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The Demand for Money in Developing Countries

The Demand for Money in Developing Countries »

Source: The Demand for Money in Developing Countries : Assessing the Role of Financial innovation

Volume/Issue: 1991/45

Series: IMF Working Papers

Author(s): Jose De Gregorio , Peter Wickham , Patricio Arrau , and Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1991

ISBN: 9781451974218

Keywords: money demand, equation, cointegration, inflation

Traditional specifications of money demand have been commonly plagued by persistent overprediction, implausible parameter estimates, and highly autocorrelated errors. This paper argues that some of those problems s...

The Design of IMF-Supported Programs

The Design of IMF-Supported Programs »

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

DOI: http://dx.doi.org/10.5089/9781589061934.084

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

This collection of papers examines IMF-supported programs over the period 1995-2000 in both middle-income and low-income countries. In order to seek insights from a comparison across different types of programs, th...

Deviations From Uncovered Interest Parity

Deviations From Uncovered Interest Parity »

Source: Deviations From Uncovered Interest Parity : A Global Guide to Where the Action Is

Volume/Issue: 1998/117

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451941647

Keywords: exchange rate, real exchange rate, inflation, exchange rates, real exchange rates

Ex-post deviations from uncovered interest parity (UIP) – realized differences between dollar returns on identical assets of different currencies – equal the real interest differential plus real excha...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

This paper reviews experience with programs supported by the General Resources Account (GRA)—Stand-By Arrangements (SBAs) and Extended Fund Facility (EFF) arrangements—as well as those supported by concessio...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

IMF-supported programs require an analytical basis to ensure that policy advice is coherent, that conditionality comprises measures that are critical for program success, and that the intended objectives wil...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

An IMF-supported program is a package of envisaged policies which, combined with approved financing, is expected to achieve certain economic objectives such as fostering macroeconomic stability and orderly e...

II Analytical Tools for Policy Formulation and Program Design

II Analytical Tools for Policy Formulation and Program Design »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

An IMF-supported program is a package of policy measures which, combined with approved financing, is intended to achieve certain economic objectives. 3 In essence, therefore, a pr...

II Initial Conditions and the Setting of IMF-Supported Programs

II Initial Conditions and the Setting of IMF-Supported Programs »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

Introduction In the archetypical IMF-supported program, a member faces external financing difficulties and external and internal imbalances, requiring stabilization measures. Under a...

II The Choice of Exchange Rate Regime

II The Choice of Exchange Rate Regime »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

Given the primacy of external adjustment and macroeconomic stability in IMF-supported programs, a natural starting point is the exchange rate regime. In particular, a flexible exchange rate can allow for mor...

III External Viability

III External Viability »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

IMF resources are made available to member countries to correct balance of payments imbalances while easing the burden of adjustment (Box 2.3). An obvious starting point for judging program success is theref...