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The Choice and Design of Exchange Rate Regimes Már Gudmundsson
The choice and design of exchange rate regimes Már Gudmundsson Introduction This paper discusses the design and management of exchange rate regimes in Africa.1 It starts by looking at the current landscape of exchange rate regimes in the region and comparing it to other regions of the world. It then discusses relevant considerations for the choice of exchange rate regimes in developing countries, including the optimal currency area, but also their limitations in a developing country context. The ability of countries to deliver disciplined macroeconomic policies inside or outside a currency union is an important consideration in that regard, along with political goals and the promotion of financial sector development and integration. The paper then proceeds to discuss in turn the management of flexible exchange rates, the design of exchange rate pegs and monetary integration. Exchange rate regimes in Africa Exchange rate regimes in Africa reflect choices made at the time of independence as well as more recent trends in exchange rate regimes of developing countries. Original exchange rate pegs in many cases evolved over time into flexible exchange rates. That development was given a further boost by the stabilisation and liberalisation programmes in the 1980s and 1990s. Former colonies of France constitute a core group in the CFA franc zone of western and central Africa, which is composed of two currency unions with a hard external peg to the euro, underpinned by the French authorities. Three neighbouring countries of South Africa are part of the rand zone, where national currencies are 1 The paper draws extensively on Masson and Pattillo (2005). -
Central Banks and the Challenge of Development Bank for International Settlements Basel Switzerland May 2006 Contents
Central banks and the challenge of development Bank for International Settlements Basel Switzerland May 2006 Contents The original papers in this volume were prepared for a meeting of 4 Acknowledgments senior officials from central banks held at the Bank for International Settlements in March 2006. The views expressed are those of the 5 Foreword authors and do not necessarily reflect the views of the BIS or the Malcolm D Knight institutions represented at the meeting. Individual papers may be reproduced or translated with the authorisation of the authors 7 About the Bank for International Settlements concerned. 11 Central banks and the challenge of development: Requests for copies of publications, or for additions/ an overview of a roundtable debate changes to the mailing list, should be sent to: Malcolm D Knight Bank for International Settlements Press & Communications 19 The challenges of development CH-4002 Basel, Switzerland Amartya Sen E-mail: [email protected] 27 The global economy and Africa: Fax: +41 61 280 9100 and +41 61 280 8100 the challenges of increased financial inflows © Bank for International Settlements 2006. All rights reserved. M S Mohanty and Philip Turner Limited extracts may be reproduced or translated provided the source is stated. 45 The relationship between the central bank and the government ISBN 92-9131-713-6 (print) ISBN 92-9197-713-6 (online) Paul Moser-Boehm 65 Financial access and financial stability Penelope Hawkins 81 The implementation of Basel II Jaime Caruana 89 Anchors for monetary policy Paul Masson 105 The choice and design of exchange rate regimes Már Gudmundsson 123 Central banks and the challenge of development List of participants 127 The BIS and central banks in the developing world Acknowledgments Foreword Clare Batts, who was responsible for the logistics and organisation of The Bank for International Settlements has been a centre for this meeting, did a first rate job in coordinating the preparation of these discussion and debate among governors and other senior central papers for publication. -
World Bank Document
33581 THE WORLD BANK GROUP 2004 A THE WORLDBANKGROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. NNUAL Public Disclosure AuthorizedPublic Disclosure Authorized Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org M EETINGS Cable Address World Bank: INTBAFRAD IFC: CORINTFIN THE WORLD BANK GROUP IDA: INDEVAS OF MIGA: MIGAVEST THE B SUMMARY PROCEEDINGS OARDS Public Disclosure AuthorizedPublic Disclosure Authorized OF 2004 ANNUAL MEETINGS G OVERNORS OF THE OARDS OF OVERNORS B G Public Disclosure AuthorizedPublic Disclosure Authorized Summary Proceedings Washington D.C. October 3, 2004 Public Disclosure AuthorizedPublic Disclosure Authorized 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page i THE WORLD BANK GROUP 2004 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON D.C. OCTOBER 3, 2004 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page ii 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page iii INTRODUCTORY NOTE The 2004 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on October 3, 2004 in Washington D.C. The Honorable Lim Hng Kiang, Governor of the Bank and the Fund for Singapore, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, the reports and resolu- tions adopted by the Boards of Governors of the World Bank Group. -
