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  • 1
    Language: English
    Pages: 1 Online-Ressource (83 p)
    Series Statement: Latin America and the Caribbean Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: This semiannual report examines the short and medium-term challenges for Latin America and the Caribbean (LAC) as the external factors that were instrumental in the region’s recent performance recede. In particular, we address the role of the exchange rate as a counter-cyclical policy tool to buffer adverse external shocks. As is customary in this series, Chapter 1 starts by providing an overview of the global economy and its implications for the short and medium-term prospects of the LAC region. It also examines the vulnerabilities of the region as tailwinds recede. Chapter 2 describes the new role of the exchange rate as a shock absorber in LAC amid the important transformations observed in the region in the past decade on the macro-financial front. Finally, Chapter 3 gives a detailed look at exchange rate-smoothing policy interventions
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    ISBN: 9781464804298
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg.
    Series Statement: Latin American and Caribbean Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Business ; Business Cycle ; Decentralization ; Equity ; Growth ; Inequality ; Inflation ; Macroeconomic Determinants of Inequality ; Social Agenda ; Stability
    Abstract: As usual in this series, Chapter 1 reviews the configuration of global risks and assesses the outstanding short term opportunities and challenges facing the LAC region. We document the significant slowdown in economic activity across the region, and explore the possibility of this being the 'new normal'. In Chapter 2 we assess if the major social gains achieved during the 'Golden Decade', in particular the decline in inequality, will hold in this less supportive environment, and discuss alternative policy responses to preserve and further the equity gains in the region
    Note: Description based on print version record
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levy-Yeyati, Eduardo Fear of Appreciation
    Keywords: Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate
    Abstract: In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Cambridge, Mass : MIT Press
    ISBN: 9780262286527 , 0262286521 , 0585443823 , 9780585443829
    Language: English
    Pages: 1 online resource (ix, 341 p.) , ill
    Series Statement: EBSCOhost eBook Collection
    Parallel Title: Print version Dollarization
    Keywords: Dollarization ; Money ; Dollar, American ; Foreign exchange ; Currency question ; International finance ; International finance ; Dollar, American ; Foreign exchange ; Currency question ; Money ; Dollarization ; Electronic books ; Money. ; Dollar, American. ; Foreign exchange. ; Currency question. ; International finance. ; Currency question ; Dollar, American ; Dollarization ; Foreign exchange ; International finance ; Money ; Amerikaanse dollar ; Wisselkoersen ; Monetaire politiek ; BUSINESS & ECONOMICS ; Foreign Exchange ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Electronic books. ; Electronic books ; Electronic books ; Aufsatzsammlung ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr
    Abstract: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico SturzeneggerDollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden.
    Note: Description based on print version record , Includes bibliographical references and index , Dollarization
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Language: English
    Pages: Online-Ressource (31 S.) , graph. Darst.
    Series Statement: Working paper / OECD Development Centre 324
    Series Statement: OECD Development Centre Working Papers no.324
    Keywords: Wechselkurs ; Wechselkurspolitik ; Schwellenländer ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
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  • 6
    Online Resource
    Online Resource
    [Washington, D.C] : World Bank
    Language: English
    Pages: Online-Ressource
    Edition: 2009 World Bank eLibrary Also available in print
    Series Statement: Policy research working paper 4895
    Parallel Title: Calderón, César Zooming in
    Abstract: "In contrast with a growing literature on the drivers of aggregate volatility in developing countries, its consequences in terms of individual incomes have received less attention. This paper looks at the impact of cyclical output fluctuations and extreme output events (crises) on unemployment, poverty, and inequality. The authors find robust evidence that aggregate volatility has a regressive, asymmetric, and non linear impact, as reflected in the strong influence of extreme output drops. The findings show that, in addition to the mitigating role of personal wealth, public expenditure and labor protection exert a similar benign effect. These findings are in line with the income substitutions view of social safety nets, and cast a new light on the value of social programs and labor market regulation in crisis prone developing countries. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/7/2009 , Also available in print.
