New PDF release: Advancing Regional Monetary Cooperation: The Case of Fragile

By Laurissa Mühlich (auth.)

ISBN-10: 1137427213

ISBN-13: 9781137427212

ISBN-10: 1349491071

ISBN-13: 9781349491070

This booklet examines nearby financial cooperation as a technique to reinforce 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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Additional info for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets

Example text

Monetary policy constraints of southern economies The extent to which exchange rate fluctuations affect economic growth and development, as well as overall macroeconomic stability, is determined by the presence of unhedged net debt or net asset holdings in foreign currency, as well as by domestic financial conditions and global financial integration, as mentioned before. Regarding the presence of unhedged net debt or net asset holdings in foreign currency, beginning with the third-generation literature on exchange rate regime choice, different strands of literature evolved that examine monetary policy considerations of economies with net debt denominated in foreign currency.

Thus, a reduced vulnerability to external shocks may be realized while maintaining monetary policy intervention capacity, an option that is not available with unilateral dollarization. 2; cf. Bénassy-Quéré and Coeuré, 2005; Bénassy-Quéré and Coupet, 2005). Regional monetary cooperation may also refer to any kind of informal or formal regional monetary policy dialogue (cf. ). The difference between regional monetary integration and regional monetary cooperation is that monetary integration involves the creation or adoption of a common currency with a joint regional monetary policy authority.

Also, in CMA bilateral exchange rates of the member countries are pegged to the South African rand (see Chapter 10). Non-cooperative unilateral monetary policy choices largely refer to the conventional two corners, as discussed above. On the one hand, a country may choose unilateral subordination into a northern key currency bloc by introducing the northern currency as legal tender in a de jure dollarization or euroization. Alternatively, a country may choose a unilateral introduction of a currency board regime by fixing the exchange rate to a key currency at par and backing the domestic money base with foreign exchange reserves, as, for example, in Argentina between 1991 and 2002.

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Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets by Laurissa Mühlich (auth.)

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