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IAS (International Accounting Standards) --- Accountancy --- accountancy --- reglementering --- Belgium --- Boekhouden --- Comptabilité --- Financial statements --- Accounting --- Etats financiers --- Standards --- Normes --- 657 --- 657 <493> --- #ECO:03.10:industrie en onderneming jaarrekening boekhouding accountancy --- AA / International- internationaal --- BE / Belgium - België - Belgique --- 657.1 --- 657.4 --- Boekhoudkundige normen --- IAS (IPSAS) --- International accounting --- België --- accounting standards --- accounting --- international accounting --- Accountancy--België --- Methoden en stelsels van boekhouding. --- 657 <493> Accountancy--België --- 657 Accountancy --- Comptabilité --- Methoden en stelsels van boekhouding

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This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.

Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Open Economy Macroeconomics --- 'Panel Data Models --- Spatio-temporal Models' --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Currency --- Foreign exchange --- Monetary economics --- International economics --- Exchange rates --- Real exchange rates --- Currencies --- Foreign assets --- Purchasing power parity --- Money --- External position --- Investments, Foreign --- United States

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This paper empirically examines the long-run relationship between real exchange rates and real interest rate differentials over the recent floating exchange rate period, using a panel cointegration method, with data for a set of industrialized countries. The paper finds evidence of statistically significant long-run relationships and plausible point estimates, which contrasts with much existing evidence. The failure of others to establish such relationships may reflect the estimation method they use rather than any inherent deficiency of the fundamentals-based models.

Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Foreign exchange --- Finance --- Monetary economics --- Real exchange rates --- Real interest rates --- Exchange rates --- Long term interest rates --- Currencies --- Financial services --- Money --- Interest rates --- Australia

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This paper anlayzes the Georgian hyperinflation of 1993-94, which featured endogenous fiscal expenditures and the money supply, depreciation, and currency substitution. Hyperinflation was stopped by removing generalized consumer subsidies and tightening of monetary policy, and not by a sudden rush of credibility or imposition of an exchange rate anchor. A de facto exchange rate anchor served ex post as a vehicle for building credibility, which ensured a dramatic reversal of currency substitution when the currency reform was implemented. The paper also discusses the relatively rapid output recovery in Georgia.

Foreign Exchange --- Inflation --- Money and Monetary Policy --- Price Level --- Deflation --- Studies of Particular Policy Episodes --- Open Economy Macroeconomics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics --- Currency --- Foreign exchange --- Monetary economics --- Exchange rates --- Currencies --- Hyperinflation --- Monetary base --- Money --- Prices --- Money supply --- Georgia

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This paper focuses on the process leading to the choice of a currency board as a stabilization instrument, and its specific design. The use of a currency board was complicated and controversial because of serious structural problems, including a systemic banking crisis. It argues that the arrangement was well designed for the task at hand, combining a traditional rule-based exchange arrangement with a number of legal and structural measures to address the pressing bank sector and fiscal issues. In light of the interdependence of the measures, the success of Bulgaria’s currency board stabilization must be attributed to a combination of elements, of which the currency board was a crucial, but not the only determining factor. Structural problems, most notably in the banking sector, were equally severe. The banking crisis had been smoldering since at least 1995. A 1996 review found that out often state banks, which still accounted for more than 80 percent of banking sector assets, nine had negative capital and more than half of all state banks' portfolios were nonperforming.

Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Currency boards --- Commercial banks --- Currencies --- International reserves --- Financial institutions --- Money --- Central banks --- Exchange rates --- Banks and banking --- Foreign exchange reserves --- Bulgaria