1 þ rAy 2 ð19Þ For a given expected inflation rate by the private sector, we now consider what happens if the peg is maintained and if it is abandoned. Case I: The Peg Is Maintained If the exchange rate peg is maintained, p ¼ 0. Substituting into (1) gives y¼À ð1 À rÞAy 2 y þ h; 1 þ rAy 2 yÀ y¼ Àð1 þ Ay 2 Þy þ h: 1 þ rAy 2 ð20Þ Therefore: ( ) 2 2 2 1 Að1 þ Ay Þ y L Peg ðrÞ ¼ þ Ash2 : 2 ð1 þ rAy 2 Þ 2 ð21Þ There are two noteworthy aspects of (21).
A The currency, the CFA franc, was previously pegged to the French Franc and is now tied to the euro. The statutes of the CFA require a 20 percent reserve coverage requirement; 50 percent of the zones’ reserve holdings are held in an operations account with the French Treasury. The CFA countries benefit from a convertibility guarantee from the French Treasury. While sharing some features of a currency board, we exclude the CFA countries based on the low coverage requirement. Dollarized countriesb A small but growing number of countries operate on a foreign-issued currency as a sole or shared legal tender, including long-standing arrangements, such as Panama.
Absent time-inconsistency problems, the model thus confirms the core Mundell-Fleming result that a floating regime better insulates output Why Do Countries Choose Currency Boards? 37 against real shocks as the exchange rate adjusts, while a fixed exchange rate insulates output against monetary shocks, which are absorbed by movements in the central bank’s foreign exchange reserves. It is also instructive to consider the case of a nonstochastic economy in order to isolate the effects of policy credibility problems.