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Policy Responses to Aid Surges in Countries with Limited International Capital Mobility
Mr.Andrew BergMr.Rafael A PortilloLuis-Felipe Zanna
其他書名
The Role of the Exchange Rate Regime
出版International Monetary Fund, 2014-01-30
主題Business & Economics / Foreign ExchangeBusiness & Economics / Banks & Banking
ISBN14843970029781484397008
URLhttp://books.google.com.hk/books?id=JKQZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption — an increase in the current account deficit net of aid—delivering the same effects as those of a flexible regime but with a necessary increase in inflation. Regardless of the regime, policies that limit absorption—and result in large accumulation of reserves—are welfare reducing: they help reduce the real appreciation (and inflation under the peg), but at the expense of reducing private consumption and investment, and therefore medium-term growth.