摘要:

This paper presents an approach for analyzing changes in the real exchange rate. It cites three views of the real exchange rate and outlines the complex forces that cause the rate to change. Using data from the International Monetary Fund's International Financial Statistics, the analysis then focuses on selected countries, each chosen because its experience reflects the operation of a principal force affecting the exchange rate. A summary of the experience of several countries during the 1970–1983 period illustrates the importance of the real exchange rate in the wake of inflationary episodes, oil crises, massive capital movements, and debt crises during that period. The analysis directs particular attention toward the central role that real exchange rate movements have played in the international debt crisi

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00559.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper assesses the degree and pattern of monetary policy activism in the United States, Canada, West Germany, the United Kingdom, and Japan during the recent period in which managed‐floating exchange rates prevailed. Floating exchange rates enhance the potency of a discretionary monetary policy. Yet central banks in these countries shifted toward less discretionary monetary targeting during the late 1970s in response to rising inflationary pressures and expectations. But whether such targeting actually reduced policy activism is unclear since targets were expressed in wide ranges and often were missed. Following 1981, at least three of these countries–the United States, Canada, and the United Kingdom–reverted to an avowedly more discretionary pattern of response to changes in real demand pressures, interest rates, and exchange rates. Since mid‐1986, Germany, the United Kingdom, and Japan–and, to a lesser extent, Canada–have intervened heavily in the foreign exchange market and so have greatly increased their official dollar holdings. Moreover, through August 1987, the effects of this intervention on these countries' domestic money supplies apparently have been sterilized onl

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00560.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

For a combination of reasons that differ among countries, many developing countries' foreign debt service obligations have become difficult to meet. The size of the problem in 1982 raised concern over the stability of the banking system. The International Monetary Fund (IMF) provided the forum through which the international community's strategy for meeting this concern has evolved. The IMF also played, and continues to play, an active role in helping to finance the structural and balance‐of‐payments adjustments needed in countries with debt service problems. The IMF's involvement is an integral part of the broader strategy, which builds on the cooperation of debtors and creditors, on a case‐by‐case basis. The objective is to share the burden in a balanced way. Obtaining adequate adjustment in deficit countries is central to the strategy, but the Baker Plan increased the emphasis on restoring longer‐term growth through more far‐reaching structural adjustments supported by longer‐term financing. The IMF has modified and enhanced some of its lending facilities in light of this emphasis. However, though the short‐term nature of its lending was critical in averting a possible banking crisis during 1982 and 1983, it diminishes somewhat the IMF's role in financing the more protracted adjustmen

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00561.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The World Bank has responded to what it has perceived as two debt crises. The first is the highly publicized crisis in the middle‐income, heavily indebted countries–mainly those in Latin America. The second has affected a set of about 20 much poorer African countries. The World Bank's responses to the two crises have been dissimilar as well. In the case of the heavily indebted, middle‐income countries, whose debt is mainly to private creditors, the World Bank first responded with its Special Program of Action, beginning in 1983. Under the October 1985 Baker Plan, the World Bank was to increase its gross disbursements to these countries by 50 percent–a goal it has nearly met. Unfortunately, other creditors have not met Baker Plan goals, and so investment and growth in debtor countries has stagnated. The World Bank cannot continue providing a disproportionate share of financing needs. The World Bank has responded to the problems of the poorest debtor countries through its Special Program of Action for debt‐distressed countries in Africa, and has coordinated its own concessional International Development Agency–soft loan window–lending with aid from other official credito

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00562.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper describes the main aspects and the results of voluntary debt reduction operations that occurred recently in Bolivia and Mexico. It studies the motivations and behavior of the three main agents in such operations: debtor countries, participating creditor banks and non‐participating creditor banks. The paper also discusses the main issues that debtors must address in designing future voluntary debt reduction operation

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00563.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Which of the tort reforms enacted during the mid‐1970s to alleviate the medical malpractice litigation crisis have succeeded? Under some circumstances, the frequency and disposition of claims may indicate how reforms affected key policy variables such as the number of injuries and costs of litigation. But potential pitfalls exist in using claims data to evaluate tort reforms. In this paper, we identify and discuss these problems, review recent findings, and offer guidance to improve policy analysi

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00564.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY