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  • 1
    ISSN: 0306-8293
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Notes that macro-economic policy faces the same challenges in both developing and post-socialist economies: to reduce inflation while achieving or maintaining stable economic growth. Moreover, there are developing countries like Argentina which succeeded in overcoming a type of institutional chaos which comes quite close to what is to be observed in post-socialist countries. By looking at the theoretical concept and by its implementation in Argentina, examines the main advantages and flaws of an exchange rate anchor. Shows that this is a high risk strategy for post-socialist countries which needs radical complementary reforms in order to be effective and to minimize risks. Suggests that credibility cannot be imported.
    Type of Medium: Electronic Resource
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  • 2
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    Heidelberg: Springer | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330 ; Finanzpolitik ; Entwicklung ; Europa ; Lateinamerika ; Asien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
    Type: doc-type:article
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  • 3
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    Heidelberg: Springer | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330 ; EU-Erweiterung ; Wirtschaftswachstum ; Wachstumspolitik ; Reform ; Institutioneller Wandel ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
    Type: doc-type:article
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  • 4
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    Tübingen: Mohr | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:review
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  • 5
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    Kiel: Institut für Weltwirtschaft (IfW) | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Description: Mexico's recent financial crisis, culminating in December 1994, threatens the positive effects of the substantial reforms that the country has implemented since 1985 by opening its real sector: first trade has been liberalized unilaterally, then Mexico has joined the GATT, the Uruguay Round, the NAFTA and recently the OECD and thus has committed itself to internationally binding rules and liberalization schedules. Furthermore, foreign direct investment has been invited to formerly closed sectors. With these reforms, Mexico has succeeded in establishing a solid base for a sustainable take-off. However, both the legacies of past distortions and the effects of its exchange-rate based stabilization policy have prevented Mexico from fully harvesting the fruits of its reform efforts. Capital productivity still warrants improvement, investment und domestic savings ratios are lower than in Asia and in the Latin American "success story" Chile. In merchandise trade, non-traditional exports and import-competing domestic industries have suffered from real appreciation. FDI flows to Mexico rose after adjustment programmes were implemented. However, absolute increases cannot obscure the fact that Mexico's position in US foreign direct investment (the major source of FDI inflows) only recovered to levels already achieved prior to the debt crisis in 1982. German and particularly Japanese investment remained below this level and even declined in relative terms. Furthermore, there are structural vulnerabilities: Mexico's industrial exports and inward foreign investment heavily concentrate on the motor vehicle industry, which exposes the country to short-term fluctuations in consumer demand for cars, particularly in the United States. In total, even before the December 1994 crisis, Mexico was not as attractive a host to FDI as newly industrializing countries in Asia or transformation economies in Europe. Both external factors (increase in US interest rates) and political events (regional upheavals, the assassination of the presidential candidate, elections) led to the outbreak of the financial crisis in December 1994. Yet, the Mexican exchange-rate-based stabilization strategy can be regarded as the real cause of the crisis. This strategy entailed high risks and was also implemented in an inconsistent way: the so-called Pacto agreements failed to provide sufficiently restrictive monetary and wage policies, the fiscal surplus was achieved by cutting public investment rather than taxing consumption, and factor market deregulation was delayed. 1995 forecasts of high inflation and negative GDP growth show that Mexico has entered the "bust" phase of exchange-rate-based stabilization strategies. The only short-run option is to continue the present float of the Peso and to establish the credibility of the money supply target. In the medium run, Chile's passive crawl with wide bands provides a blueprint for a low-risk exchange rate management. Without re-establishing the credibility of monetary policies, the gains from real sector reforms will not materialize. Yet, even with credibility, Mexico has to remove several bottlenecks, e.g., in human capital and infrastructure before it can fully reap the gains from previous reforms.
    Keywords: ddc:330 ; Wirtschaftsreform ; Außenwirtschaftspolitik ; Investition ; Direktinvestition ; Wirtschaftliche Anpassung ; Wechselkurspolitik ; Bankenkrise ; Wirtschaftsprognose ; Mexiko
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Tübingen: Mohr | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:review
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  • 7
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    Tübingen: Mohr | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:review
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  • 8
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    Kiel: Institut für Weltwirtschaft (IfW) | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Description: International investors' enthusiasm with respect to growth prospects in Southeast Asia has been followed by panic. Both the outstanding economic performance of Southeast Asian economies and their ability to master adjustment challenges had led most observers of these economies to the conclusion that "Asia is different". In comparison with previous currency crises, the macroeconomic fundamentals (GDP growth, inflation, fiscal deficit, external indebtedness, domestic savings, export performance) in the Southeast Asian economies seemed to be consistent with the fixed or quasi-fixed exchange rate regimes. Even large current account deficits were not classified as "high risk" although the vulnerability of Southeast Asian countries had increased during the last decade due to a surge in capital inflows, a construction boom, the appreciation of the US dollar, and the liberalization of domestic financial markets without strict enforcement of prudential standards. Early signals of vulnerability should have warned domestic policymakers to take precautionary measures such as more exchange rate flexibility to end sterilization policies, higher marginal reserve requirements, and prudential standards for bank lending to reduce the risk exposure of banks. Some of these measures were taken in 1996, but apparently it was too little or too late. In the aftermath of the crisis, the enforcement of prudential rules in the financial sector and the clearing of bad debt figure high on the policy agenda. In order to help financial restructuring, fiscal and monetary policies should not be overly restrictive. The role of external assistance is ambiguous because of negative incentive effects. The currency crises in Asia boosted the amounts of emergency lending by the IMF and other countries, which may raise expectations that defaults will become cheaper in the future. Moreover, officially implemented early warning systems may easily produce the bad news which triggers exchange rate crises. All in all, Asia is not different from other regions. High current account deficits and real appreciation expose countries with fixed or quasi-fixed exchange rates and fragile domestic financial markets to the risk of a reversal of capital inflows. This mounting risk position can lead to a crisis when bad news arrives and domestic measures are delayed. Therefore, Asia could have learned from previous currency crises in Latin America and Europe: first, extreme solutions for the exchange rate regime (currency boards or a passive crawling peg with wide intervention bands) work best; second, deregulated goods and factor markets with strict prudential supervision (especially in the phase of financial liberalization) are necessary preconditions for a stable fixed exchange rate regime; third, development models with discretionary government interventions face difficult times since the globalization of goods and factor markets renders economic plans of today obsolete tomorrow.
    Keywords: ddc:330 ; Währungskrise ; Fester Wechselkurs ; Aufwertung ; Zahlungsbilanzungleichgewicht ; Geldpolitik ; Bankenkrise ; Internationale Kapitalmobilität ; Südostasien ; Indonesien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Heidelberg: Springer | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2018-09-10
    Keywords: ddc:330 ; Währungsunion ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 10
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    Heidelberg: Springer | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-09-06
    Keywords: ddc:330 ; Auslandsverschuldung ; Entwicklungsländer
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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