Reports of the Executive Directors of the Bank
THE WORD BANKGROUP .. ov' - -15519 F46.19 76 - Public Disclosure Authorized 1995ANNUAL MEETINGS OF THE BOARDSOF GOVERNORS SUMMARY Public Disclosure Authorized PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized -WASHNGTON,D.C. OCrOBER 1-12, 1995 4~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~F' .. C X tE 't 0 t; e ' ' ','i TIE WORLD BANKGROUP 1995 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON,D.C. OCTOBER 10-12, 1995 INTRODUCTORY NOTE The 1995Annual Meetingsof the Boardsof Governorsof the World Bank Group, which consists of the InternationalBank for Reconstructionand De- velopment (IBRD), International Finance Corporation (IFC), International DeveloFpmentAssociation (IDA), MultilateralInvestment Guarantee Agency (MIGA) and InternationalCentre for the Settlement of InvestmentDisputes (ICSID), Seld jointly with that of the International Monetary Fund, took place in M'ashington,D.C., October 10-12, 1995 (inclusive).The Honorable Paul Dossou, Governor for the Bank and the Fund for Benin, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors,and resolutionsadopted by the Boards of Govemors of the World Bank Group. The texts of statements concemintgthe IMF are published separately by the Fund. ShengmanZhang Vice Presidentand Secretary THE WORLDBANK GROUP Washington,D.C. February 1996 .i.i CONTENTS Page Remarks by Bill Clinton President of the United States ............ .................... I Opening Address by the ChairmnanPaul Dossou Govermorof the Bank And Fund For Benin ....... ............8 Annual Address by James D. Wolfensohn President of the World Bank Group........................... 16 Report by Mohamed Kabbaj Chairman of the Development Committee ....... ............. 28 Statements by Governors and Altemate Governors ....... .......... 3 1 Page Page Afghanistan ......... 31 Ireland .... -
Sustainability Impact Innovation
INTERNATIONAL FINANCE CORPORATION WORLD BANK GROUP innovation impact sustainability IFC’s COMMITMENT 2003 ANNUAL REPORT CARLOS GOLDIN INTERNATIONAL FINANCE CORPORATION Since its founding in 1956, IFC has committed more than $37 billion of its own funds and has arranged $22 billion in syndications for 2,990 compa- nies in 140 developing countries. IFC coordinates its activities with the other institutions in the World Bank Group—the International Bank for Reconstruction and Development, the International Development Association, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes—but is legally and financially independent. Its 175 member countries provide its share capital and collectively determine its policies. THE IFC ANNUAL REPORT ON THE WEB, www.ifc.org/ar2003, is a companion to this printed edition. It provides easy navigation and downloading of data related to IFC investment projects. IFC’S 2003 SUSTAINABILITY REVIEW is also available upon request. Note: Management’s discussion and analysis, the audited financial statements, and IFC’s fiscal year 2003 investment portfolio appear in Volume 2 of the Annual Report. The Corporation defines a commitment to include: (1) signed loan and equity (including quasi-equity) investment agreements; (2) signed guarantee agreements; and (3) risk management facilities that are considered ready for execution as evidenced by a signed ISDA agreement or a signed risk management facility agreement with a client. Currency is given in U.S. dollars -
Members of Fund Delegations
