Exchange Rate Regimes

EXCHANGE RATE REGIMESOverview and policy issues

OutlineTypes of ER regimesAdvantages and disadvantages of fixing/floatingChoice of ER regimeEmpirical Evidence on Exchange Regimes

Classifying ER regimes HARD PEGSCurrency unionDollarizationCurrency board FLOATINGManaged floatFree float INTERMEDIATEBasket pegCrawling pegBand

Hard pegs DollarizationUse another countrys currency as sole legal tenderE.g. Ecuador, El Salvador, PanamaCurrency unionShare same currency with other union membersE.g. Euro area, ECCU, CFA franc zoneCurrency boardLegally commit to exchange domestic currency for specified foreign currency at fixed rateE.g. Hong Kong(1983), Estonia(1992), Lithuania (1994), Bulgaria(1997), Bosnia and Herzegovina, Argentina (until 2001)

Intermediate regimes Conventional (soft) pegSingle currency peg (e.g. Malaysia, Nepal, Namibia)Currency basket peg (e.g. Malta, Fiji, Latvia)Band Pegged exchange rate within horizontal bands (>1%)E.g. Denmark (2.25%), Tonga (5%), Hungary (15%)Crawling pegBackward or forward lookingE.g. BoliviaCrawling band Symmetric or asymmetric E.g. Belarus (5%), Israel (22%)

Floating Managed floatingNo preannounced path for the exchange rateManagement by sterilized intervention or interest rate (monetary) policyE.g. Thailand, Indonesia, Mongolia, Singapore, BrazilIndependently floatingE.g. U.S., Japan, EMU

ER arrangements of IMF members (as of July 2005)

...Not as simple as it sounds...de jure vs. de facto exchange rateDistinction between what countries declare as their official de jure regime, and their actual de facto exchange rate practices. (Reinhart and Rogoff 2004)de jure: what the countries say they dode facto: what they actually do

Countries listed in the official IMF classification as managed floating, 53 percent turned out to have de facto pegs, crawls or narrow bands.

How to distinguish Hard Peg and Floating from Intermediate?Is the fixed ER policy an institutional commitment rather than merely a declared policy?YES Hard PegNO IntermediateIs there an explicit target around which the CB intervenes?YES IntermediateNO Floating

The Impossibility TrinityA country must give up one of three goals:Exchange rate stability (by Hard Peg)Monetary IndependenceFinancial Market Integration (absence of capital control)

Advantages of fixed ERProvide a nominal anchor for monetary policyReduce transactions costs and exchange rate risk intl trade & investment

Disadvantages of fixed ERLoss of monetary policy autonomyLoss of exchange rate as a shock absorber=>Consequences for output and employmentLoss of lender of last resort (?)Danger of speculative attacks and crashesLoss of seigniorage revenue (in the case of dollarization)

No Monetary Policy Autonomy Under Fixed ER with Perfect Capital MobilityMonetary policy cannot stimulate output (on the other hand, fiscal policy is very effective in stimulating output)Interestrate, i01Y1Y0i1i0BPLMISPerfect capital mobilityOutput, Y

Real Shocks Not Absorbed (but magnified) Under Fixed ERAdverse real shock would tend to lower activity and interest rates, leading to pressure to depreciate; CB must sell reserves and contract money supply, worsening the fall in output102Y0Y2Y1i1i0BPLMISPerfect capital mobilityInterestrate, iOutput, Y

The Debacle of Argentinas Peg

EDSS3

UnitsScaleCountryDatabaseSeries_CodeDescriptor1990A11991A11992A11993A11994A11995A11996A11997A11998A11999A12000A12001A12002A12003A1

National CurrencyMillionsBahamas, TheIFTSTSUB31388A..ZF...DEBT: DOMESTIC643.70738.10777.10954.101032.901074.901158.001281.701342.701407.901404.101486.101710.501647.60

US DollarsBillionsUnited StatesIFTSTSUB11188A..ZF...DOMESTIC DEBT BY RESIDENCE2078.002339.432573.072753.502884.382863.462739.982624.902527.042442.942379.022343.162401.112504.90

National CurrencyMillionsBahamas, TheIFTSTSUB31389A..ZF...DEBT: FOREIGN129.40133.50125.20110.60100.4090.9077.0096.4093.20104.70110.20117.5096.10293.10

US DollarsBillionsUnited StatesIFTSTSUB11189A..ZF...FOREIGN AND INTERNATIONAL487.10520.90576.70650.30667.30835.201102.101241.601278.701268.701034.201051.201246.801538.00

National CurrencyMillionsBahamas, TheGFTSTSUB31388Z.HZG...I TOTAL DEBT (II+III)773.10870.40952.401064.50n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBulgariaGFTSTSUB91888Z.HZG...I TOTAL DEBT (II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesGFTSTSUB11188Z.HZG...I TOTAL DEBT (II+III)2440.952713.373002.623308.993450.763606.693773.523784.203727.463633.583410.253265.433529.00n.a.

National CurrencyMillionsArgentinaGFTSTSUB21388Z..ZG...n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBahamas, TheGFTSTSUB31388Z..ZG...I TOTAL DEBT (II+III)773.10870.40952.301064.701136.301165.801235.101375.631431.681509.201514.401603.00n.a.n.a.

National CurrencyMillionsMalaysiaGFTSTSUB54888Z..ZG...I TOTAL DEBT (II+III)94713.0099072.0097005.0095898.0093078.0091369.0089682.00n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Identifies a break in the analytical comparability of data.


Identifies forecasted or projected data.

Identifies data observations that are provisional or preliminary.

Identifies data observations that are provisional or preliminary.

Last Update: 9/13/2004 6:41:13 PMBy: CPaiva

Argentina

9.47693271737.153333333368351

4.70524015635.553333333369691

2.19247072656.523333333369952

2.0471839482669626

10.56121753125.043333333373547

9.29680213888.296666666774782

7.136110137.678065

8.63845497989.6880679

6.518123386215.193333333382419

-0.78920222698.963333333385890

-1.53409744326.8486787

-2.54439644166.853333333387091

0.31708505395.5789404.8

7.09624889625.446666666790199

6.86500459387.313333333391419

7.39981006656.583333333397105

7.98566878985.886666666798255

7.03366206585.8198839.5

8.65676752816.406666666799417

6.82913026568.43101100

4.24094964246.6866666667104727.1

4.08706352366.0533333333105113

2.41731346297.2333333333109376

-2.18945960447.2766666667112357

-4.25018743556.8033333333101741.6

-7.46454190416.1433333333102925

-6.67419592446.4633333333107518.4

-2.02961834658.5666666667110940

-0.11154366087.0393666667112790

1.02690163766.9739333333113700

0.84500520897.4672333333114595

-0.811943516411.1075119157

-2.630119359311.9148333333123105.6

-1.291998519510.5645125302

-5.61016501126.6962666667131970.1

-12.197339408350.42134693

&A

Page &P

Growth

Interest rates

Debt

MAIN

HkdebtHKGDPHKREERHKULCHKNFAHKTOTHkintHkintHKERHKNTTHKNTT2HkinfHkdebtgdpHkreldebtHknfagdpHKrHkrmaxHkrmaxlagHkreerBULdebtBULerBULnfaBULgdpBULintBULtotBULNTTBULinfBULdebtgdpBULreldebtBULnfagdpBULinf2BULrBULrmaxBULrmaxlagBULreerARGgdpARG growthARGnfaARGerARGtotARGintARGinfARGNTTARGdebtARGdebtgdpARGreldebtARGnfagdpARGrARGrmaxARGrmaxlagARGreerMALerMALnfaMALtotMALdebtMALNTTMALGDPMALintMALinfMALdebtgdpMALreldebtMALnfagdpMALrMalrmaxMALrmaxlagMALreerUSAGDPUSAintUSAdebtgdpUSAinflationUSAr

1991Q1-99,054.0600,616105117100.46.47.377.79101.8101.814.2-16.5-37.2-2.3-1.7104.70.0232.193.9565.4565.4-292.4-292.4120,289-8,8970.8491.3224.31143.02163.567,88556.4127.4(7.4)(120.5)(228.7)(1,404.8)127.72.7226,182100.197,731100.7125,2176.826.278.0176.220.95.46.196.65,8886.0544.35.28508200990.77

1991Q2-98,807.4625,144111115504.3100.86.67.657.7799.799.214.2-15.8-35.580.7-6.5-1.4-1.3110.70.0247.693.9565.4565.4-517.8-288.6-288.6167,949-7,9460.9994.322.53143.02159.067,92040.490.9(4.7)(120.5)(207.9)(430.5)135.72.7626,258100.297,798102.1128,4367.066.276.1171.120.40.84.85.699.55,9645.5944.54.84536082470.75

1991Q3-80,415.4650,674112110469.5100.45.96.797.76100.499.76.3-12.4-27.072.2-7.4-2.1-2.9112.00.0252.494.2107.7107.7-513.0-284.0-284.0215,770-7,0740.9994.121.8632.08161.168,04731.568.9(3.3)(121.2)(121.0)(208.5)142.92.7824,190100.398,480100.6131,7377.501.374.8163.318.41.34.34.898.36,0365.4145.83.87636179381.53

1991Q4-116,563.6677,247110112482.899.14.95.697.76100.8100.18.3-17.2-36.771.3-0.6-1.6-2.6110.22450.02-206.6713655.494.578.567.9180.8385.3-152.367.9-52.3-278.7-278.7219,592-6,1450.9992.116.6414.60163.367,97931.066.0(2.8)(15.4)(75.6)(126.3)143.12.7424,192100.499,07299.1135,1237.713.473.3156.317.96.45.44.796.36,0964.5846.92.99177262531.59

