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Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade
This paper examines the relationship between fixed exchange rate arrangements and trade using a gravity model of international trade together with bilateral trade data from 24 countries from the Caribbean and Latin America for the period 1960-2001. The analysis indicates that a credible fixed peg has a positive impact on the value of bilateral trade. Moreover, the positive impact on trade is more pronounced with a stricter definition of the fixed peg or a longer duration of the peg. This supports the argument that the credibility of an exchange rate peg is an important element to determine bilateral trade. There is, however, no evidence to suggest that a currency union provides additional benefits.
International Monetary Fund Handbook
This paper describes the functions, policies, and operations of the IMF. The IMF is an independent international organization, and is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth. The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions. In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance-of-payments need, and technical assistance and training to improve national economic management.
Suriname
During the 1990s, Suriname was subject to exogenous shocks that were exacerbated by inadequate macroeconomic policy responses. During that decade, fiscal and monetary policies tended to vastly amplify the effects of negative shocks to bauxite export receipts, leading to various episodes of nearhyperinflation. Output growth was also highly volatile, reflecting to some extent the countrys dependence on mining exports, but more so the highly inadequate macroeconomic policies. In recent years, the outlook has turned substantively more positive. The favorable external environment and the stability-oriented policies of the Venetiaan administration have boosted confidence in the economy, leading to increased investment, domestic economic activity, and employment. Nonetheless, the economy continues to be based largely on commodity exports, mainly bauxite, oil, and gold, while nontraditional agricultural exports face significant developmental and export hurdles. A detai
Central Bank Foreign Exchange Market Intervention and Option Contract Specification
This paper aims to identify appropriate option contract specifications for effective central bank exchange market intervention. Option contract specifications determine the impact of options on the underlying asset or currency, and hence their actual effect on asset price or currency volatility and are therefore key to determining the effectiveness of option-based intervention. The paper reviews the experience of the systematic option-based foreign exchange market intervention of the Central Bank of Colombia and finds that its contract has only been moderately successful at abating exchange rate volatility, which is attributed here to sub-optimal contract specifications.
Modeling Appropriate Fiscal Targets and Optimal Consolidation Paths for Resource-Rich Countries
This paper first attempts to quantify the natural resource wealth of Suriname from the perspective of its impact on the fiscal position, and then assesses the fiscal sustainability gap in that context. It then presents models to address the question of the optimal path of fiscal consolidation given the outlook for natural resource wealth, macroeconomic conditions, and country authority preferences.
