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Money and Banking

by: Heber DuBuque

Money and Banking ECON 2411

Heber DuBuque
GPA 3.5


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Class Notes
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This 4 page Class Notes was uploaded by Heber DuBuque on Thursday September 17, 2015. The Class Notes belongs to ECON 2411 at University of Connecticut taught by Staff in Fall. Since its upload, it has received 50 views. For similar materials see /class/205893/econ-2411-university-of-connecticut in Economcs at University of Connecticut.


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Date Created: 09/17/15
11122010 10200 PM past exchange rate regimes o bretton woods system 0 World bank 0 General Agreement on Tariffs and Trade GA I I39 World trade organization c European Monetary System 0 exchange rate mechanism How a fixed exchange rate regime works o when the domestic currency is overvalued the central bank must 0 purchase domestic currency to keep the exchange rate fixed it loses international reserves or o conduct a devaluation lower the fixed ER o when the domestic currency is under valued the central bank must 0 sell domestic currency to keep the exchange rate figure 2 intervention in the foreign exchange market under a fixed exchange rate regime How Bretton Woods worked o exchange rates adjusted only when experiencing a fundamental disequilibrium large persistent deficits in balance of payments o Loans from IMF to cover loss in international reserves o IMF encouraged concretionary monetary policies o devaluation only if IMF loans were not sufficient o no tools for surplus countries o US could not devalue currency Capital Controls o outflows 0 promote financial instability by forcing a devaluation 0 controls are seldom effective and may increase capital flight 0 lead to corruption 0 lose opportunity to improve the economy o Inflows 0 controls may block funds for productions uses o produce substantial distortion and misallocation 0 lead to corruption o strong case for improving bank regulation and supervision IMF Leader of last resort o emerging market countries with poor central bank credibility and short run debt contracts denominated in foreign currencies have limited ability to be a lender of last resort to their own banking system c IMF safety net may be able to prevent contagion o the safety net may lead to excessive risk taking moral hazard problem how should the IMF operate o may not be tough enough o austerity programs focus on tight macroeconomic policies rather than financial reform o too slow which worsens crisis and increases costs o countries were restricting borrowing from the IMF until the recent subprime financial crisis END OF CHAPTER 18 11122010 10200 PM 11122010 10200 PM


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