1992Q1-121,033.0704,905113119525.399.64.85.487.76100.8100.011.5-17.2-36.374.5-2.8-1.5-1.6112.42620.02-214.9015257.194.587.178.9171.8362.8-140.9153.8-10.8-93.3-277.948.6194,221-5,3510.9992.312.6725.53165.967,51034.873.4(2.8)(1.9)(33.9)(79.6)150.32.6228,555100.497,22199.2138,5967.696.570.1148.220.64.35.65.7100.96,1963.9147.32.86844708211.04

1992Q2-141,491.5733,092116119505.4100.84.04.647.74100.699.611.2-19.3-40.668.9-6.9-2.3-3.0115.42600.02-230.4617152.394.696.698.6151.7319.2-134.587.6-101.5-25.8-92.060.2230,413-4,7670.9992.110.5817.67167.867,62329.361.8(2.1)(15.0)(11.7)(36.0)155.12.5328,443100.394,935101.0143,0537.967.166.4139.619.91.55.65.9105.76,2903.7247.53.09734513270.63

1992Q3-99,863.9762,539116112491.0101.72.83.207.73101.7100.57.1-13.1-27.164.4-8.0-3.0-2.8116.22760.02-235.5719040.795.296.261.1145.3301.2-123.876.0-46.9-22.1-33.765.9238,2708990.9989.213.5516.39174.267,77428.459.00.4(4.1)(4.9)(8.7)153.42.5029,998100.595,732101.4147,0097.713.865.1135.020.40.65.15.8104.76,3813.1348.33.09756097560.03

1992Q4-160,820.0791,318121115535.5100.92.83.177.74102.5101.08.7-20.3-41.867.7-3.9-3.1-3.0121.02930.02-242.0320142.295.1100.079.1145.8300.2-120.578.9-33.8-28.5-25.778.8243,65611.02,5370.9991.723.6312.01179.868,05227.957.51.07.25.85.2164.12.5333,773101.197,005102.0150,6817.282.764.4132.522.43.45.35.1106.56,4843.0848.63.05010893250.03

1993Q1-140,197.0820,225128127507.5101.42.83.177.74102.5100.99.7-17.1-34.961.9-5.5-2.7-3.1127.23290.03-267.8521645.195.0100.795.2151.8309.8-123.882.9-33.8-23.6-19.686.0212,6279.52,2141.0092.97.157.93184.468,35132.165.61.0(4.9)(6.3)(10.6)169.72.6138,706101.895,032103.4155,4967.163.861.1124.724.94.55.95.2104.96,5432.9949.03.1971153846-0.20

1993Q2-145,643.0849,700127125472.5101.22.83.177.73101.499.59.4-17.1-34.655.6-6.5-2.2-2.7126.33640.03-271.1423746.895.4133.773.2153.5309.6-114.376.7-36.1-16.2-22.495.5241,2554.74,2081.0092.25.5512.19184.369,69128.958.21.7(2.4)(1.6)(2.9)171.02.5741,359102.393,810102.7161,9626.893.557.9116.825.53.16.75.8104.46,6122.9849.63.1473533619-0.16

1993Q3-132,062.9881,161128119463.2101.52.83.177.75102.3100.46.3-15.0-30.252.6-6.3-2.0-2.2127.54000.03-298.1226542.195.7130.939.2150.7303.4-112.370.4-34.6-16.6-22.9103.1243,4942.26,4851.0096.66.526.21191.969,95228.757.82.7(5.7)1.0(1.5)176.02.5641,311102.493,135102.1167,8646.382.455.5111.724.62.96.86.5106.06,6753.0249.72.74426307070.28

1993Q4-157,410.9912,809131124608.9101.92.83.177.73102.7100.510.2-17.2-34.566.7-3.2-2.4-2.0130.14360.03-340.0629947.896.5121.660.0145.8291.3-113.865.6-22.5-6.0-10.7100.7248,6442.07,8771.0095.66.004.70194.169,62628.055.93.2(0.2)2.00.2178.42.5655,440102.095,898101.3172,1935.490.955.7111.332.23.17.26.7106.76,8003.0850.12.72492365520.36

1994Q1-151,040.0943,611131134505.4102.12.83.737.73103.4101.16.1-16.0-32.153.6-6.4-1.2-2.1131.78770.06-701.1632952.6497.37111.969.56266.5535.0-213.159.9-13.06.30.685.1235,08310.66,2131.0093.65.040.62203.673,54731.362.82.60.32.80.9178.02.7366,757101.693,88999.4175,9063.079.753.4107.238.02.15.36.7100.36,9113.2549.82.51572327040.73

1994Q2-152,985.0974,306130134492.8101.73.84.297.73102.8100.211.3-15.7-31.950.6-1.8-1.2-0.7130.67750.05-580.3337456.8598.39101.0264.33207.4422.0-155.392.6-3.1-21.611.184.1263,6849.35,5161.0096.28.302.82204.174,78228.457.72.17.76.74.4174.72.6362,864101.489,779100.6180,0993.510.749.8101.434.9-6.25.64.9101.97,0314.0449.22.3809523811.66

1994Q3-142,567.01,001,652128128448.2101.54.54.427.73103.1100.49.7-14.2-29.144.8-6.9-1.5-0.7127.98470.06-668.9144057.1999.1293.366.80192.6393.2-152.0101.5-35.4-28.9-20.087.3260,8707.14,4751.0096.47.606.85207.678,06529.961.11.74.86.56.6170.82.5772,662101.188,734100.4186,7243.983.547.597.038.93.34.95.2101.97,1154.5149.02.87819479621.63

1994Q4-160,251.01,029,774128131547.0101.45.75.667.73103.9101.010.3-15.6-31.753.1-4.0-0.8-0.8127.89510.07-106.1052664.2199.2681.5126.63180.9368.4-20.2119.8-37.3-39.3-21.091.5270,1238.66,4161.0095.59.684.36208.880,67929.960.82.42.87.57.4168.72.5661,712100.893,07899.6195,4604.174.247.697.031.60.63.74.6101.67,2325.2849.12.65264120742.63

1995Q1-147,912.01,046,936127138570.2101.26.55.427.74105.0102.27.9-14.1-28.554.5-4.9-0.8-0.3127.19740.07-114.6660066.38100.0997.370.62162.3327.7-19.1120.2-53.4-38.9-38.698.0250,4066.5-1,1761.0095.815.195.37213.682,41932.966.5(0.5)10.818.920.1168.72.5556,164100.389,01698.0202,9015.034.843.988.627.70.85.13.9100.57,2985.7849.52.84026357652.94

1995Q2-157,510.61,063,858124141593.4101.05.85.497.73104.8101.810.5-14.8-29.855.8-2.4-0.6-0.8123.49870.07-84.7267954.25101.08102.521.25145.4292.2-12.567.2-65.9-0.6-53.598.6261,603(0.8)-3191.0096.08.960.40214.685,89032.866.0(0.1)3.617.416.8161.92.4660,42999.887,65898.3210,6715.412.241.683.628.70.65.05.4100.37,3385.6249.73.09324904042.53

1995Q3-162,265.01,078,695128135621.0100.35.55.747.74105.0101.87.0-15.0-30.557.6-4.70.1-0.6127.71,0190.07-39.6877236.58100.33110.216.35132.0268.0-5.152.8-30.6-7.2-21.699.7256,868(1.5)-251.0095.96.840.67216.286,78733.868.6(0.0)6.411.09.5163.02.4658,96499.886,39198.3216,1445.562.740.081.227.33.35.35.1102.77,4325.3849.22.64100268582.74

1995Q4-167,019.41,096,264131137648.599.55.35.557.73105.4101.96.4-15.2-31.059.2-1.40.8-0.1130.59900.0791.0788035.8798.51103.640.86112.5228.710.335.7-17.06.7-10.4103.7263,250(2.5)2,5101.0094.76.851.00217.487,09133.167.31.06.210.59.7163.62.5458,210100.291,36997.5222,4726.023.541.183.526.23.35.85.6103.37,5235.2749.22.65092448212.62

1996Q1-173,600.01,116,430134149644.699.14.85.097.73106.5103.03.8-15.5-31.557.7-1.31.60.6132.71,0910.0862.1694942.7896.09110.736.33114.9232.66.528.37.120.212.8103.8251,2000.34,4481.0095.75.57-0.42221.589,40535.672.01.84.610.49.0164.22.5559,999100.788,07696.3230,2876.284.938.277.426.12.86.26.2104.67,6244.9549.42.73972602742.21

1996Q2-169,225.01,142,205132149640.698.44.75.247.74105.7102.09.3-14.8-30.856.11.41.91.6134.01,2610.1680.121,05474.3894.18101.5107.15119.6248.47.646.746.145.864.283.7280,1677.15,7931.00105.75.45-2.09220.790,19932.266.82.15.910.09.4163.72.5056,158101.085,54495.7237,9056.323.436.074.723.61.46.26.5106.37,7775.0448.22.8471309682.19

1996Q3-153,949.01,172,072125141663.498.84.95.197.74106.4102.63.6-13.1-27.356.6-4.12.71.9135.11,8800.23134.041,331112.4193.70109.2715.45141.3293.710.1138.765.7-4.687.477.0274,5026.95,4111.00105.87.312.11220.891,41933.369.22.09.410.811.1162.92.5054,191101.186,12394.7245,8916.542.535.072.822.03.16.56.5107.17,8665.1448.12.94374182292.19

1996Q4-176,319.01,210,927128144686.199.04.84.457.73106.9103.17.7-14.6-30.356.70.92.42.7137.85,3100.49274.661,761227.6894.22103.7557.43301.5627.915.6250.889.0-23.189.079.8282,7307.47,6431.00104.66.581.61226.897,10534.371.52.74.510.210.4164.12.5253,313101.089,68293.9253,7326.512.535.373.621.04.06.96.6106.78,0004.9748.03.19010416671.78

