Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?

Released on by Mr.Ilan Goldfajn
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  • Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? Book Detail

  • Author : Mr.Ilan Goldfajn
  • Release Date : 1999-03-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 33
  • ISBN 13 : 1451846193
  • File Size : 82,82 MB
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Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? by Mr.Ilan Goldfajn PDF Summary

Book Description: This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 1980-98. The main question addressed is: Can monetary policy increase the probability of reversing a postcrisis undervaluation through nominal appreciation rather than higher inflation? We find that tight monetary policy facilitates the reversal of currency undervaluation through nominal appreciation. When the economy also faces a banking crisis, the results are not robust: depending on the specification, tight monetary policies may not have the same effect.

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Fiscal Policy after the Financial Crisis

Fiscal Policy after the Financial Crisis

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The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issu