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Rational speculation in foreign exchange trading is often assumed to dampen exchange rate fluctuations by bringing the market back to fundamentals. Nevertheless, information congestion provides incentives for traders to follow positive feedback strategies which result in persistent and volatile exchange rate behavior by magnifying the impact of exogenous shocks. Empirical evidence is presented which is consistent with such autocatalytic effects.

Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Financial Markets --- Currency --- Foreign exchange --- Monetary economics --- Finance --- Exchange rates --- Currencies --- Exchange rate analysis --- Exchange rate adjustments --- Currency markets --- Money --- Financial markets --- Foreign exchange market --- United States

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Zonder onderwerpscode: economie

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"This Occasional Paper analyzes the experience of countries that have implemented very sizable fiscal adjustments over the past three decades. It aims to identify key conditions and institutional approaches that have contributed to sustained outcomes and to favorable macroeconomic developments. In this way, the paper may provide operational guidance to policymakers" -- pref.

politique fiscale --- overheidsbeleid --- international --- Fiscal policy --- -Fiscal policy --- -330.05 --- 336.3 --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- fiscaal beleid --- politique gouvernementale --- internationaal --- Government policy --- Taxes --- Developing countries --- Structural adjustment (Economic policy) --- Fiscal policy. --- Structural adjustment (Economic policy). --- Politique fiscale --- Ajustement structurel (Economie) --- 330.05

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Low-income countries routinely experience exogenous disturbances—sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows—that contribute to higher volatility in aggregate output and consumption compared with other countries. Assessing Reserve Adequacy in Low-Income Countries presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare. Although sound macroeconomic and prudential policy frameworks are the first line of defense for limiting vulnerability, international reserves constitute the main form of self-insurance against such shocks. The evidence suggests that low-income countries with reserve coverage above three months of imports were better able to smooth consumption and absorption in the face of external shocks compared with those with lower reserve holdings. The analysis also points to the importance of country characteristics and vulnerabilities in assessing reserve adequacy.

Foreign exchange reserves --- Finance --- Business & Economics --- International Finance --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- E-books --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Trade: General --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary Policy --- Currency --- Foreign exchange --- International economics --- Banking --- Exchange rate arrangements --- Imports --- Exchange rate flexibility --- Consumption --- Conventional peg --- Reserve positions --- Central banks --- Reserves accumulation --- National accounts --- Economics --- Fiscal policy --- Economic policy --- nternational cooperation --- United States