1997Q1-254,000.01,244,508132156621.999.04.95.217.74108.0104.24.0-20.4-42.950.0-2.52.62.7143.115,1861.591275.103,612217.3594.2681.955408.49420.5884.435.31475.7-33.4-1258.3-33.479.0271,2608.09,4761.00102.25.891.27231.798,25536.276.23.54.38.89.2170.72.4951,134101.085,87392.6260,2256.294.333.069.419.73.87.06.8113.58,1145.0647.52.94623655912.12

1997Q2-255,385.01,284,847134154578.699.75.55.677.74107.1102.97.4-19.9-43.145.01.73.12.6144.821,8721.723673.787,11381.1593.96115.1265.18307.5667.051.71715.6-1394.6-1616.8-1376.9110.7299,8737.013,1091.00102.05.81-2.03230.198,84033.071.54.44.57.27.2171.52.5145,939101.082,12494.0265,7946.430.630.967.017.32.28.17.3113.58,2505.0746.12.34241908012.73

1997Q3-253,740.01,322,810137149551.4100.26.46.627.74106.8102.45.2-19.2-41.941.7-0.82.73.1147.921,1081.764712.0912,5407.9194.30112.842.80168.3367.637.61074.5-1707.7-1062.5-1703.6108.5298,2658.711,4171.00103.66.411.77230.499,41733.372.83.88.47.17.0175.12.7838,236101.079,34594.2272,4746.201.829.163.614.05.68.48.3105.48,3825.0645.82.20292310952.85

1997Q4-241,000.01,344,546143158575.5100.28.07.507.74107.1102.55.2-17.9-39.342.82.34.13.4153.818,3141.785244.9117,4337.0095.65117.525.82105.1230.230.1676.8-1067.5-665.0-1062.7115.3302,0386.813,6231.00101.08.43-0.82232.2101,10033.573.34.56.711.811.2174.23.4835,706100.989,91992.9281,8896.704.231.969.912.74.98.48.887.58,4715.0945.61.87171398533.21

1998Q1-217,400.01,346,815148171675.5100.18.16.037.74107.8103.12.4-16.1-36.250.20.95.04.6160.018,8771.835746.9620,1516.7298.04120.014.8493.7210.028.565.7-670.1-52.2-663.3117.4282,7644.214,1341.0096.76.693.52234.6104,72737.083.05.07.59.510.1180.44.0043,296100.885,71689.5287,1395.9510.929.966.915.11.88.29.781.48,5875.0844.61.46229371213.61

1998Q2-219,324.01,333,458149169722.2100.37.39.267.75107.3102.64.9-16.4-37.654.26.95.65.0161.518,6361.815902.2721,4895.86100.83139.0-5.2286.7198.227.518.3-59.8-4.4-51.8116.8312,1294.116,2561.0098.06.050.24232.1105,11333.776.95.22.57.27.8179.93.8549,232100.686,09987.9290,6378.886.229.667.716.9-2.07.89.285.68,6585.0143.81.60216396173.40

1998Q3-192,270.01,308,378150162824.8100.48.37.517.75108.0103.2-1.0-14.7-34.463.02.67.25.6162.518,0541.675332.5421,8935.83100.72154.5-9.2582.5192.824.45.6-12.47.2-5.5115.3305,4752.415,3851.0096.07.231.69234.4109,37635.883.75.07.010.410.3180.44.0674,416100.684,60188.4290,7106.931.629.168.025.60.76.96.883.08,7904.8842.81.59585492233.28

1998Q4-201,334.01,279,8521401621,089.3101.25.75.047.74107.8103.7-8.8-15.7-37.085.16.09.86.2150.818,6531.685637.7822,4215.6997.54159.49.6583.2195.725.12.00.111.17.5122.7295,425(2.2)16,2621.0095.97.28-2.15239.2112,35738.089.55.55.611.811.4172.13.8085,579100.9103,12187.5284,4745.703.036.285.330.14.14.64.383.68,9544.3142.51.54830718412.77

1999Q1-228,400.01,260,8291391731,164.5101.65.25.397.75109.1104.5-1.9-18.1-43.392.414.210.69.5151.320,0251.825385.5022,5585.9494.94163.06.8688.8212.223.90.23.913.211.4123.4270,746(4.3)16,6201.0088.96.800.10244.5101,74237.689.86.19.012.111.2179.73.8089,882101.1101,87485.7281,8765.435.136.186.431.92.45.64.285.29,0674.4241.81.66769610872.76

1999Q2-281,865.81,247,6491401661,263.5101.84.55.367.75108.3103.7-4.1-22.6-56.1101.37.212.210.1151.520,1691.895415.9022,6945.1593.41175.8-9.1788.9220.823.9-0.95.013.712.7118.9288,830(7.5)17,4451.0089.06.14-3.87242.3102,92535.688.56.06.09.98.9181.43.80103,108101.3101,75285.4284,7023.100.935.788.836.2-2.06.14.887.09,1744.4640.32.10935900062.35

1999Q3-253,600.81,240,4531351531,346.0101.84.85.437.76109.4105.7-8.5-20.4-51.9108.59.514.412.5146.120,0721.835833.7423,0745.5091.34180.214.6287.0220.625.35.16.47.413.4122.6285,087(6.7)17,1441.0091.16.46-1.20247.8107,51837.795.76.010.312.111.3180.73.80108,710101.4107,39985.9289,9502.840.337.094.037.51.95.85.486.29,3144.7039.42.34598123212.35

1999Q4-253,871.81,246,1341321481,498.8101.65.04.947.77109.7106.2-1.9-20.4-52.3120.313.512.714.4142.320,6211.956565.0623,7905.1288.77176.413.3186.7222.327.66.00.06.47.3125.0289,429(2.0)15,0211.0092.28.57-2.01252.1110,94038.398.35.29.814.814.8178.33.80114,299101.5112,11985.2299,6622.731.937.496.038.12.45.85.584.79,5205.0639.02.62248424482.44

2000Q1-326,271.71,264,0661401551,537.0100.94.65.727.78110.0106.9-5.4-25.8-67.5121.67.714.013.2140.121,2442.056757.3324,4974.4785.62178.717.5486.7226.627.68.5-1.52.24.8127.5270,444(0.1)17,0621.0096.17.042.11254.0112,79041.7109.06.39.111.912.4180.93.80123,368101.5115,49685.3311,7832.753.337.096.839.60.86.25.785.79,6295.5438.33.24017820982.30

2000Q2-308,190.71,271,0481401551,620.9101.65.46.217.79109.8107.0-1.9-24.2-68.2127.511.614.014.5140.823,4422.057083.6825,2943.8783.21187.2-2.8192.7260.728.010.4-4.62.24.0122.4291,7961.020,5811.0098.36.97-3.09253.7113,70039.0109.67.14.910.811.0183.73.80122,010101.5118,87384.9322,5802.760.136.9103.737.8-0.56.36.187.39,8235.7835.63.32932210192.45

2000Q3-283,571.71,282,3231411461,648.5101.15.06.017.80110.1107.5-2.4-22.1-63.3128.67.912.414.0140.826,1622.237762.7126,0753.9582.62179.015.22100.3287.029.810.5-6.40.70.8124.0287,4960.817,6761.00102.57.47-0.05255.8114,59539.9114.06.110.610.410.7185.43.80122,289101.5122,24985.1332,6302.990.536.8105.136.82.96.26.288.49,8626.0135.03.50807255332.50

2000Q4-293,457.71,288,3391431441,807.7100.34.95.697.80110.1107.7-0.3-22.8-66.4140.38.112.012.4142.323,0962.108197.7126,7534.5683.37178.818.7486.3251.830.611.8-5.9-0.21.1125.8287,079(0.8)15,6101.00103.411.11-1.44259.5119,15741.5121.05.411.215.015.1188.93.80115,895101.6125,62687.5339,4202.952.737.0107.934.12.45.96.190.49,9546.0434.33.42709984152.61

2001Q1-312,844.71,287,3061421581,790.0100.14.14.647.80108.7105.5-3.3-24.3-70.9139.04.910.010.5142.023,8442.218234.5327,5284.3684.75183.15.7386.6252.729.98.9-7.52.9-0.0131.1263,331(2.6)10,1971.00100.411.91-0.99264.0123,10646.7136.43.913.414.013.3184.83.80113,591101.6130,65191.0341,5812.852.838.2111.633.30.25.85.790.710,0224.9034.33.39348764221.50

2001Q2-292,794.71,285,0471441571,826.5100.22.83.457.80110.5108.10.5-22.8-70.5142.16.88.49.0144.524,2872.318513.3328,2314.4985.16187.6-0.1086.0266.130.29.6-4.40.71.5128.9288,026(1.3)6,7301.0097.510.562.09258.4125,30243.5134.62.311.621.122.4191.93.80113,621101.6135,67590.5340,0462.810.339.9123.433.4-0.05.75.793.610,1293.6832.33.37732919250.31

2001Q3-259,355.71,278,4201441491,866.199.92.02.207.80110.9108.6-1.2-20.3-61.6146.01.77.17.4143.824,3722.148316.0429,0574.7185.43187.71.6483.9254.628.66.3-4.95.01.6130.2271,367(5.6)-471.00102.426.70-4.11264.2131,97048.6147.6(0.0)24.637.036.0189.13.80124,653101.7140,70090.1337,7882.79-0.341.7126.436.92.55.75.592.910,1353.2732.92.69593683810.57

2001Q4-263,479.71,269,8951431451,878.599.90.61.697.80110.0108.0-4.0-20.7-62.5147.92.97.16.2142.424,4572.229452.2829,7094.7585.05188.312.7382.3248.031.84.9-1.56.24.8133.5252,063(12.2)-7,7781.0099.350.42-3.36262.9134,69353.4161.0(3.1)54.552.051.6187.53.80121,030101.7145,72494.6334,3102.722.043.6131.336.23.05.65.494.010,2261.9533.21.85788163190.10

