El Presupuesto Habilitante Del Decreto-Ley Ante La Crisis Econnmica (The Enabling Clause of the Decree-laws in Light of the Financial Crisis)

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

Fear of Free Floating or Forced Exchange Rate Fixing

Voprosy Ekonomiki ◽

10.32609/0042-8736-2004-6-112-122 ◽

2004 ◽

pp. 112-122

Author(s):

O. Osipova

Keyword(s):

Exchange Rate ◽

Financial Crisis ◽

Exchange Rates ◽

Inflation Targeting ◽

Exchange Rate Policy ◽

Float Exchange Rate ◽

Floating Exchange Rate ◽

Rate Policy ◽

Exchange Rate Arrangements ◽

Pass Through

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.