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38
result(s)
Does Exchange Rate Policy Matter for Growth?
Staff Working Paper 2002-17
Jeannine Bailliu,
Robert Lafrance,
Jean-François Perrault
Previous studies on whether the nature of the exchange rate regime influences a country's medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes,
Exchange rates,
Monetary policy framework
JEL Code(s):
F,
F3,
F31,
F33,
F4,
F43,
O,
O4,
O40
Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets
Staff Working Paper 2002-6
Patrick Osakwe
Traditional models of exchange rate regimes ignore the destabilizing effects of sharp and unanticipated exchange rate movements.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes
JEL Code(s):
E,
E5,
E52,
F,
F3,
F31,
F4,
F41
November 15, 2001
Conference Summary: Revisiting the Case for Flexible Exchange Rates
This article summarizes the proceedings of an international research conference hosted by the Bank of Canada in November 2000. The conference marked the fiftieth anniversary of Canada's adoption of a flexible exchange rate, and its title recognizes the seminal contribution of Professor Milton Friedman's article "The Case for Flexible Exchange Rates." His keynote address to the conference is also summarized in the article. The conference papers re-examine many of the arguments raised by Friedman using recent developments in economic theory and econometric techniques. They investigate the experience of a wide range of industrialized and emerging-market economies. The main findings are that a strong case can be made for flexible exchange rates in economies that are large commodity exporters and that have credible low-inflation monetary policies and relatively well-developed financial systems.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Exchange rate regimes,
Exchange rates
May 17, 2001
Reforming the International Financial System
This article examines the efforts of the major advanced countries to strengthen the international financial system in order to avoid financial crises such as those that occurred in emerging-market economies in the 1990s. These efforts have focused on crisis prevention and crisis management. The prevention of such crises has necessitated the formation of new international groups that include emerging markets in their membership. Measures have also been taken to reduce the vulnerability of countries to such crises. These measures have centered on the need for appropriate macroeconomic policies, including the need for sustainable exchange rate regimes, sound domestic financial systems, and prudent risk management. In the area of crisis management, the International Monetary Fund (IMF) has been given access to additional resources for lending to countries that experience financial crises. The IMF has also established new lending facilities for use in such circumstances. It has also been agreed that the private sector will need to play a greater role in the management of such crises in the future.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Exchange rate regimes,
International topics
International Financial Crises and Flexible Exchange Rates: Some Policy Lessons from Canada
Technical Report No. 88
John Murray,
Mark Zelmer,
Zahir Antia
This paper examines the behaviour of the Canadian dollar from 1997 to 1999 to see if there is any evidence of excess volatility or significant overshooting. A small econometric model of the exchange rate, based on market fundamentals, is presented and used to make tentative judgments about the extent to which the currency might have been systematically over- or undervalued.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Exchange rate regimes,
Exchange rates
JEL Code(s):
F,
F3,
F31
Canada's Exchange Rate Regime and North American Economic Integration: The Role of Risk-Sharing Mechanisms
Staff Working Paper 1999-17
Zahir Antia,
Ramdane Djoudad,
Pierre St-Amant
Our contribution in this paper is threefold. First, we survey the empirical literature on consumption smoothing mechanisms of regional economic shocks. Second, building on the work of Asdrubali et al. (1996), we present evidence on the role played by various smoothing mechanisms for specific economic shocks affecting Canadian provinces. Third, we assess whether smoothing mechanisms […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes,
Exchange rates
JEL Code(s):
F,
F3,
F33,
F36,
G,
G1,
G15
Optimal Currency Areas: A Review of the Recent Literature
Staff Working Paper 1999-16
Robert Lafrance,
Pierre St-Amant
This paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the links […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes
JEL Code(s):
E,
E4,
E42,
F,
F3,
F33