Ulph eds. Working Paper March. Blanchard, K. Froot and J. Sachs eds. The Transition in Eastern Europe, Vol.
Regime forfettario 2019 fattura elettronica agenzia delle entrate
Country Studies, pp. Quarterly Journal of Economics, 84, pp. Canzoneri, Vittorio U. Grilli and Paul R. Masson, eds. The three other official candidates are Cyprus, Malta and Turkey. Cyprus was the sixth member of this group. For more details, see the appendix. There has been some argument as to whether unilateral adoption of the euro as the sole currency and legal tender by a candidate EMU members is consistent with the criteria. The candidate EMU member would effectively have been able to determine its euro conversion rate unilaterally.
The conversion rate ultimately decided by the Council could be irrelevant if the own currency had de facto if not de jure become defunct. The central bank independence criterion does not normally feature prominently in discussions of EMU membership conditionality, but it may turn out to be a binding constraint for at least one leading accession candidate, the Czech Republic, which is currently considering a modification of its central bank statutes which appears likely to violate the Maastricht Criteria.
The Maastricht interest rate criterion will be quite difficult to satisfy for a number of accession candidates, because the market for year government debt is thin or non-existent in quite a few of the accession countries. We will not consider exchange rate regimes with more than one official exchange rate for current account transactions.
We can think of no circumstances under which efficiency, stability or fairness are well-served by a multiple official exchange rate regime for current account transactions. When the same commodity is traded at different prices, there will be distortions, corruption and rent-seeking. Multiple official exchange rate regimes also tend to cause quasi-fiscal deficits for the central bank.
Exchange rate regime imf classification
The government debt and deficit criteria have been interpreted so flexibly for the 11 first-round EMU members that joined on January 1,and for Greece, which become an EMU member on January 1,that it is hard to conceive of them becoming a binding constraint for future EMU candidates. The interest rate criterion is bound to be satisfied if the inflation, exchange rate, debt and deficit criteria are satisfied.
Lithuania is planning to chane the peg to the euro in February But not negligible, as the recent oil price increase demonstrates. This is a straightforward extension of Poole to an open economy setting with integrated global financial markets see Buiter, If such were the case, the world as a whole would not be able to implement responsible domestic credit expansion policies.
This can be a point target, a range or a ceiling. The US Fed does not announce a numerical inflation target. Its official targets are maximum employment, price stability and interest rate stability. Note that this is easier said than done.
Simply stripping administered prices out of the price index is likely to be a nonsense. The behaviour of the non-administered price component is most unlikely to be independent of the behaviour of the administered prices.
For instance, freezing administered prices in an inflationary environment is likely to increase the inflation rate of the non-administered prices. The Treaty does indeed not explicitly rule out revaluations or appreciations of the exchange rate. Only devaluation is explicitly considered inconsistent with EMU membership. Narrow or base money is assumed to be non-interest bearing.
The Kareken and Wallace universe has the further interesting property that the level of the expected equilibrium exchange rate, while constant, is indeterminate. Revue d'économie financière Année H-S 6 pp. Quarterly Journal of Economics, Vol. Ces pays interviennent massivement pour limiter substantiellement les fluctuations de leur taux de change et le transformant ainsi en un taux fixe. En outre, des pays qui annoncent des systèmes de change fixes modifient si fréquemment la parité de leur monnaie que le régime devient flexible de facto Reinhart et Rogoff, ; Frankel, ; Levy-Yeyati et Sturzenegger, 28 ; Frankel et Wei, Néanmoins, comme le soulignent Reinhart et Rogoffle taux de change nominal officiel demeure la variable principale utilisée par le FMI pour identifier les systèmes de change.
En dehors de l'approche modifiée du FMI, d'autres schémas ont été développés pour classer les régimes de change mis en oeuvre par les pays. Ces schémas sont connus sous le nom de classifications de facto. Parmi les plus célèbres se trouvent la classification proposée par Levy-Yeyati et Sturzenegger 29et celle développée par Reinhart et Rogoff Nous aborderons le principe, les avantages et les limites de ces deux démarches de facto dans ce qui suit.
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Par value or central rate exists--Par value of central rate applied 2. Effective rate other than par value or central rate applicable to all or most transactions: fixed rate or fluctuating rate Volumeno mention of par values 1. Exchange rate not maintained within relatively narrow margins Volumes 1.
Exchange rate maintained within relatively narrow margins in terms of: US Dollar, Sterling, French Franc, South African Rand or Spanish Peseta, group of currencies Under mutual intervention arrangementshyperminceur martinique composite of currencies.
Exchange rate not maintained within narrow margins Volumes 1. Exchange rate maintained within relatively narrow margins in terms of US Dollar, Sterling, French Franc, Australian Dollar, Portuguese Escudo, South African Randor Spanish peseta, a group of currencies under mutual intervention arrangementsa composite of currencies, and a set of indicators.
Exchange rate not maintained within relatively narrow margins Volumes Exchange rate determined on the basis of : 1. More flexible arrangements: adjusted according to a set of indicators, other managed floating, and 4. Independently floating. Pegged to: single currency, composite of currencies 2.
Flexibility limited 3. Managed floating 4. Independent floating Volumes 1. Exchange arrangement with no separate legal tender 2. Currency board arrangement 3.
Conventional pegged arrangement 4. Pegged exchange rate within horizontal bands 5. Crawling peg 6. Crawling band 7. Managed floating with no pre-announced path for the exchange rate 8.