2002Q11,258,2461431571,860.5100.60.51.997.80107.6104.8-5.7147.96.07.77.1143.324,5502.248897.2030,2324.7184.63186.819.6281.2243.729.48.2-0.21.34.5135.5237,057(10.0)-28,1291.9192.935.6924.60257.3(11.9)39.131.537.3107.63.80126,107101.8150,53493.1334,4052.733.945.0135.137.70.75.15.495.910,3381.7333.31.25213431990.48

2002Q21,250,7741381521,943.8100.50.41.607.80107.9105.4-1.5155.47.38.27.7138.922,0251.968891.0130,9984.0184.86182.3-3.9871.1214.228.77.1-4.22.31.2135.8339,00817.7-53,0193.2595.367.8599.90225.9(15.6)43.244.663.771.13.80129,540101.8155,34489.8339,7752.722.245.7137.938.1-1.14.65.193.810,4461.7233.21.29553135560.42

2002Q31,247,9821311421,916.4100.80.41.657.80108.2105.9-2.5153.63.28.68.2134.322,2331.989611.2431,6904.0984.93177.5-7.3970.2208.230.34.6-3.05.02.6137.0334,00623.1-51,6223.58101.051.1642.05214.5(15.5)(48.7)54.667.368.63.80127,197101.8160,15387.6348,9142.730.345.9136.236.50.54.44.590.910,5471.6533.71.59384961560.05

2002Q41,247,3801251381,998.4101.70.31.357.80108.1105.9-2.2160.23.88.08.4134.219,7111.899880.5732,3353.9084.37177.67.4961.0177.430.63.4-0.75.54.3138.8340,24935.0-43,6223.51107.110.709.53210.1(12.8)(31.3)2.46.771.53.80127,734101.6164,96386.6361,6232.750.845.6132.835.32.54.74.491.210,6181.3534.42.2000752162-0.85

2003Q11,246,9981201482,003.2102.20.11.077.80106.4103.4-1.6160.63.37.08.0130.11.809602.4632,6952.9084.27172.73.9929.4-0.2-0.59.05.5143.4327,36238.1-37,5743.12110.66.839.09207.0(11.5)(2.7)(8.1)(12.7)78.43.80126,759101.6175,20084.2372,9522.801.947.0136.634.02.05.24.888.210,7451.1534.42.8667790894-1.72

2003Q21,227,8601191492,076.7102.50.10.817.80110.2108.8-3.5169.12.47.57.0126.51.659945.3533,1573.1084.17178.30.8230.01.13.38.39.5144.0399,11917.7-30,9662.80104.04.811.39204.3(7.8)(4.3)9.8(11.4)83.83.80129,465101.5182,10087.4379,8482.780.647.9136.834.10.85.45.085.910,8841.0535.12.1316033364-1.08

2003Q31,220,6381201322,134.2102.10.10.537.79107.6106.3-7.1174.84.08.67.5123.61.6810263.2433,7312.5683.62175.70.1030.43.11.55.37.3141.9377,88713.1-28,3052.83107.91.751.16205.5(7.5)0.48.7(0.6)82.63.80141,191101.4187,70086.8385,6902.800.648.7137.936.62.25.25.385.411,1170.9335.32.1963824289-1.27

2003Q41,220,0231181292,212.7101.70.0-0.087.76108.3107.23.4181.47.07.38.6120.61.5510048.9134,4102.6883.40178.114.4729.24.7-0.43.95.6148.4400,56017.7-21,6692.86110.81.573.48202.4(5.4)0.47.05.579.13.80158,137101.0188,80083.0394,2002.770.947.9133.540.12.15.15.182.211,2710.9235.91.895124195-0.98

101.4117.2154.176.279.936.4

101.3117.4150.379.381.336.2

116.4150.376.981.4

cpaiva:in billions of HK dollars (first quarter actuals with other quarters following quarterly budget surplus)

cpaiva:in billions of HK dollars

cpaiva:3-month time deposit

cpaiva:from 4q93, t-bill rate; before then, proportion between t-bill and 3-month lending rate

cpaiva:In million of BGN


cpaiva:In millions of BGN



cpaiva:in million of national currency


cpaiva:in million of pesos

cpaiva:Actual data from 94Q1; earlier data derived from annual growth used to discount quarter of year ahead and constrained to sum to GDP in the year

cpaiva:T-bill from 1992; proportional to interbank rate in 1991

cpaiva:Ratio of export deflator to import deflator (from weo)

cpaiva:Export deflator divided by import deflator (from weo)

cpaiva:in millions of national currency

cpaiva:from treasury website (quarterly update on Malasyan economy)

cpaiva:between 93-99, ratio of rent, transport, education, etc. to food prices (for 91-93, follow this ratio with actual annual data divided into quarters using consumer to producer prices; for 00-03, it is ratio of consumer to producer prices

cpaiva:In million of national currency

cpaiva:3-month t-bill

cpaiva:3-month t-bill

cpaiva:actual data from 1993 on; 91 and 92 estimated similarly to Bulgaria's

cpaiva:All inflation series are annualized rates from quarterly inflation

cpaiva:92-2002 calculated from ratio of services to food in CPI; from 2002 on it evolves according to ratio of consumer to producer prices

cpaiva:Ratio of several services and housing to food and clothing (Central bank)

cpaiva:Several are hard numbers, all over the period; missing obs are filled using total financing needs of public sector

EDSS2

UnitsScaleCountryDatabaseSeries_CodeDescriptor1991Q11991Q21991Q31991Q41992Q11992Q21992Q31992Q41993Q11993Q21993Q31993Q41994Q11994Q21994Q31994Q41995Q11995Q21995Q31995Q41996Q11996Q21996Q31996Q41997Q11997Q21997Q31997Q41998Q11998Q21998Q31998Q41999Q11999Q21999Q31999Q42000Q12000Q22000Q32000Q42001Q12001Q22001Q32001Q42002Q12002Q22002Q32002Q42003Q12003Q22003Q32003Q4

US DollarsBillionsUnited StatesIFTSTSUB11188...ZF...TOTAL DEBT PRIVATELY HELD2607.902654.042763.112860.332933.402989.283078.603149.773207.223279.603314.953403.803442.463456.003485.153551.683614.103650.273660.113698.663767.653745.403784.123842.083857.763803.663838.103866.503830.613789.023759.133805.743792.023693.023671.873711.643684.513492.253447.713413.223434.983274.763339.343394.363444.283464.173553.213647.913696.153815.343922.594042.90

National CurrencyMillionsBahamas, TheIFTSTSUB31388A..ZF...DEBT: DOMESTIC652.10671.40711.60738.10738.90778.90789.50777.10888.73881.40926.40954.10949.40987.201076.301032.901011.101063.501067.701074.901088.801117.701158.801158.601181.801208.701244.401281.401264.601275.401312.001339.901335.501336.501382.801406.601403.701403.201407.601401.901395.301410.301446.381481.601448.201579.701650.101705.901695.901760.301636.901647.60

US DollarsBillionsUnited StatesIFTSTSUB11188A..ZF...DOMESTIC DEBT BY RESIDENCE2115.902152.042256.812339.432397.002431.082515.802573.072621.322682.802695.852753.502781.362796.102803.152884.382907.102887.772839.712863.462859.552815.702790.722739.982700.162620.962607.602624.902580.112533.022534.932527.042519.722434.222390.472442.942577.612410.252389.812379.022405.082274.262333.842343.162377.182328.772352.412401.112407.652430.042463.292504.90

National CurrencyMillionsArgentinaIFTSTSUB21385A..ZF...NET FOREIGN BORROWING-347.40222.42212.51223.24-405.00-96.0079.00304.001055.00278.00-311.00261.0036.00-406.60398.301229.10n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBahamas, TheIFTSTSUB31385A..ZF...NET BORROWING: FOREIGN-6.504.006.700.600.609.50-10.30-0.202.20-3.80-10.30-3.70-2.10-3.40-3.30-1.70-4.30-3.00-5.3028.10-5.30-5.001.10-2.50-15.4046.10-12.80-4.50-4.20-1.20-1.701.107.902.504.702.707.104.50-1.600.00-1.10-2.100.1810.00-0.50-24.60-1.006.30-1.001.20198.40-0.90

National CurrencyMillionsBulgariaIFTSTSUB91885A..ZF...NET FOREIGN BORROWINGn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-0.303.20-8.9014.400.40-1.00-2.60-3.60-5.70-2.10-19.30-8.70-64.40229.2019.70-127.8062.30-12.80-402.80205.80-75.20-0.8074.60178.80-387.06-37.60171.00-176.40-261.70-14.30-290.20514.10-170.30458.40-176.30391.90126.7048.50-219.1024.30

National CurrencyMillionsMalaysiaIFTSTSUB54885A..ZF...FOREIGN BORROWINGn.a.n.a.n.a.n.a.-234.00-248.00-120.00-2568.00331.00-451.00-2278.00-736.00-95.00-1968.00-161.00-2533.00-821.00-501.00-203.00-110.00-211.00-255.00-814.00-897.00-121.00-1187.00-278.00-96.00-1026.001055.00-510.002300.00-1136.003896.00-85.00248.00n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesIFTSTSUB11185A..ZF...NET BORROWING: FOREIGNn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsArgentinaIFTSTSUB21384A..ZF...NET DOMESTIC BORROWING1197.48-223.44104.64-209.32645.0011.00382.00-143.00415.00373.001215.00-263.00-82.101914.20191.90-1160.80n.a.n.a.n.a.n.a.-631.10-407.70-574.30-9.30750.20852.40745.70-340.10-470.70258.70113.90-478.70-523.20-540.00-504.40-708.50-497.30-444.70-547.70-434.90-359.40-529.90-157.80n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBahamas, TheIFTSTSUB31384A..ZF...NET BORROWING: DOMESTIC49.60-40.0029.5050.003.005.90-1.2063.3039.8019.50-25.4060.70-0.8074.9075.00-4.404.8028.801.69-23.0013.1047.8021.106.6053.3016.7019.1017.508.2028.0026.1013.909.1015.0012.40-5.0020.1011.40-19.80-1.102.0034.40-8.7042.807.0072.5034.30-14.2039.204.40-169.3048.30

