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How can international monetary stability be promoted? This study looks at ways to bolster economic policies and coordination among the industrial countries serving as nominal anchors for the world economy. It also assesses the operation of monetary unions and common currency areas. The authors conclude that problems with the world monetary system reflect weaknesses outside the exchange rate arena, and that exchange rate commitements must be tailored to individual country characteristics.

International finance --- Fiscal policy --- Monetary policy --- Monetary unions --- AA* / International - Internationaal --- 334.3 --- 333.432.8 --- 339.732 --- $?$93/02 --- systeme monetaire international --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- International monetary system --- International money --- Finance --- International economic relations --- Geld-, krediet- en Bankwezen. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- internationaal monetair systeem --- Government policy --- Working papers --- Fiscal policy. --- International finance. --- Monetary policy. --- Monetary unions. --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Geld-, krediet- en Bankwezen --- Exports and Imports --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Macroeconomics --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Price Level --- Deflation --- Fiscal Policy --- Currency --- Foreign exchange --- International economics --- Monetary economics --- Labour --- income economics --- Exchange rates --- Currencies --- Real exchange rates --- Economic integration --- Exchange rate arrangements --- United States

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The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high levels of investment and trade, international linkages, and, in most APEC economies, macroeconomic policies that have sustained growth while not sparking excessive inflation. This study offers insights about how medium and long-term changes in real exchange rates have affected international (and intra-APEC) trade and investment in the region.

Capital movements --- Foreign exchange --- 330.05 --- 332.456095 --- apec --- commerce mondial --- investissements etrangers --- marche international des capitaux --- taux de change --- 333.451.1 --- 339.113 --- 382.10 --- ASI / Asia - Azië - Asie --- LAM / Latin America - Latijns Amerika - Amérique Latine --- 339.72 <5> --- 339.74 <5> --- 339.92 <5> --- 339.92 <5> Economische samenwerking en integratie. Tolunie--Azië --- Economische samenwerking en integratie. Tolunie--Azië --- 339.72 <5> Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt.--Azië --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt.--Azië --- 339.74 <5> Monetaire buitenlandse politiek. Deviezenpolitiek--Azië --- Monetaire buitenlandse politiek. Deviezenpolitiek--Azië --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- wereldhandel --- buitenlandse investeringen --- internationale kapitaalmarkt --- wisselkoers --- Wisselkoersen --- Buitenlandse investeringen --- Theorieën van internationale en interregionale handel: algemeenheden. Comparatieve voordelen --- Asia --- Pacific Area --- Commerce. --- Working papers --- Exports and Imports --- Foreign Exchange --- Production and Operations Management --- International Investment --- Long-term Capital Movements --- Trade: General --- Macroeconomics: Production --- Empirical Studies of Trade --- Currency --- Finance --- International economics --- Macroeconomics --- Real exchange rates --- Exchange rates --- Foreign direct investment --- Exports --- Real effective exchange rates --- International trade --- Exchange rate adjustments --- Investments, Foreign --- Imports --- Industrial productivity --- Balance of trade --- United States

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Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro will entail major economic change. This paper examines likely economic developments and policy challenges for the five former transition countries in central Europe--the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia--that joined the European Union in May 2004 and operate under independent monetary policies but have not yet achieved policy convergence with the rest of the euro area.

Euro --- -Monetary policy --- -cooperation economique --- euro --- europe centrale --- union europeenne --- zone euro --- EEU / Central & Eastern Europe --- 331.152 --- 334.151.25 --- 330.05 --- 332.4566094 --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- economische samenwerking --- centraal europa --- europese unie --- eurozone --- Geldwezen in de middeleeuwen. --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro. --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe, Central --- -Central Europe --- Economic integration --- Working papers --- Taux de change --- Union économique et monétaire. --- Europe centrale --- Politique monetaire --- Intégration économique. --- Union économique et monétaire. --- Foreign exchange rates --- Monetary policy --- Monetary unions --- cooperation economique --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Geldwezen in de middeleeuwen --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro --- Rates --- Europe, Eastern --- Central Europe --- Economic integration. --- International finance --- European Union --- Eastern and Central Europe --- Politique monétaire --- Euro (Monnaie) --- Politique monétaire --- Unions monétaires --- Europe de l'Est --- Intégration économique --- Intégration économique. --- Euro - Europe, Central. --- Euro - Europe, Eastern. --- Foreign exchange rates - Europe, Central. --- Foreign exchange rates - Europe, Eastern. --- Monetary policy - Europe, Central. --- Monetary unions - Europe, Central. --- Monetary policy - Europe, Eastern. --- Politique monetaire - Europe centrale. --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Aspects of Economic Integration --- Price Level --- Deflation --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Currency --- Monetary economics --- International economics --- Public finance & taxation --- Credit --- Fiscal consolidation --- Prices --- Fiscal policy --- Real exchange rates --- Debts, Public --- Czech Republic

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The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether countries exchange rates seem broadly appropriate. One involves the calculation of purchasing power-party (PPP) measure or international competitiveness indicators. A second, known as the macroeconomic balance framework, focuses on the extent to which prevailing exchange rates and policies are consistent with simultaneous internal and external equilibrium over the medium run. Some recent extensions of the macroeconomic balance approach and the manner in which it is applied by the IMF staff are described in this paper.

International finance --- Foreign exchange rates --- Mathematical models --- Foreign exchange --- -Purchasing power parity --- Balance of payments --- Equilibrium (Economics) --- Macroeconomics --- 339.742 --- 339.7 --- 339.72.053 --- financiën --- macro-economie --- monetair beleid --- fmi --- taux de change --- pays industrialises --- AA* / International - Internationaal --- 382.241 --- 305.92 --- 333.831.0 --- 333.481 --- 333.450 --- 333.451.6 --- 330.05 --- 332.45 --- Economics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Current account balance (International trade) --- International payments, Balance of --- Terms of trade --- Balance of trade --- International liquidity --- International monetary system --- International money --- Finance --- International economic relations --- Law of one price --- One price, Law of --- Parity, Purchasing power --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Rates of exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Betalingsverdragen --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt.--?.053 --- imf --- wisselkoers --- geindustrialiseerde landen --- Balans van het lopend verkeer. --- Econometrie van de internationale handel. Handelsbalans, betalingsbalans. Wissel. --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Vlottende wisselkoersen. Crawling peg. --- Rates --- International Monetary Fund. --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Working papers --- 339.72.053 Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt.--?.053 --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- 339.742 Betalingsverdragen --- Internationaal monetair fonds --- International monetary fund --- Econometrie van de internationale handel. Handelsbalans, betalingsbalans. Wissel --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Vlottende wisselkoersen. Crawling peg --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden --- Balans van het lopend verkeer --- Mathematical models. --- Foreign exchange rates - Mathematical models --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Investments: Stocks --- Money and Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Currency --- International economics --- Monetary economics --- Investment & securities --- Current account --- Real exchange rates --- Real interest rates --- Real effective exchange rates --- Financial services --- Exchange rate adjustments --- Interest rates --- Money --- Investments, Foreign --- United States