ATTENDANCE MEMBERS OF FUND DELEGATIONS Islamic Republic of Afghanistan Antigua and Barbuda Governor Governor Norullah Delawari Errol Cort Alternate Governor Advisors Samiullah Ibrahimi Starret D. Greene Advisors Deborah-Mae Lovell Safiullah Baharustani Shah Mehrabi Argentina Mohammad Qayoumi Governor Roberto Lavagna Albania Alternate Governor Governor Guillermo Nielsen Ardian Fullani Temporary Alternate Governor Advisors Sebastian Palla Mimoza Vangjel Dhembi Advisors Kreshnik Grezda Jose Octavio Bordon Gramoz Kolasi Jose Antonio Costa Genci Mamani Federico Molina Edmond Thanati Cecilia Todesca Bocco Helena Vako Hector R. Torres Algeria Republic of Armenia Governor Governor Mohammed Laksaci Vartan Khachatryan Alternate Governor Alternate Governor Ali Touati Tigran Sargsyan Advisor Advisors Said Maherzi Arman Israelian Tigran Khachatryan Angola Arman Kirakosyan George Kocharian Governor Davit Lokyan Jose Pedro de Morais, Jr. Tatul Margaryan Alternate Governor Aghvan Vardanyan Amadeu Mauricio Advisors Australia Emanuel Maravilhoso Buchartts Gualberto Campos Governor Pedro Luis Da Fonseca Martin Lee Parkinson Antonio Gomes Furtado Alternate Governor Rui Miguens Oliveira Roger Brake 223 ©International Monetary Fund. Not for Redistribution 224 SUMMARY PROCEEDINGS, 2005 Australia (continued) Kingdom of Bahrain Advisors Governor David Ian Alexander Sh. Ahmed Bin Mohammed Nigel Bailey Al-Khalifa Nicolas Keith Brown Alternate Governor Geoffrey Francis Rasheed Mohamed Al-Maraj Philip Gaetjens David Gazard Bangladesh Richard Murray Terrence K. O'Brien -
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ATTENDANCE MEMBERS OF FUND DELEGATIONS Islamic State of Afghanistan Lola Isabel De Carvalho Fortunate Governor Celestine Eliseu Kanda An war Ul-Haq Ahady Laura M.P. de Alcantara Monteiro Alternate Governor Adao Pinto Abdul Qadeer Fitrat Josefrna Pitra Diakite Antigua and Barbuda Albania Governor Governor Asot A. Michael Shkelqim Cani Alternate Governor Temporary Alternate Governor Whitfield M. Harris Jr. Dritan Shano Advisor Advisors Mignon Wade Doloreza Behbi Errnira Haxhi Argentina Artur Lama Governor Sokol Qeraxhiu Roberto Lavagna Fates Tarifa Alternate Governor Guillermo Nielsen Algeria Advisors Governor Alberto Devoto Mohammed Laksaci Diego Ramiro Guelar Temporaty AlternateGovernor A. Guillerrno Zoccali Choaib El Hassar Advisors Armenia Noureddine Bardad-Daidj Governor Ammar Hiouani Vartan Kbachatryan Said Maherzi Alternate Governor Tigran Sargsyan Angola Advisors Governor Armen Avetisyan Julio Marcelino Vieira Bessa Davit Harutyunyan Alternate Governor Arman Kirakossian Aguinaldo Jaime Rouben Shugarian Advisors Vahe Yacoubian Gualberto Campos Armen Yedigarian Neto Costa Nerses Yeritsyan Agostinho Femandes Joao M. Fortes 285 ©International Monetary Fund. Not for Redistribution 286 SUMMARY PROCEEDINGS, 2002 Australia The Bahamas Governor Governor Peter Costello Jamcs H. Smith Temporary Alternate Governor Alternate Governor Martin Lee Parkinson Julian W. Francis Advisors Advisor David Ian Alexander Joshua Sears Michael J. Callaghan Nina Joy Davidson Bahrain Mitchell Peter Fifield Governor Matt Francis Abdulla Hassan Saif Anthony Krieg Alternate Governor Ian J. MacFarlane Ahmed Bin Mohammed AI Khalifa Janine Murpby R.W. Rankin Bangladesh Susan Richards Governor Charles Tapp M. Saifur Rahman Andrew Thomas Alternate Governor Fakhruddin Ahmed Austria Tempor01y Alternate Governor Governor Zakir Ahmed Khan Klaus Liebscber Advisors Alternate Governor Fakhrul Ahsan Gertrude Tumpei-Gugerell Kamrul Ahsan Advisors Md. -
English) Cover, World Bank Page 45, World Bank [email protected] (In Japanese) Page 1, World Bank/ Page 59, Nasim Kassum Frank R
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The World Bank Annual Report 2003 Public Disclosure Authorized Volume 1 THE WORLD BANK Year in Review Letter of Operational Summary, Fiscal 2003 Transmittal IBRD This Annual Report,which (millions of dollars) covers the period from July 1, FY03 FY02 FY01 FY00 FY99 2002, to June 30, 2003, has Commitments 11,231 11,452 10,487 10,919 22,182 been prepared by the Of which adjustment lending 4,187 7,384 3,937 4,426 13,937 Executive Directors of both Number of projects 99 96 91 97 131 the International Bank for Of which adjustment lending 21 21 15 14 26 Reconstruction and Gross disbursements 11,921 11,256 11,784 13,332 18,205 Development (IBRD) and the Of which adjustment lending 5,484 4,673 4,393 4,924 10,002 International Development Principal repayments Association (IDA) in accor- (including prepayments) 19,877 12,025 9,635 10,398 9,972 dance with the respective Net disbursements (7,956) (769) 2,149 2,934 8,233 bylaws of the two institutions. James D. Wolfensohn, Loans outstanding 116,240 121,589 118,866 120,104 117,228 President of the IBRD and Undisbursed loans 33,031 36,353 37,934 44,754 51,372 IDA, and Chairman of the Board of Executive Directors, Allocable net income 3,050 1,831 989 1,582 1,263 has submitted this report, Usable capital and reserves 30,027 26,901 24,909 25,067 23,782 together with the accompany- ing administrative budgets Equity-to-loans ratio 26.6% 22.9% 21.5% 21.3% 20.7% and audited financial state- ments, to the Board of IDA Governors.