haku: @author Hamann, A. J. / yhteensä: 1
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| Tekijä: | Hamann, A. J. |
| Otsikko: | Exchange-rate-based stabilization: a critical look at the stylized facts |
| Lehti: | IMF Staff papers
2001 : VOL. 48:1, p. 111-138 |
| Asiasana: | Exchange rates Inflation Hyper-inflation Stabilization Economic stability Developing countries |
| Kieli: | eng |
| Tiivistelmä: | To addresss the question, if exchange-rate-based stabilizations generate distinctive economic dynamics, the author identifies stabilization episodes, finding that while some differences can be detected between exchange -rate-based stabilizations and stabilization where the exchange rate is not the anchor, the behaviour of important variables does not appear to differ - especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange rate anchor, or that there are any systematic difference in the success records of stabilizations that use the exchange ratew as a nominal anchor and those that do not. |
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