By Laurissa Mühlich (auth.)
This ebook examines neighborhood financial cooperation as a method to reinforce macroeconomic balance in constructing nations and rising markets. Interdisciplinary case experiences on Southern Africa, Southeast Asia and South the US offer a cross-regional viewpoint at the viability of such strategy.
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Additional info for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
The latter result from the fact that changes in stock values are a combination of changes in valuation of the existing stock of assets and liabilities and net additions to the stock from flows during the preceding period. , 2002: 6). ) of maturity and currency mismatch is the most important one. Maturity mismatch describes the gap, for example, for a bank, between long-term assets (loans) and shortterm liabilities (deposits) that raises the risk of being unable to honor its commitments if interest rates rise.
Hence, shifts in nominal portfolio composition reflect market expectations about future exchange rates. Market expectations in a world of uncertainty and imperfect foresight about future prices may cause market distortions and potentially destabilizing exchange rate volatility (cf. ). If exchange rates are understood as asset prices, international monetary instabilities can be Global Instability and “Monetary Regionalism” 19 explained by remarkable shifts of nominal wealth from one currency to another that are motivated by expectations about changes in interest rate levels and currency risk (cf.
Intermediary exchange rate regimes (for example, a crawling band or peg where the exchange rate peg changes in preannounced small steps, or a horizontal exchange rate band) chosen by most countries were blamed for financial crises because these regimes had proved vulnerable to speculative attacks. 1): either a fully free-floating exchange rate or, at the other extreme, a very hard peg (for example, a currency board, full dollarization, or other form of exchange rate peg in a unilateral monetary union).
Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets by Laurissa Mühlich (auth.)