Monetary Policy in the Aftermath of Currency Crises

Released on by Mr.Taimur Baig
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  • Monetary Policy in the Aftermath of Currency Crises Book Detail

  • Author : Mr.Taimur Baig
  • Release Date : 1998-12-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 32
  • ISBN 13 : 1451858396
  • File Size : 54,54 MB
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Monetary Policy in the Aftermath of Currency Crises by Mr.Taimur Baig PDF Summary

Book Description: This paper evaluates monetary policy and its relationship with the exchange rate in five Asian crisis countries. The findings are compared with previous currency crises in recent history. The paper finds no evidence of overly tight monetary policy in the Asian crisis countries in 1997 and early 1998, nor evidence that high interest rates led to weaker exchange rates. The usual trade-off between inflation and output when raising interest rates suggested the need for a softer monetary policy in the crisis countries to combat recession. However, in some countries, corporate balance sheet considerations called for the reversal of overly depreciated currencies through firmer monetary policy.

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