Download Advancing Regional Monetary Cooperation: The Case of Fragile by Laurissa Mühlich (auth.) PDF

By Laurissa Mühlich (auth.)

This publication examines neighborhood financial cooperation as a method to reinforce macroeconomic balance in constructing nations and rising markets. Interdisciplinary case experiences on Southern Africa, Southeast Asia and South the United States offer a cross-regional standpoint at the viability of such strategy.

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Rather, cooperating member countries agree not only to optimize national policy decisions to accommodate domestic shocks but also to jointly optimize regional policy decisions and responses to shocks that affect the region as a whole (cf. BénassyQuéré and Coeuré, 2005). Depending on the form and related depth of regional monetary cooperation, this agreement may or may not incur a need for joint monetary policy decision making. 2 Unilateral and bilateral policy options of developing countries and emerging markets Source: Author.

Furthermore, contemporary economic theory understands exchange rate variations in relation to market expectations under uncertainty, caused by limited rationality and imperfect markets, rather than absolute information and foresight about future payments (cf. Krugman, 1989; Collignon, 1999). “[I]n limited rationality models, exchange rates exhibit inertia, and the importance of this phenomenon is the greater, the larger the uncertainty” (Collignon, 1999: 259). Rather than reflecting relative price levels in spot markets for goods and services, exchange rates fluctuate in a certain range that expresses market participants’ expectations and their resulting portfolio preferences in future markets for assets (cf.

Balance sheet effects Economic theory today recognizes monetary constraints of developing and emerging market economies in their choice of exchange rate regime by emphasizing the impact of volatile exchange rates in the presence of a large stock of unhedged foreign currency-denominated debt and underdeveloped financial markets: Capital market imperfections and balance sheet effects matter in two senses. First, they magnify the domestic real effects of adverse external shocks, such as a fall in export volumes or an increase in the world real interest rate.

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