By Laurissa Mühlich (auth.)
This ebook examines nearby financial cooperation as a method to reinforce macroeconomic balance in constructing international locations and rising markets. Interdisciplinary case stories on Southern Africa, Southeast Asia and South the USA supply a cross-regional viewpoint at the viability of such strategy.
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Extra info for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
Balance sheet effects Economic theory today recognizes monetary constraints of developing and emerging market economies in their choice of exchange rate regime by emphasizing the impact of volatile exchange rates in the presence of a large stock of unhedged foreign currency-denominated debt and underdeveloped financial markets: Capital market imperfections and balance sheet effects matter in two senses. First, they magnify the domestic real effects of adverse external shocks, such as a fall in export volumes or an increase in the world real interest rate.
From the perspective of the net debtor status in foreign currency as the major constraint of this type of economy, NSC seems to offer developing and emerging market economies a best of all worlds in the context of the global non-system: bilateral integration with the currency in which their debt is denominated turns their external, largely foreign currency-denominated debt into internal debt denominated in the countries’ own currency, reducing potential balance sheet effects and monetary policy constraints associated with original sin or conflicted virtue to zero (cf.
The main argument put forward is that de jure dollarization eliminates the need to defend the exchange rate, thus reducing the exchange rate risk to zero. Key to this argument is importing a credible external anchor institution, such as the US Federal Reserve System (Alesina and Barro, 2002). However, the crucial problem with full dollarization is the fact that it eliminates the national LLR function of the central bank and national monetary policy altogether. The LLR’s unlimited liquidity supply cannot be substituted for by private commercial banks, as has been proposed for both currency boards and fully dollarized economies (cf.
Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets by Laurissa Mühlich (auth.)