By Laurissa Mühlich (auth.)
This e-book examines local financial cooperation as a method to augment macroeconomic balance in constructing nations and rising markets. Interdisciplinary case experiences on Southern Africa, Southeast Asia and South the US supply a cross-regional point of view at the viability of such strategy.
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Extra resources for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
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. Second, devaluation may be expansionary (as in the standard model) or contractionary. The second result requires particularly strong balance sheet effects, arising from both high sensitivity of risk premiums and large inherited dollar debts. , 2002: 10–11; IMF, 2003b; Berganza and García-Herrero, 2004). In contrast to traditional economic analyses that focus on flows over a certain period of time, such as investment flows, current account balance, or annual output, balance sheet analyses focus on the stocks of assets and liabilities, such as debt or foreign exchange reserves, at a certain point in time.
Hence, SSC is mainly motivated by the objective of cushioning the economy from destabilizing economic and monetary shocks initiated by the fluctuations of international key currencies and resulting shifts in capital flows that are not absorbed by a global cooperation arrangement (cf. Dieter, 2000; Dieter, 2003; Cohen, 2004; UNCTAD, 2007). In particular, for small and open economies, SSC is frequently highlighted as a means to strengthen regional trade and regional markets, and to jointly develop financing mechanisms to cushion economic and monetary shocks on a regional level: If the regional trade ties are strong and the mobility of capital and labour is rather high regional financial and monetary cooperation and integration is a way to protect against the gyrations of international capital markets and to deepen and broaden the division of labour at the regional level.
Devaluation or appreciation of the exchange rate would change export and import prices without requiring changes in the domestic price level. , change in money demand) predominate, a pegged exchange rate would allow the money supply to adjust to a new level of money demand, thereby stabilizing output and economic growth without requiring destabilizing interest rate or price level changes (the Mundell Fleming model, as mentioned above; Fleming, 1962; Mundell, 1963). 3 The second-generation literature on exchange rate regime choice focused on credibility aspects of monetary policy strategies to fight inflation and prevent financial crisis (see Barro and Gordon, 1983).
Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets by Laurissa Mühlich (auth.)