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Balance sheets, exchange rate policy, and welfare

Author: Selim Elekdag; Ivan Tchakarov; International Monetary Fund. Middle East and Central Asia Department,; International Monetary Fund. Research Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2004.
Series: IMF working paper, WP/04/63.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of fixed and flexible exchange rate regimes. The model is solved up to a second-order approximation which allows us to address the issue of risk and welfare rigorously. The paper identifies threshold levels of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Elekdag, Selim.
Balance sheets, exchange rate policy, and welfare.
[Washington, D.C.] : International Monetary Fund, ©2004
(OCoLC)56747153
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Selim Elekdag; Ivan Tchakarov; International Monetary Fund. Middle East and Central Asia Department,; International Monetary Fund. Research Department,
ISBN: 1281313173 9781281313171
OCLC Number: 647340404
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (36 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/04/63.
Responsibility: prepared by Selim Elekdag, Ivan Tchakarov.

Abstract:

The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of fixed and flexible exchange rate regimes. The model is solved up to a second-order approximation which allows us to address the issue of risk and welfare rigorously. The paper identifies threshold levels of the debt-to-GDP ratio above which fixed exchange rate regimes are welfare superior to monetary policy rules that imply flexible exchange rate regimes. The results suggest that emerging market economies that suffer from a relatively high level of indebtedness and are constrained in their pursuit of optimal monetary policy, could find it beneficial to opt for a fixed exchange rate regime.

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