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  • 7
    Language: Spanish
    Pages: 1 Online-Ressource (83 p)
    Series Statement: LAC Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: Este informe semestral, producido por la Oficina del Economista Jefe para America Latina y el Caribe del Banco Mundial, examina los retos a los que America Latina y el Caribe (LAC por sus siglas en ingles, Latin America and the Caribbean) se enfrentan en el corto y medio plazo conforme pierden fuerza los factores externos que resultaron decisivos para el desempeno reciente. En concreto, el informe analiza el papel del tipo de cambio como herramienta contra-ciclica para amortiguar los choques externos negativos. Como es costumbre en esta serie, el Capitulo 1 repasa el estado de la economia mundial y sus implicaciones para las perspectivas de corto y medio plazo de LAC. Ademas, examina las vulnerabilidades de la region en un periodo en que los vientos favorables estan amainando. El Capitulo 2 describe el nuevo papel del tipo de cambio en LAC como amortiguador de choques en el marco de las transformaciones importantes que la region ha realizado en el frente macrofinanciero durante la ultima decada. Finalmente, el Capitulo 3 analiza pormenorizadamente las politicas de intervencion para suavizar el tipo de cambio
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Language: Spanish
    Pages: 1 Online-Ressource (63 p)
    Series Statement: LAC Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: Este informe semestral - un producto de la oficina del Economista Jefe para America Latina y el Caribe (LAC) del Banco Mundial-examina los desafios de corto y mediano plazo a los que se enfrenta LAC, a medida que los factores externos que fueron decisivos en el buen desempeno de la region en la ultima decada pierden fuerza. Como es costumbre en esta serie, el Capitulo 1 presenta un repaso de los eventos mas recientes en la economia global y su impacto en LAC. El capitulo 2 estudia de manera minuciosa los patrones de demanda domestica y de oferta observados en LAC en la ultima decada. En particular documentamos el aumento de la demanda domestica en la region, especialmente el componente de inversion, en la decada del 2000. Mas aun, mostramos que este aumento de la demanda domestica ocurrio en paralelo con una gran expansion del sector servicios. En vista de estos patrones, examinamos los desafios que la region enfrenta en materia de crecimiento a medida que los vientos externos que ayudaron a la region en la ultima decada pierden fuerza
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 4770
    Parallel Title: Levy Yeyati, Eduardo Crises, capital controls, and financial integration
    Keywords: Capital movements ; Financial crises ; Capital movements ; Financial crises
    Abstract: "This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The cross-market premium (the ratio between the domestic and international market price of cross-listed stocks) provides a valuable measure of how capital controls and crises affect integration. The paper shows that, contrary to the common perception that capital controls can be easily evaded, they do affect the cross-market premium. Controls on capital inflows put downward pressure on domestic markets relative to international ones, generating a negative premium. The opposite happens with controls on capital outflows. This signals the inability of market participants to engage in perfect arbitrage, due to the segmentation of domestic markets from international ones induced by capital controls. Crises affect financial integration by generating more volatility in the cross-market premium and putting more downward pressure on domestic prices. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 3/19/2009 , Also available in print.
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  • 10
    Online Resource
    Online Resource
    Basingstoke [England] : Palgrave Macmillan
    ISBN: 9780230380257
    Language: English
    Pages: Online-Ressource
    Series Statement: Procyclicality of Financial Systems in Asia
    Parallel Title: Erscheint auch als
    Parallel Title: Erscheint auch als
    Parallel Title: Erscheint auch als
    Keywords: Monetary policy ; Currency question ; Business enterprises—Finance. ; Macroeconomics. ; Development economics. ; Finance. ; Developing countries Economic policy
    Abstract: This volume provides a rigorous and balanced perspective on the causes and implications of dollarization, and the basic policies and options to deal with it: the adaptation of the monetary and prudential frameworks, the development of local-currency substitutes, and the scope for limiting dollarization through administrative restrictions.
    Note: Includes bibliographical references and index
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