By Laurissa Mühlich (auth.)
This e-book examines local financial cooperation as a method to augment macroeconomic balance in constructing international locations and rising markets. Interdisciplinary case reports on Southern Africa, Southeast Asia and South the US supply a cross-regional viewpoint at the viability of such strategy.
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Extra info for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
Alternatively, a country’s monetary policy authorities may decide to occasionally manage the exchange rate, as is the case in most officially flexible exchange rate regimes (see Reinhart and Rogoff, 2002). Employing a regional perspective when examining exchange rate regime choice makes it possible to account for whether a type of exchange rate regime is unilaterally or bilaterally implemented and, among the latter choices, whether it involves a strong northern key currency with a strong transactional network at the top of the aforementioned international currency pyramid or whether it is formed solely out of southern currencies with small transactional networks at the pyramid’s base.
In contrast, particularly in Latin America, post-independence motivation for regional monetary cooperation began earlier, in fact during the 19th century. The second major phase, of increasing numbers of regional monetary cooperation arrangements, took place during the 1980s. This phase was largely motivated by the need to develop alternative financing mechanisms to desiccated international capital inflows during and after severe debt crises, mainly in Latin America. Regional financing mechanisms evolved to weather storms of balance of payments stress during the debt crises in developing countries and emerging markets.
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.
Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets by Laurissa Mühlich (auth.)