WorldCat Identities

Savastano, Miguel A.

Works: 65 works in 185 publications in 1 language and 1,961 library holdings
Genres: Rules 
Roles: Author, Editor
Classifications: HG136, 330
Publication Timeline
Most widely held works by Miguel A Savastano
Monetary policy strategies for Latin America by Frederic S Mishkin( Book )

23 editions published between 2000 and 2001 in English and Undetermined and held by 125 WorldCat member libraries worldwide

Instead of focusing the debate about the conduct of monetary policy on whether the normal exchange rate should be fixed or flexible, the focus should be on whether the monetary policy regime appropriately constrains discretion in monetary policymaking. Three frameworks deserve serious discussion as possible long-run strategies for monetary policy in Latin America. A hard exchange-rate peg, monetary targeting, and inflation targeting
The morning after : the Mexican peso in the aftermath of the 1994 currency crisis by Sebastian Edwards( Book )

13 editions published in 1998 in English and held by 77 WorldCat member libraries worldwide

Abstract: The Mexican peso crisis of December 1994 shocked politicians, analysits, and pundits. Shock was followed by panic, as investors flew the country. It took a massive bail-out package put together by the IMF and the US Treasury to generate some tranquility in the markets in mid to late 1995. From early on the Mexican authorities stated that stabilizing the value of the peso, within the context of a freely floating exchange rate regime, was one of their most important objectives. During most of 1995 this objective seemed to be highly elusive. Starting in 1996, however, the peso began to exhibit an impressive degree of stability. So much so that a number of analysts began to wonder whether this stability was consistent with a freely floating regime. Some even argued that it was dj vu' all over again, and that the Bank of Mexico was manipulating monetary policy in order to artificially maintain a strong peso. In this paper we try to explain the relative stability exhibited by the peso/dollar nominal exchange rate since late 1995. Specifically, we approach this issue from two main angles: First, we ask whether the behavior of the peso/dollar rate since 1995 is broadly comparable or consistent with the behavior of a 'typical' floating exchange rate. Our answer to this question was a qualified yes. Second, we explore whether during 1996-97 the Bank of Mexico followed some sort of feedback rule from the exchange rate to monetary policy. Our answer to this question was another qualified yes, but perhaps more strongly qualified than the first one
Exchange rates in emerging economies : what do we know? : what do we need to know? by Sebastian Edwards( Book )

11 editions published in 1999 in English and held by 64 WorldCat member libraries worldwide

Exchange rates have been at the center of economic debates in emerging economies. Issues related to the feasibility of flexible exchange rates, the relationship between exchange rate volatility and growth, and the role of exchange rate overvaluation in recent crises, among other, have been extensively discussed during the last few years. In this paper we address some of the most important exchange rate-related issues in emerging economies. In particular, we deal with: (a) the merits of alternative exchange rate regimes: (b) the extent to which purchasing power parity holds in the long run in these countries; and (c) models to assess real exchange rate overvaluation. We also discuss future areas for research on exchange rates in the emerging nations
Debt intolerance by Carmen M Reinhart( Book )

12 editions published in 2003 in English and held by 51 WorldCat member libraries worldwide

This paper introduces the concept of debt intolerance, ' which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that safe' external debt-to-GNP thresholds for debt intolerant countries are low, perhaps as low as 15 percent in some cases. These thresholds depend on a country's default and inflation history. Debt intolerance is linked to the phenomenon of serial default that has plagued many countries over the past two centuries. Understanding and measuring debt intolerance is fundamental to assess the problems of debt sustainability, debt restructuring, capital market integration, and the scope for international lending to ameliorate crises. Our goal is to make a first pass at quantifying debt intolerance, including delineating debtors' clubs and regions of vulnerability, on the basis on a history of credit events going back to the 1820s for over 100 countries
Addicted to dollars by Carmen M Reinhart( Book )

11 editions published in 2003 in English and held by 49 WorldCat member libraries worldwide

Dollarization, in a broad sense, is increasingly a defining characteristic of many emerging market economies. How important is this trend quantitatively and how important is it for the conduct of monetary policy and the choice of exchange rate regimes? Though these questions have become a hot topic in both the theory and policy literature, most efforts are remarkably uninformed by evidence, in no small part because meaningful data has been lacking, except for a very narrow range of assets. This paper attempts to move the discussion forward and shed light on the critical questions by proposing a measure of dollarization that is broad both conceptually and in terms of country coverage. We use this measure to identify trends in the evolution of dollarization in the developing world in the last two decades, and to ascertain the consequences that dollarization has had on the effectiveness of monetary and exchange rate policy. We find that, contrary to the general presumption in the literature, a high degree of dollarization does not seem to be an obstacle to monetary control or to disinflation. A level of dollarization does, however, appear to increase exchange rate pass-through, reinforcing the claim that fear of floating' is a greater problem for highly dollarized economies. We also review the developing countries' record in combating their addiction to dollars. Concretely, we try to explain why some countries have been able to avoid certain forms of the addiction, and examine the evidence on successful de-dollarization
The IMF approach to economic stabilization by Michael Mussa( Book )

9 editions published in 1999 in English and Undetermined and held by 37 WorldCat member libraries worldwide

