000233378 001__ 233378
000233378 005__ 20170829035614.0
000233378 037__ $$a1554-2016-132497
000233378 041__ $$aen_US
000233378 084__ $$aF41
000233378 245__ $$aMonetary Regime Choices for a Semi-Open Country
000233378 260__ $$c1994-04
000233378 269__ $$a1994-04
000233378 300__ $$a67
000233378 336__ $$aWorking or Discussion Paper
000233378 490__ $$aWorking Paper
000233378 490__ $$aC94-036
000233378 520__ $$aThis paper considers regime choices facing relatively small, trade-oriented, financially
liberalizing, rapidly growing countries such as the East Asian NICs. The classic question of fixed versus flexible exchange rates is considered first. Of the many factors that determine whether the advantages of fixed rates justify the loss of monetary independence, all depend on the openness of the country. One example is the advantage that stable exchange rates promote trade; the magnitude of this effect is estimated in this paper. Another example is the advantage that a fixed exchange rate can serve as a nominal anchor to monetary policy. The second half of the paper reviews the recent literature on monetary rules versus discretion, and then considers four alternative candidates for the nominal anchor for monetary policy: the money supply, nominal GNP, price level, and exchange rate. It is argued that nominal GNP dominates the money supply in general, and dominates the other two candidates under certain conditions.
000233378 542__ $$fLicense granted by Deanna Kanne (kanne053@umn.edu) on 2016-03-24T17:13:13Z (GMT):

<p class="ds-paragraph">
By depositing this Content ("Content") in AgEcon Search, I agree that I am 
solely responsible for any consequences of uploading this Content to AgEcon 
Search and making it publicly available, and I represent and warrant that:

I am either the sole creator and the owner of the copyrights and all other 
rights in the Content; or, without obtaining another’s permission, I have the 
right to deposit the Content in an archive such as AgEcon Search.

To the extent that any portions of the Content are not my own creation, they 
are used with the copyright holder’s express permission or as permitted by law.
 Additionally, the Content does not infringe the copyrights or other 
intellectual property rights of another, nor does the Content violate any 
laws or another’s rights of privacy or publicity.

The Content contains no restricted, private, confidential, or otherwise 
protected data or information that should not be publicly shared.

I understand that AgEcon Search will do its best to provide perpetual access
 to my Content. In order to support these efforts, I grant the Regents of the
 University of Minnesota ("University"), through AgEcon Search, the following
 non-exclusive, irrevocable, royalty-free, world-wide rights and licenses:

to access, reproduce, distribute and publicly display the Content, in whole
 or in part, in order to secure, preserve and make it publicly available, and

to make derivative works based upon the Content in order to migrate the
 Content to other media or formats, or to preserve its public access.

These terms do not transfer ownership of the copyright(s) in the Content.
 These terms only grant to the University the limited license outlined above.

000233378 650__ $$aFinancial Economics
000233378 650__ $$aInternational Development
000233378 6531_ $$aregimes
000233378 6531_ $$amonetary rules
000233378 6531_ $$adiscretion
000233378 6531_ $$afixed and floating exchange rates
000233378 6531_ $$anominal
000233378 6531_ $$aNewly Industrializing counties
000233378 700__ $$aFrankel, Jeffrey A.
000233378 8564_ $$s13165111$$uhttp://ageconsearch.umn.edu/record/233378/files/cal-cider-c094-036.pdf
000233378 887__ $$ahttp://purl.umn.edu/233378
000233378 909CO $$ooai:ageconsearch.umn.edu:233378$$qGLOBAL_SET
000233378 912__ $$nSubmitted by Deanna Kanne (kanne053@umn.edu) on 2016-03-24T17:15:42Z
No. of bitstreams: 1
cal-cider-c094-036.pdf: 13165111 bytes, checksum: 97c8d8564166753e63475bd4d1319901 (MD5)
000233378 912__ $$nMade available in DSpace on 2016-03-24T17:15:42Z (GMT). No. of bitstreams: 1
cal-cider-c094-036.pdf: 13165111 bytes, checksum: 97c8d8564166753e63475bd4d1319901 (MD5)
  Previous issue date: 1994-04
000233378 982__ $$gUniversity of California, Berkeley>Department of Economics>Center for International and Development Economics Research (CIDER) Working Papers
000233378 980__ $$a1554