By Laurissa Mühlich (auth.)
This ebook examines neighborhood financial cooperation as a method to augment macroeconomic balance in constructing nations and rising markets. Interdisciplinary case stories on Southern Africa, Southeast Asia and South the United States offer a cross-regional viewpoint at the viability of such strategy.
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Additional resources for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
Also, in CMA bilateral exchange rates of the member countries are pegged to the South African rand (see Chapter 10). Non-cooperative unilateral monetary policy choices largely refer to the conventional two corners, as discussed above. On the one hand, a country may choose unilateral subordination into a northern key currency bloc by introducing the northern currency as legal tender in a de jure dollarization or euroization. Alternatively, a country may choose a unilateral introduction of a currency board regime by fixing the exchange rate to a key currency at par and backing the domestic money base with foreign exchange reserves, as, for example, in Argentina between 1991 and 2002.
2 Hence, a fourfold choice between conflicting policy objectives is made with an exchange rate regime. Depending on, among other things, openness, export and import volume and export diversification, and refinancing conditions in the international markets of a country, the specific objectives of setting the exchange rate regime vary under such overarching aims. In general, however, the choice of an exchange rate regime can be assumed to be guided by the objective of achieving and maintaining macroeconomic stability and economic growth.
Thus, it brings an inherent instability to international monetary relations compared with an international monetary system with a clearly defined framework for monetary policy intervention, including exchange rates. The competitiveness of a currency is found in its use in cross-border transactions, which depends on the predictability of its value. Such predictability is largely determined by low and stable inflation rates and by the currency’s liquidity in terms of availability for transactions (cf.