By Laurissa Mühlich (auth.)
This ebook examines local financial cooperation as a technique to augment macroeconomic balance in constructing international locations and rising markets. Interdisciplinary case reports on Southern Africa, Southeast Asia and South the US supply a cross-regional point of view at the viability of such strategy.
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Additional resources for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
The majority of officially free-floating exchange rate regimes are managed by monetary policy intervention in a discretionary way, ranging into the intermediate range to a certain extent. Similarly, on the other end of the bipolar spectrum, soft and hard pegs are difficult to disentangle in reality (see Reinhart and Rogoff, 2002; Levy-Yeyati and Sturzenegger, 2005; Levy Yeyati and Sturzenegger, 2009). 1 Intermediate Regimes Exchange Rate Peg Exchange Rate Band Flexible Regimes Free Float (for example, inflation targeting) Crawling Peg Crawling Band Managed Float (free float with discretionary monetary policy intervention) Flexible Corner Exchange rate regime choice – two-corner perspective Source: Author.
A: sec. 1 (iii)). Considering flexible exchange rates as a superior international framework relates back to the traditional purchasing power parity (PPP) theory. Based on the assumption of perfect markets and perfect substitutability of different currencies, PPP theory states that exchange rate movements reflect economic fundamentals, such as the fiscal budget, the current account balance, the interest rate, and – first and foremost – the inflation rate. Instability in macroeconomic fundamentals would 17 18 Advancing Regional Monetary Cooperation be reflected in unstable exchange rates, opening room for arbitrage that would essentially stabilize exchange rates by bringing them back to their equilibrium rate.
9. The term triangulation was introduced into social science as a metaphorical term based on the general idea of land surveying; it refers to locating one point from two others of known distance given the angles and the triangle formed by the three points (cf. Flick, 2004: 11). Part I Drivers of Regional Monetary Cooperation 2 Global Instability and “Monetary Regionalism” Since the end of the Bretton Woods system, the international monetary order has been marked by multipolarity. 1 At the core of the Bretton Woods system stood the US dollar, with the Federal Reserve Bank of the United States (US Fed) ensuring full gold convertibility of the US dollar.