National CurrencyMillionsBulgariaIFTSTSUB91884A..ZF...NET DOMESTIC BORROWINGn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.15.207.306.1016.0021.2014.6015.4014.3032.5013.7061.70223.40318.50419.20-93.80560.40-2.10-138.9036.9038.3095.5017.50-85.8022.6698.5046.10-127.70-20.80-132.50104.20-448.70252.7033.00-120.20151.4065.60-51.80290.7099.20-43.30

National CurrencyMillionsMalaysiaIFTSTSUB54884A..ZF...DOMESTIC BORROWINGn.a.n.a.n.a.n.a.-178.001650.00-629.00637.00-373.00-50.001749.00-951.00-1563.004229.00-915.000.00-250.00-600.002050.00-1200.00-500.001177.00514.00100.00-3480.00-1170.00540.002062.00-450.00600.00-150.0011040.001949.002000.00-526.002000.00n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesIFTSTSUB11184A..ZF...NET BORROWING: DOMESTICn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsArgentinaIFTSTSUB21380...ZF...DEFICIT (-) OR SURPLUS-869-35-12768469-113-151-278-299-1,340-261326-450104-744-796n.a.n.a.n.a.n.a.-1,170-794-1,463-1,807-1,310-951-578-1,519-1,223-386-1,190-1,349-1,892-1,183-1,628-3,422-2,044-303-1,577-2,894-3,014-2,196-807-2,723-1,415-429-1,603-16-4081,304-117n.a.

Public Sector Debt (in pesos)67,88567,92068,04767,97967,51067,62367,77468,05268,35169,69169,95269,62673,54774,78278,06580,67982,41985,89086,78787,09189,40590,19991,41997,10598,25598,84099,417101,100104,727105,113109,376112,357101,742102,925107,518110,940112,790113,700114,595119,157123,106125,302131,970134,693

National CurrencyMillionsBahamas, TheIFTSTSUB31380...ZF...DEFICIT(-) OR SURPLUS-38.2011.00-38.50-48.104.60-16.00-10.40-56.5029.10-72.8019.80-53.102.80-9.80-32.60-13.80-8.20-0.70-13.30-3.90-8.60-14.10-6.10-31.90-34.20-68.10-24.200.70-18.30-27.40-16.58-18.90-11.00-23.80-24.007.80-17.30-4.705.903.100.80-30.81-2.50-66.10-2.60-23.80-34.20-7.60-42.301.10-23.10-36.20

National CurrencyMillionsBulgariaIFTSTSUB91880...ZF...DEFICIT (-) OR SURPLUSn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.-8.303.10-10.80-8.50-15.20-10.50-10.10-10.40-29.10-33.80-39.40-230.50-259.90411.4077.20124.60372.80-89.30448.50-132.80-34.70123.5098.50161.4425.10598.20-79.90-388.50364.33561.40-265.90-103.60-49.50386.90322.80-670.00115.80514.90287.30-662.60

National CurrencyMillionsBulgariaIFTSTSUB91884...ZF...TOTAL NET BORROWINGn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.14.9010.50-2.8030.4021.6013.6012.8010.7026.8011.6042.40214.70254.10648.40-74.10432.6060.20-151.70-365.90244.1020.3016.70-11.20201.46-288.568.5043.30-197.20-394.2089.90-738.90766.80-137.30338.20-24.90457.5074.90339.20-119.90-19.00

Total PS debt (in BGN million)0.02452622602762933293644004368777758479519749871,0199901,0911,2611,8805,31015,18621,87221,10818,31418,87718,63618,05418,65320,02520,16920,07220,62121,24423,44226,16223,09623,84424,28720,64824,45724,55022,02522,23319,711

4514614584895105245375475745866288431,0971,7451,6712,1042,1642,0121,6471,8911,9111,9281,9162,1181,8291,8381,8811,684

Tot Dom Debt (in million BGN)17381112743451,0532,7803,1012,9631,7671,8602,112

Tot Ext Debt (in million BGN)2282432412372552762782923256455336086776786776976457191,4182,0984,25713,87915,01415,40015,53416,03615,82814,63015,55216,90317,58117,02617,65818,57018,56420,23921,32922,47123,40421,73622,59722,82719,96420,19717,599

Tot Ext Debt (in million USD) Eur after 200010,45210,4059,92810,2549,1238,7368,7449,2849,0709,6409,6738,216

National CurrencyMillionsMalaysiaIFTSTSUB54880...ZF...DEFICIT (-) OR SURPLUS3018.00-67.00-682.00-4909.001851.002286.00-797.00-4583.001973.001222.00675.00-3516.002009.004110.001045.00-2756.004062.001358.001267.00-4826.003293.002532.00-579.00-3431.003809.003749.002779.00-3710.004203.00-383.001498.00-10320.001247.00122.00-5647.00-5210.00n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Federal Govenment Debt (national currency, million)97,73197,79898,48099,07297,22194,93595,73297,00595,03293,81093,13595,89893,88989,77988,73493,07889,01687,65886,39191,36988,07685,54486,12389,68285,87382,12479,34589,91985,71686,09984,601103,121101,874101,752107,399112,119115,496118,873122,249125,626130,651135,675140,700145,724150,534155,344160,153164,963

US DollarsBillionsUnited StatesIFTSTSUB11180...ZF...DEFICIT (-) OR SURPLUS-65.56-25.68-91.27-83.11-115.54-28.39-62.45-120.46-62.35-17.77-54.36-92.06-58.640.25-53.48-72.71-73.2622.98-40.14-55.75-71.9653.69-33.32-59.20-51.97100.08-10.88-39.68-30.18136.932.18-54.535.75143.0628.46-20.62-14.96211.7860.15-2.34-22.45193.74-41.78-37.09-96.5715.61-41.35-108.21-144.94-16.59-104.57-130.16

National Currency per US DollarNoneArgentinaIFTSTSUB213..AE.ZF...OFFICIAL RATE0.961.000.991.000.990.990.990.991.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.002.953.753.693.322.932.752.872.91

National Currency per US DollarNoneBahamas, TheIFTSTSUB313..AE.ZF...PRINCIPAL RATE1.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00

National Currency per US DollarNoneBulgariaIFTSTSUB918..AE.ZF...MARKET RATE0.020.020.020.020.020.020.020.020.030.030.030.030.060.050.060.070.070.070.070.070.080.160.230.491.591.721.761.781.831.811.671.681.821.891.831.952.052.052.232.102.212.312.142.222.241.961.981.891.801.651.681.55

National Currency per US DollarNoneChina,P.R.:Hong KongIFTSTSUB532..AE.ZF...MARKET RATE7.797.767.757.787.747.737.727.747.737.757.747.737.737.737.737.747.737.747.737.737.737.747.737.747.757.757.747.757.757.747.757.757.757.767.777.777.797.797.807.807.807.807.807.807.807.807.807.807.807.807.747.76

National Currency per US DollarNoneMalaysiaIFTSTSUB548..AE.ZF...OFFICIAL RATE2.772.782.742.722.592.512.502.612.592.582.552.702.672.602.572.562.542.442.512.542.542.502.512.532.482.523.193.893.654.173.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.80

National Currency per US DollarNoneUnited StatesIFTSTSUB111..AE.ZF...MARKET RATE1.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00

National Currency per US DollarNoneArgentinaIFTSTSUB213..RF.ZF...OFFICIAL RATE0.840.990.990.990.990.990.990.991.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.913.253.583.513.122.802.832.86

National Currency per US DollarNoneMalaysiaIFTSTSUB548..RF.ZF...OFFICIAL RATE2.722.762.782.742.622.532.502.532.612.572.562.562.732.632.572.562.552.462.462.542.552.502.502.522.492.512.783.484.003.854.063.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.80

National Currency per US DollarNoneChina,P.R.:Hong KongIFTSTSUB532..RF.ZF...MARKET RATE7.797.777.767.767.767.747.737.747.747.737.757.737.737.737.737.737.747.737.747.737.737.747.747.737.747.747.747.747.747.757.757.747.757.757.767.777.787.797.807.807.807.807.807.807.807.807.807.807.807.807.797.76

National Currency per US DollarNoneUnited StatesIFTSTSUB111..RF.ZF...MARKET RATE1.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00

National Currency per US DollarNoneBulgariaIFTSTSUB918..RF.ZF...MARKET RATE0.010.020.020.020.020.020.020.020.030.030.030.030.040.060.060.060.070.070.070.070.080.110.200.321.581.581.811.761.821.791.771.661.741.851.871.881.982.102.162.252.122.242.202.182.232.131.991.961.821.721.741.65









Indicates that data are new or have changed since previous cycle (applicable for dates printed in IFS only); does not indicate the addition of countries to IFS, but may indicate a change in magnitude or decimal.



