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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.
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.
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
In and Out of Suriname
This title will be available online in its entirety in Open Access In and Out of Suriname: Language, Mobility and Identity offers a fresh multidisciplinary approach to multilingual Surinamese society, that breaks through the notion of bounded ethnicity enshrined in historical and ethnographic literature on Suriname.
Advances in the Sociology of Trust and Cooperation
The problem of cooperation is one of the core issues in sociology and social science more in general. The key question is how humans, groups, organizations, institutions, and countries can avoid or overcome the collective good dilemmas that could lead to a Hobbesian "war of all against all". The chapters in this book provide state of the art examples of research on this crucial topic. These include theoretical, laboratory, and field studies on trust and cooperation, thereby approaching the issue in three complementary and synergetic ways. The theoretical work covers articles on trust and control, reputation formation, and paradigmatic articles on the benefits and caveats of abstracting reali...
Petermann's Maps
Petermann's Maps focuses on the maps published in the famous German journal Petermanns Geographische Mitteilungen. This journal, which still exists today, greatly influenced the development of scientific geography and cartography in Germany in the nineteenth century. Numerous articles have been published by recognized experts in this field, along with a multitude of illustrations, including maps, prints and photographs. The journal developed into an important publication, setting the standard in the history of the great expeditions and discoveries, and European colonial matters. Petermann's Maps contains a bibliography of over 3400 maps, the complete series of maps published in Petermanns Ge...
Reforming the Governance of the IMF and the World Bank
The papers included in this book cover different aspects of the governance of the Bretton Woods institutions. They explore different options for reform and show that enhancing the participation of developing and emerging market countries in resolving the major monetary and financial problems confronting the world economy, would improve global economic performance and contribute to the elimination of world poverty.