When the International Monetary Fund makes resources available to a member country to assist with adjustment of its balance of payments, it does so under an agreed arrangement (or program) specifying the conditions governing that support. These conditions, known as IMF conditionality, include both policies a member may need to carry out prior to approval of the arrangement (by the IMF's Executive Board) and disbursement of the initial tranche of support, as well as policy undertakings that must be met for disbursement of subsequent tranches over the life of the arrangement (usually one to three years)
The scope for inflation targeting in developing countries by Paul R Masson( Book )

10 editions published in 1997 in English and Undetermined and held by 32 WorldCat member libraries worldwide

In the 1990s a number of industrial countries adopted a framework for conducting monetary policy that has become known as Inflation Targeting (IT). In most cases the adoption of this framework was a practical response to the (apparent or real) difficulties these countries had found in conducting monetary policy using an exchange rate peg or some monetary aggregate as the main intermediate target. The switch also signaled a deliberate attempt by these countries to improve their inflation record, which was generally perceived as poor by OECD standards. Improved inflation performance, as well as increased accountability of the monetary authorities and transparency in their operating procedures, were all intended to improve the credibility of monetary policy in these countries. In practice, inflation targeting has served as a pedagogical device to explain to the public the costs of expansionary monetary policy and the need to react pre-emptively to inflationary pressures. Though the actual experiences with IT are too short to form definitive conclusions, and the IT framework has generally not been severely tested since the global economic environment in the 1990s has so far been favorable to reductions in inflation, IT is widely viewed as a useful framework in countries which have practiced it
Latin America's intraregional trade : evolution and future prospects by Sebastian Edwards( Book )

9 editions published between 1988 and 1991 in English and held by 30 WorldCat member libraries worldwide

This paper analyzes in detail the evolution of Latin America's international trade patterns, focusing on intraregional trade and on the formal attempts made to create free trade zones or custom unions. In particular, we assess the role of intraregional trade in the structural adjustment required by the Latin American debt crisis. The data analyzed show that the success of the commercial integration process has been quite limited. They also show that there has been no significant change in the DECO countries' share in Latin American imports or in the volume of intraregional trade flows since the early 1970s. Furthermore, the nature of the adjustment to the debt crisis of the 1980s indicate that Latin American markets possess a rather limited capacity to absorb a substantial increase in regional exports in the current context. Thus, we conclude that the success of the required expansion in Latin American exports will depend more on the region's ability to design innovative mechanisms to penetrate the markets of industrialized countries than on the deepening of any regional trade integration process
Dollarization in Latin America : recent evidence and some policy issues by Miguel A Savastano( Book )

8 editions published in 1996 in English and Undetermined and held by 29 WorldCat member libraries worldwide

Collapse of a crawling peg regime in the presence of a government budget constraint by Miguel A Savastano( Book )

6 editions published in 1991 in English and Undetermined and held by 18 WorldCat member libraries worldwide

This study extends the research on balance-of-payments crisis by investigating the dynamics of the collapse of a crawling exchange rate in the presence of an explicit link between the fiscal deficit and domestic credit. It shows that such an exchange rate regime is characterized by two potential steady-state equilibria. This introduces an ex-ante indeterminancy regarding the timing and magnitude of the speculative attack on the international reserves in the event of a sustained inconsistency between the country's fiscal and exchange rate policy. The paper discusses the conditions that would define the actual timing of the regime's breakdown
Arab Republic of Egypt : selected issues( Book )

3 editions published in 2005 in English and held by 5 WorldCat member libraries worldwide

This Selected Issues paper on the Arab Republic of Egypt examines the dynamic relationship between the nominal exchange rate and prices during Egypt's exit from a managed exchange rate regime. The exit from the peg went through several phases, including a series of step devaluations between 2000 and 2002, a first attempt at a float in January 2003, and the successful transition to a unified, flexible exchange rate system in late-2004. From 2000 to 2004, the Egyptian pound experienced a cumulative depreciation of 68 percent against the U.S. dollar
Speculative attacks and currency substitution under managed exchange rate regimes in developing countries by Miguel A Savastano( Book )

3 editions published in 1990 in English and held by 4 WorldCat member libraries worldwide

Transition strategies and nominal anchors on the road to greater exchange-rate flexibility by Barry J Eichengreen( Book )

2 editions published in 1999 in English and held by 4 WorldCat member libraries worldwide

Inflation targeting as a framework for monetary policy by Guy Debelle( Book )

4 editions published in 1998 in English and held by 2 WorldCat member libraries worldwide

Inflation distorts prices, erodes savings, discourages investment, stimulates capital flight, inhibits growth, and makes economic planning anightmare. During the past decade, several advanced economies have takena new approach to the age-old problem of controlling inflation throughmonetary policy known as "inflation targeting." This pamphlet explainsthe requirements of putting the new policy in place, the experience of the countries that have tried it, and whether it has applicability todeveloping countries
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  Kids General Special  
Audience level: 0.73 (from 0.02 for Inflation ... to 0.88 for IMF condit ...)

Transition strategies and nominal anchors on the road to greater exchange-rate flexibility
Alternative Names
Savastano, Miguel 1961-

Savastano, Miguel Aldo 1961-

Savastano, Miquel A. 1961-

English (125)