Sheet3

120.51990.030

142.91990.060

148.01990.090

154.61990.120

163.51991.030

159.01991.060

161.11991.090

163.31991.120

87.1165.91992.030

96.6167.81992.060

96.2174.21992.090

100.0179.81992.120

100.7184.41993.030

133.7184.31993.060

130.9191.91993.090

121.6194.11993.120

111.9203.61994.030

101.0204.11994.060

93.3207.61994.090

81.5208.81994.120

97.3213.61995.030

102.5214.61995.060

110.2216.21995.090

103.6217.41995.120

110.7221.51996.030

101.5220.71996.060

109.2220.81996.090

103.7226.81996.120

81.9231.71997.030

115.1230.11997.060

112.8230.41997.090

117.5232.21997.120

120.0234.61998.030

139.0232.11998.060

154.5234.41998.090

159.4239.21998.120

163.0244.51999.030

175.8242.31999.060

180.2247.81999.090

176.4252.11999.120

178.7254.02000.030

187.2253.72000.060

179.0255.82000.090

178.8259.52000.120

183.1264.02001.030

187.6258.42001.060

187.7264.22001.090

188.3262.92001.120

186.8257.32002.030

225.92002.060

214.52002.090

210.12002.120

207.02003.030

204.32003.060

205.52003.090

202.42003.120

BULNTTARGNTT

Monthly data

BULNTTARGNTTBULNTTARGNTTBULNTTARGNTT

1.15199011990.010114.71990.010

1.25199021990.020125.41990.020

1.20199031990.030120.5120.51990.030

1.35199041990.040135.31990.040

1.42199051990.050142.21990.050

1.43199061990.060142.9142.91990.060

1.46199071990.070145.71990.070

1.47199081990.080147.31990.080

1.48199091990.090148.0148.01990.090

1.491990101990.100148.61990.100

1.521990111990.110151.81990.110

1.551990121990.120154.6154.61990.120

1.62199111991.010162.31991.010

1.61199121991.020161.31991.020

1.63199131991.030163.5163.51991.030

1.63199141991.040162.91991.040

1.61199151991.050161.11991.050

1.59199161991.060159.0159.01991.060

1.61199171991.070161.31991.070

1.62199181991.080162.31991.080

1.61199191991.090161.1161.11991.090

1.601991101991.100160.01991.100

1.611991111991.110160.71991.110

1.631991121991.120163.3163.31991.120

86.91992M11.65199211992.01086.89165.21992.010

89.51992M21.67199221992.02089.51167.31992.020

87.11992M31.66199231992.03087.06165.987.1165.91992.030

86.01992M41.65199241992.04086.00165.01992.040

93.91992M51.67199251992.05093.90167.21992.050

96.61992M61.68199261992.06096.60167.896.6167.81992.060

98.21992M71.71199271992.07098.18170.91992.070

96.41992M81.73199281992.08096.43172.91992.080

96.21992M91.74199291992.09096.16174.296.2174.21992.090

97.61992M101.751992101992.10097.64174.81992.100

99.41992M111.781992111992.11099.40177.91992.110

100.01992M121.801992121992.12099.99179.8100.0179.81992.120

102.11993M11.82199311993.010102.10182.11993.010

105.61993M21.83199321993.020105.62183.11993.020

100.71993M31.84199331993.030100.70184.4100.7184.41993.030

100.61993M41.84199341993.040100.62184.01993.040

117.21993M51.84199351993.050117.25184.21993.050

133.71993M61.84199361993.060133.73184.3133.7184.31993.060

135.61993M71.90199371993.070135.65190.01993.070

133.11993M81.91199381993.080133.06191.41993.080

130.91993M91.92199391993.090130.91191.9130.9191.91993.090

126.31993M101.921993101993.100126.29192.11993.100

122.01993M111.931993111993.110122.04193.21993.110

121.61993M121.941993121993.120121.61194.1121.6194.11993.120

124.41994M11.98199411994.010124.39198.21994.010

118.91994M22.01199421994.020118.93200.91994.020

111.91994M32.04199431994.030111.90203.6111.9203.61994.030

102.61994M42.03199441994.040102.61203.01994.040

99.81994M52.03199451994.05099.84203.41994.050

101.01994M62.04199461994.060101.04204.1101.0204.11994.060

109.41994M72.07199471994.070109.44206.81994.070

103.41994M82.07199481994.080103.41207.41994.080

93.31994M92.08199491994.09093.30207.693.3207.61994.090

88.31994M102.081994101994.10088.34207.71994.100

85.01994M112.071994111994.11085.02207.51994.110

81.51994M122.091994121994.12081.54208.881.5208.81994.120

82.91995M12.11199511995.01082.92210.91995.010

80.91995M22.13199521995.02080.95212.61995.020

97.31995M32.14199531995.03097.33213.697.3213.61995.030

98.81995M42.13199541995.04098.76213.21995.040

98.41995M52.13199551995.05098.38213.21995.050

102.51995M62.15199561995.060102.46214.6102.5214.61995.060

103.81995M72.18199571995.070103.80217.61995.070

105.21995M82.17199581995.080105.20217.31995.080

110.21995M92.16199591995.090110.21216.2110.2216.21995.090

108.01995M102.151995101995.100108.04215.41995.100

105.71995M112.161995111995.110105.73215.91995.110

103.61995M122.171995121995.120103.63217.4103.6217.41995.120

104.11996M12.20199611996.010104.12220.21996.010

110.31996M22.22199621996.020110.33222.41996.020

110.71996M32.22199631996.030110.71221.5110.7221.51996.030

117.21996M42.21199641996.040117.19220.71996.040

116.31996M52.21199651996.050116.30220.61996.050

101.51996M62.21199661996.060101.51220.7101.5220.71996.060

125.11996M72.21199671996.070125.15221.31996.070

118.31996M82.22199681996.080118.26221.91996.080

109.21996M92.21199691996.090109.21220.8109.2220.81996.090

103.61996M102.251996101996.100103.62224.81996.100

108.11996M112.251996111996.110108.05225.41996.110

103.71996M122.271996121996.120103.67226.8103.7226.81996.120

92.61997M12.31199711997.01092.60230.61997.010

43.41997M22.33199721997.02043.40233.01997.020

81.91997M32.32199731997.03081.87231.781.9231.71997.030

106.71997M42.31199741997.040106.66230.71997.040

110.31997M52.30199751997.050110.33230.51997.050

115.11997M62.30199761997.060115.06230.1115.1230.11997.060

114.11997M72.32199771997.070114.10232.31997.070

109.51997M82.32199781997.080109.47232.21997.080

112.81997M92.30199791997.090112.75230.4112.8230.41997.090

115.21997M102.311997101997.100115.16230.61997.100

116.01997M112.311997111997.110115.98231.11997.110

117.51997M122.321997121997.120117.46232.2117.5232.21997.120

115.31998M12.37199811998.010115.32236.91998.010

117.01998M22.38199821998.020117.03237.61998.020

120.01998M32.35199831998.030120.04234.6120.0234.61998.030

121.91998M42.34199841998.040121.85233.71998.040

128.11998M52.32199851998.050128.11232.21998.050

139.01998M62.32199861998.060139.02232.1139.0232.11998.060

146.41998M72.34199871998.070146.42234.11998.070

152.11998M82.35199881998.080152.12235.01998.080

154.51998M92.34199891998.090154.55234.4154.5234.41998.090

157.11998M102.361998101998.100157.13235.91998.100

160.21998M112.371998111998.110160.19236.51998.110

159.41998M122.391998121998.120159.44239.2159.4239.21998.120

154.01999M12.46199911999.010154.04245.91999.010

158.21999M22.49199921999.020158.15249.21999.020

163.01999M32.44199931999.030162.95244.5163.0244.51999.030

167.41999M42.42199941999.040167.45241.51999.040

171.61999M52.42199951999.050171.56241.91999.050

175.81999M62.42199961999.060175.79242.3175.8242.31999.060

180.31999M72.46199971999.070180.27246.11999.070

181.61999M82.48199981999.080181.57247.81999.080

180.21999M92.48199991999.090180.20247.8180.2247.81999.090

180.61999M102.481999101999.100180.60248.11999.100

179.71999M112.501999111999.110179.75249.81999.110

176.41999M122.521999121999.120176.43252.1176.4252.11999.120

182.82000M12.58200012000.010182.83258.42000.010

177.02000M22.60200022000.020177.00260.52000.020

178.72000M32.54200032000.030178.75254.0178.7254.02000.030

185.02000M42.54200042000.040185.01254.02000.040

187.62000M52.53200052000.050187.59253.12000.050

187.22000M62.54200062000.060187.21253.7187.2253.72000.060

184.92000M72.58200072000.070184.93257.62000.070

179.42000M82.57200082000.080179.37257.32000.080

179.02000M92.56200092000.090179.01255.8179.0255.82000.090

178.32000M102.542000102000.100178.29254.52000.100

174.22000M112.572000112000.110174.15256.72000.110

178.82000M122.592000122000.120178.78259.5178.8259.52000.120

179.62001M12.67200112001.010179.63266.82001.010

181.72001M22.72200122001.020181.71272.12001.020

183.12001M32.64200132001.030183.06264.0183.1264.02001.030

184.02001M42.57200142001.040183.96257.22001.040

186.12001M52.57200152001.050186.14256.92001.050

187.62001M62.58200162001.060187.57258.4187.6258.42001.060

189.82001M72.63200172001.070189.80262.72001.070

191.62001M82.66200182001.080191.59266.42001.080

187.72001M92.64200192001.090187.69264.2187.7264.22001.090

197.02001M102.642001102001.100197.05264.12001.100

196.62001M112.622001112001.110196.56261.72001.110

188.32001M122.632001122001.120188.27262.9188.3262.92001.120

187.52002M12.69200212002.010187.53268.62002.010

186.62002M22.69200222002.020186.63268.72002.020

186.82002M32.57200232002.030186.76257.3186.8257.32002.030

188.92002M42.35200242002.040188.89234.52002.040

2.30200252002.050229.62002.050

2.26200262002.060225.9225.92002.060

2.24200272002.070224.22002.070

2.21200282002.080221.32002.080

2.14200292002.090214.5214.52002.090

2.122002102002.100211.82002.100

2.102002112002.110210.02002.110

2.102002122002.120210.1210.12002.120

2.15200312003.010214.82003.010

2.14200322003.020214.32003.020

2.07200332003.030207.0207.02003.030

2.03200342003.040202.72003.040

2.03200352003.050202.62003.050

2.04200362003.060204.3204.32003.060

2.08200372003.070208.52003.070

2.09200382003.080209.22003.080

2.05200392003.090205.5205.52003.090

2.032003102003.100202.62003.100

2.022003112003.110202.32003.110

2003122003.120202.42003.120

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0

0

0

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0

0

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EDSS1

UnitsScaleCountryDatabaseSeries_CodeDescriptor1991Q11991Q21991Q31991Q41992Q11992Q21992Q31992Q41993Q11993Q21993Q31993Q41994Q11994Q21994Q31994Q41995Q11995Q21995Q31995Q41996Q11996Q21996Q31996Q41997Q11997Q21997Q31997Q41998Q11998Q21998Q31998Q41999Q11999Q21999Q31999Q42000Q12000Q22000Q32000Q42001Q12001Q22001Q32001Q42002Q12002Q22002Q32002Q42003Q12003Q22003Q32003Q4

