Aerdt Houben's Books

Exchange Rate Policy and Monetary Strategy Options in the Philippines

The Search for Stability and Sustainability

By: Aerdt G. F. J. Houben

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Exchange Rate Policy and Monetary Strategy Options in the Philippines

The Search for Stability and Sustainability

By: Aerdt G. F. J. Houben

This paper evaluates the Philippines’ experience with different exchange regimes since 1970. It argues that the shift to a flexible regime was crucial to restoring external viability and generating an export-led economic take-off, but that mixed performance in meeting money targets and asymmetric policy reactions to exchange rate pressures have resulted in an uneven inflation performance. Since adoption of a firm nominal anchor for monetary policy would contribute to a more effective control of inflation and thereby to better prospects for sustained growth, the merits of three monetary strategy options are reviewed: stricter adherence to a money supply rule, adoption of an exchange rate peg, and a switch to direct inflation targeting.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1451973349

ISBN 13

9781451973341

The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

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The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

Europe has a rich monetary history. Until recently, its many central banks assigned divergent priorities and pursued policy objectives via different routes. As a result, Europe's past provides fertile ground for those seeking practical guidance to the art ofcentral banking. The importance of this past gained a new dimension with the prospect of Economic and Monetary Union in 1999, as the participating countries were faced with the challenge of bridging their differences and forging a common monetary policy strategy that would apply throughout the new currency area. At the same time, these countries sought to build forth on the theretofore most successful central bank strategies, thereby maintaining a certain degree of policy continuity. Monetary policy strategy is at the core of central banking. This strategy determines how incoming information on economic developments is translated into monetary policy actions and how these policy actions are communicated to the public at large. In other words, the strategy fulfils the dual role ofimposing a structure on the internal policy-making process and ofproviding a vehicle for the external communication of this process. The design of a monetary policy strategy thus brings together key elements such as consistency and transparency - that together determine the effectiveness and credibility ofmonetary policy.

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Page Count

366

Publisher

Springer Science & Business Media

Published Date

ISBN 10

1461544718

ISBN 13

9781461544715

Commercial Bank Debt Restructuring

The Experience of Bulgaria

By: Aerdt G. F. J. Houben

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Commercial Bank Debt Restructuring

The Experience of Bulgaria

By: Aerdt G. F. J. Houben

This paper reviews commercial bank debt restructuring based on the recent experience of Bulgaria. While the deal is shown to have generated substantial debt relief at a remarkably low cost, several lessons are drawn that may be of broader relevance to countries restructuring bank debt. As, from time to time, it has been suggested that Bulgaria should have held out for more favorable treatment, or that it should now seek further debt reduction, the likely costs of these options are identified. Looking ahead, key policy issues are discussed that will determine growth prospects and debt sustainability over the medium term. It is argued that the deal’s success remains to be underpinned in particular by judicious fiscal and debt management policies.

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International Monetary Fund

Published Date

ISBN 10

145197194X

ISBN 13

9781451971941

Effective Macroprudential Policy

Cross-Sector Substitution from Price and Quantity Measures

By: Janko Cizel,Jon Frost,Aerdt Houben,Peter Wierts

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Effective Macroprudential Policy

Cross-Sector Substitution from Price and Quantity Measures

By: Janko Cizel,Jon Frost,Aerdt Houben,Peter Wierts

Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit, both for advanced economies and emerging market economies. Yet we also find evidence of substitution effects towards nonbank credit, especially in advanced economies, reducing the policies’ effect on total credit. Quantity restrictions are particularly potent in constraining bank credit but also cause the strongest substitution effects. Policy implications indicate a need to extend macroprudential policy beyond banking, especially in advanced economies.

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