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):

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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_ $$anominal
anchor
000233378 6531_ $$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
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  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