Index NumberNoneArgentinaIFTSTSUB21363...ZF...PRODUCER PRICESn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.96.2797.2998.4999.41101.09101.47102.81102.97103.77106.26105.76104.59104.37103.89103.70103.95101.84101.41100.8897.8395.3796.0996.8297.4699.1299.28100.44101.1799.6899.0398.2794.87112.75168.87204.74212.13211.37205.25206.13212.69

Index NumberNoneBulgariaIFTSTSUB91863...ZF...PRODUCER PRICE INDEXn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.0.150.150.140.141.421.882.011.992.572.772.903.113.294.167.3411.6349.9971.8179.4881.7082.6083.2382.7882.4581.0282.0286.6290.6894.8797.74102.10105.29103.07104.02104.52103.08103.06104.50105.30107.17111.28107.98109.62111.89

1.121.091.061.061.031.071.051.06

0.980.971.000.971.030.991.01

186.8182.3250609405177.4947083033177.5765226873172.7077599181178.3448172707175.7134327073178.0657155619

Index NumberNoneChina,P.R.:Hong KongIFTSTSUB53263...ZF...PRODUCER PRICESn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.98.4598.7398.9299.2999.85100.69101.25101.81103.30104.05103.95103.67103.95103.86103.30103.30103.39103.86103.02102.93102.27101.72100.88100.88100.2299.5799.57100.04100.04100.04100.3299.8599.0098.4098.1098.1095.8095.8095.5095.8094.6094.9095.5096.60

94.4897.4697.7997.9999.79100.91100.58100.44101.15101.55102.78103.90103.36100.33101.34100.5397.9098.30100.22101.18100.2599.89101.53100.62100.70102.88102.8296.3793.8995.4895.3697.69101.77103.16101.9299.4299.5799.0299.36102.10106.13105.59105.19110.40108.59104.82102.24101.0598.26102.00101.2396.88

Index NumberNoneMalaysiaIFTSTSUB54863...ZF...PRODUCER PRICES76.7875.5675.5476.0175.8276.2977.2677.8978.0678.4277.9477.2879.5082.0481.9383.4486.7086.8285.7485.6687.5188.5787.6889.0289.8888.1188.5795.47100.56100.38100.9199.2496.4695.3796.6199.52100.18100.76100.5698.5195.4295.9896.2892.1994.6198.56101.11102.50105.92102.20103.14108.02

Index NumberNoneUnited StatesIFTSTSUB11163...ZF...PRODUCER PRICES INDEX88.4887.6087.4587.5787.3288.2888.8188.7889.1890.0489.5689.5889.9490.4491.1491.4993.0094.1394.3394.5395.1696.3196.5796.7796.8295.8495.8496.0694.2094.1393.6593.0292.3793.8095.5996.3997.6799.48100.73102.12103.80102.64100.4897.4997.1298.5799.20100.26104.00103.35104.02104.90

Index NumberNoneArgentinaIFTSTSUB21364...ZF...CONSUMER PRICES54.3567.8672.7575.2779.6882.9886.1988.6790.3893.0294.4395.5295.6796.3397.9498.99100.30100.40100.56100.82100.71100.18100.70101.11101.43100.91101.35101.14102.02102.08102.51101.95101.98100.98100.67100.16100.6999.9099.8999.5399.2899.7998.7597.91103.45123.00134.28137.37140.40140.88141.29142.50

143.02143.0232.0814.6025.5317.6716.3912.017.9312.196.214.700.622.826.854.365.370.400.671.00-0.42-2.092.111.611.27-2.031.77-0.823.520.241.69-2.150.10-3.87-1.20-2.012.11-3.09-0.05-1.44-0.992.09-4.11-3.3624.6099.9042.059.539.091.391.163.48

Index NumberNoneBahamas, TheIFTSTSUB31364...ZF...CONSUMER PRICES81.9283.0283.6986.2087.5788.5488.7189.2389.3991.2391.4991.5491.7491.9292.1293.0093.6394.0194.3594.4295.0895.4295.5895.5295.5895.8995.9696.2496.4997.0697.2598.0097.9198.0398.3299.4299.7699.95100.02100.27101.09101.97102.12102.97103.57103.70104.55105.24106.84107.31107.66107.85

Index NumberNoneBulgariaIFTSTSUB91864...ZF...CONSUMER PRICES0.160.260.320.360.420.490.560.640.760.870.951.071.221.681.912.352.682.812.923.183.444.136.9811.1754.2274.9581.9386.7789.8388.6386.5188.5290.0087.8790.9293.8097.6796.98100.47104.88106.35106.33106.76110.00115.04113.88111.72113.75114.87115.10115.13119.09

565.41565.41107.6867.9278.8898.5661.0579.1095.2373.1739.1660.0569.56264.3366.80126.6370.6221.2516.3540.8636.33107.15715.45557.4355408.49265.1842.8025.8214.84-5.22-9.259.656.86-9.1714.6213.3117.54-2.8115.2218.745.73-0.101.6412.7319.62-3.98-7.397.493.990.820.1014.47

565.41565.41107.6867.92153.8387.6076.0578.9182.8676.7170.3765.6559.9192.59101.52119.83120.1767.2352.8335.7028.3046.68138.65250.781475.701715.641074.51676.8465.6818.265.592.020.20-0.865.105.968.5210.3710.5111.818.899.646.264.888.177.114.643.41-0.151.073.064.69

Index NumberNoneChina,P.R.:Hong KongIFTSTSUB53264...ZF...CONSUMER PRICES63.6465.7866.7968.1370.0171.8973.1374.6776.4278.1679.3781.3182.5284.7786.7588.9090.6192.8994.4695.9496.8599.0399.90101.78102.78104.63105.97107.31107.95109.26108.99106.51106.00104.90102.58102.08100.67100.2099.6099.5398.6998.8398.5297.5296.1195.7495.1494.6094.2393.3991.6892.45

14.1914.196.268.2811.4911.177.098.719.689.456.3210.176.0711.359.6710.277.9210.466.966.403.839.313.577.744.017.385.235.162.404.94-0.98-8.80-1.88-4.11-8.54-1.95-5.41-1.85-2.39-0.27-3.330.54-1.22-4.02-5.66-1.53-2.50-2.24-1.55-3.51-7.133.41

Index NumberNoneMalaysiaIFTSTSUB54864...ZF...CONSUMER PRICES72.5373.6473.8874.4975.6676.9877.7178.2378.9679.6480.1180.3082.1782.3183.0383.8884.8885.3585.9386.6787.7288.4789.0289.5790.5190.6591.0792.0094.4195.8496.2396.9598.1698.3898.4798.9499.7499.7799.91100.58101.28101.34101.28101.78102.74103.31103.38103.58104.08104.24104.41104.64

6.246.241.283.356.477.153.842.693.783.502.380.949.670.673.544.194.832.232.753.524.933.442.522.514.260.611.844.1910.866.231.623.025.110.900.341.923.290.130.542.702.810.26-0.261.993.852.220.260.781.950.640.640.90

Index NumberNoneUnited StatesIFTSTSUB11164...ZF...CONSUMER PRICES78.2878.7579.3779.9780.5381.1881.8282.4083.1083.7484.0784.6585.1985.7386.4986.9087.6188.3988.7789.2090.0190.9091.3992.0492.6693.0393.4093.7794.0294.5294.8995.2295.5996.5297.1297.7298.6899.73100.52101.06102.03103.10103.23102.94103.31104.43104.88105.21106.27106.66107.18107.20

Percent per AnnumNoneBahamas, TheIFTSTSUB31360...ZF...CENTRAL BANK RATE9.009.009.009.007.507.507.507.507.507.007.007.007.006.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.505.755.755.755.755.755.755.755.755.755.755.755.755.755.755.755.755.755.755.75

Percent per AnnumNoneBulgariaIFTSTSUB91860...ZF...BANK RATE (END OF PERIOD)45.0052.0054.0054.0054.0054.0041.0041.0051.0048.0044.0052.0062.0062.0072.0072.0072.0048.0034.0034.0049.00108.00300.00180.00216.0010.126.036.655.325.205.085.084.794.754.504.463.564.054.014.634.154.474.764.654.433.713.753.312.562.522.592.83

Percent per AnnumNoneChina,P.R.:Hong KongIFTSTSUB53260...ZF...DISCOUNT RATEn.a.n.a.n.a.n.a.n.a.4.504.004.004.004.004.004.004.004.505.005.756.256.256.256.256.006.006.006.006.256.256.257.007.007.006.886.256.256.256.757.007.508.008.008.006.505.254.503.253.253.253.252.752.752.502.502.50

Percent per AnnumNoneUnited StatesIFTSTSUB11160...ZF...DISCOUNT RATE (END OF PERIOD)6.005.505.003.503.503.503.003.003.003.003.003.003.003.504.004.755.255.255.255.255.005.005.005.005.005.005.005.005.005.005.004.504.504.504.755.005.506.006.006.004.503.252.501.251.251.251.250.752.252.202.002.00

Percent per AnnumNoneArgentinaIFTSTSUB21360B..ZF...MONEY MARKET RATE224.3122.5321.8616.6412.6710.5813.5523.637.155.556.526.005.048.307.609.6815.198.966.846.855.575.457.316.585.895.816.418.436.696.057.237.286.806.146.468.577.046.977.4711.1111.9110.5626.7050.4235.6967.8551.1610.706.834.811.751.57

Percent per AnnumNoneBulgariaIFTSTSUB91860B..ZF...INTERBANK RATE33.3449.4454.3857.5359.3458.9547.6443.6346.9850.1245.4849.6858.8064.8067.1275.0175.6260.0239.6437.0744.2288.47134.06212.78196.1565.532.291.742.052.302.762.782.822.893.142.861.843.513.303.422.033.814.524.591.243.393.461.781.052.701.912.15

Percent per AnnumNoneChina,P.R.:Hong KongIFTSTSUB53260B..ZF...MONEY MARKET RATEn.a.n.a.n.a.4.63n.a.n.a.n.a.3.81n.a.n.a.n.a.4.003.884.504.885.446.005.696.066.005.635.635.635.136.005.697.134.504.386.136.005.505.635.944.505.755.815.256.137.135.563.943.382.692.061.751.811.501.251.130.530.07

Percent per AnnumNoneMalaysiaIFTSTSUB54860B..ZF...INTERBANK OVERNIGHT MONEY6.596.887.417.717.937.967.857.937.657.306.946.524.054.064.054.645.025.475.636.286.886.826.917.077.048.197.807.419.619.978.345.925.263.142.562.572.562.532.742.812.822.802.782.782.722.722.732.762.772.762.732.71

Percent per AnnumNoneUnited StatesIFTSTSUB11160B..ZF...FEDERAL FUNDS RATE6.435.865.644.824.023.773.263.043.043.003.062.993.213.944.495.175.816.025.805.725.365.245.315.285.285.525.535.515.525.505.534.864.734.755.095.315.686.276.526.475.594.333.502.131.731.751.741.441.251.251.021.00

Percent per AnnumNoneBahamas, TheIFTSTSUB31360C..ZF...TREASURY BILL RATE6.796.986.056.145.835.245.005.234.674.763.502.912.552.061.241.661.842.493.324.384.774.594.204.254.314.394.244.454.304.163.683.242.842.661.460.930.961.200.901.071.421.802.002.552.632.962.372.021.892.021.741.45

Percent per AnnumNoneBulgariaIFTSTSUB91860C..ZF...TREASURY BILL RATE32.1147.6252.3755.4157.1552.3440.7242.2145.0946.7842.0947.8352.6456.8557.1964.2166.3854.2536.5835.8742.7874.38112.41227.68217.3581.157.917.006.725.865.835.695.945.155.505.124.473.873.954.564.364.494.714.754.714.014.093.902.903.102.562.68

Percent per AnnumNoneChina,P.R.:Hong KongIFTSTSUB53260C..ZF...TREASURY BILL RATEn.a.n.a.n.a.n.a.n.a.n.a.n.a.3.83n.a.n.a.n.a.3.173.734.294.425.665.425.495.745.555.095.245.194.455.215.676.627.506.039.267.515.045.395.365.434.945.726.216.015.694.643.452.201.691.991.601.651.351.070.810.53-0.08

Percent per AnnumNoneMalaysiaIFTSTSUB54860C..ZF...TREASURY BILL 3 MONTHS6.827.067.507.717.697.967.717.287.166.896.385.493.073.513.984.175.035.415.566.026.286.326.546.516.296.436.206.705.958.886.935.705.433.102.842.732.752.762.992.952.852.812.792.722.732.722.732.752.802.782.802.77

Percent per AnnumNoneUnited StatesIFTSTSUB11160C..ZF...TREASURY BILL RATE6.055.595.414.583.913.723.133.082.992.983.023.083.254.044.515.285.785.625.385.274.955.045.144.975.065.075.065.095.085.014.884.314.424.464.705.065.545.786.016.044.903.683.271.951.731.721.651.351.151.050.930.92

National CurrencyMillionsArgentinaIFTSTSUB21331N..ZF...FOREIGN ASSETS (NET)-8897.00-7946.00-7074.00-6145.00-5351.00-4767.00899.002537.002214.004208.006485.007877.006212.545516.474474.686415.84-1176.30-318.88-24.602510.494448.185792.825411.157643.149476.0613108.5611417.2913623.0014134.0816256.1815384.8916261.6516619.5217444.9717143.7515020.6617062.2020581.2917676.4615609.9110196.926729.70-46.83-7778.32-28128.98-53019.05-51621.73-43622.23-37574.26-30966.36-28304.56-21669.34

National CurrencyMillionsBahamas, TheIFTSTSUB31331N..ZF...FOREIGN ASSETS (NET)-1457.88-1332.34-1641.74-1840.99-1572.97-1755.71-1783.20-1488.37-1420.86-211.01-566.05-107.32-129.27-197.35-223.83-231.28-347.65-171.09-301.78-226.60-188.41-146.58-212.70-248.21-356.23-221.37-267.52-132.61-277.47-213.76-559.02-384.98-186.90-243.0534.18-40.8182.6121.76185.41-354.56102.2836.06-38.66-154.45-76.37-67.80-167.91-91.9146.2262.96243.40-128.80

National CurrencyMillionsBulgariaIFTSTSUB91831N..ZF...FOREIGN ASSETS (NET)n.a.n.a.n.a.-206.67-214.90-230.46-235.57-242.03-267.85-271.14-298.12-340.06-701.16-580.33-668.91-106.10-114.66-84.72-39.6891.0762.1680.12134.04274.661275.103673.784712.095244.915746.965902.275332.545637.785385.505415.905833.746565.066757.337083.687762.718197.718234.538513.338316.049452.288897.208891.019611.249880.579602.469945.3510263.2410048.91

National CurrencyBillionsChina,P.R.:Hong KongIFTSTSUB53231N..ZF...FOREIGN ASSETS (NET)n.a.n.a.n.a.482.77n.a.n.a.n.a.535.47n.a.n.a.n.a.608.86n.a.n.a.n.a.546.96n.a.593.45n.a.648.53n.a.640.64n.a.686.14621.90578.59551.38575.54675.51722.22824.781089.321164.491263.501345.951498.761536.991620.851648.471807.701789.961826.511866.071878.521860.541943.831916.431998.372003.202076.702134.162212.64

National CurrencyMillionsMalaysiaIFTSTSUB54831N..ZF...FOREIGN ASSETS (NET)26182.0326257.7424189.7024192.2828555.1428443.3029998.2933773.3738705.6941359.2341311.3355439.6366757.0262863.9672662.3561711.8456163.8860428.6458964.3058210.1959999.2456157.5354190.9553312.6651134.3845939.1838236.4535706.0643295.9849231.9274416.0985579.2789882.33103107.85108710.29114299.26123367.85122010.13122289.18115894.68113591.11113620.71124653.00121030.19126107.23129539.58127197.36127734.50126758.58129464.76141191.29158136.56

US DollarsBillionsUnited StatesIFTSTSUB11131N..ZF...FOREIGN ASSETS (NET)16.0932.6318.0918.0018.203.90-21.17-29.84-36.15-45.61-77.44-94.40-128.19-155.37-162.80-182.64-163.05-150.07-145.83-166.09-145.95-140.39-126.71-127.48-113.53-105.90-112.17-137.60-102.68-117.39-117.08-100.16-83.20-102.63-100.65-117.97-27.70-80.76-97.78-79.5411.038.376.4717.3642.3172.2857.855.499.2122.9931.11-43.88

Index NumberNoneBahamas, TheIFTSTSUB313..RECZF...REER BASED ON REL.CP90.6594.3794.8494.2095.1797.2794.5196.8497.5497.3697.9198.0096.8495.1592.8192.1291.9590.0491.0291.1491.8391.9791.2691.0492.7393.3993.9193.8895.2895.7796.0293.8396.7698.3397.8797.5198.6599.87100.32101.16101.15102.86103.41103.25104.44103.47101.74101.65100.5299.8599.6997.11

Index NumberNoneBulgariaIFTSTSUB918..RECZF...REER BASED ON REL.CPn.a.n.a.n.a.n.a.38.5947.7552.2962.5368.2075.7981.8379.9167.5166.7469.2772.6277.7678.2579.0982.2882.3666.4361.1263.3162.6687.8586.0991.5193.0992.6691.5297.3698.7495.1798.15100.12102.0197.9599.29100.75104.89103.18104.34106.90108.50108.67109.64111.20114.88115.28113.54118.85

Index NumberNoneMalaysiaIFTSTSUB548..RECZF...REER BASED ON REL.CP110.32113.60112.26109.94115.14120.64119.54121.56119.80119.23120.96121.84114.72116.57116.53116.17114.95114.68117.48117.54119.00121.48122.51122.03129.16129.13119.8699.5792.6197.3694.3995.0996.9298.9998.0596.3897.3999.31100.53102.77103.08106.44105.54106.88109.00106.63103.33103.6499.0798.1397.5893.92

Index NumberNoneUnited StatesIFTSTSUB111..RECZF...REER BASED ON REL.CP81.0584.8384.4881.3781.4381.6078.7582.4984.6382.6083.5184.5885.0684.0781.6280.9181.9977.7879.5981.2182.8183.5383.5184.3088.0188.6889.8292.2996.0996.5798.2593.3194.5396.6896.0394.6896.3699.05100.66103.93104.91108.41107.84108.55110.69107.73104.34105.45101.8798.2298.4094.08

National Currency per US DollarNoneArgentinaIFTSTSUB213..AE.ZF...OFFICIAL RATE0.961.000.991.000.990.990.990.991.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.002.953.753.693.322.932.752.872.91

National Currency per US DollarNoneBahamas, TheIFTSTSUB313..AE.ZF...PRINCIPAL RATE1.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00

National Currency per US DollarNoneBulgariaIFTSTSUB918..AE.ZF...MARKET RATE0.020.020.020.020.020.020.020.020.030.030.030.030.060.050.060.070.070.070.070.070.080.160.230.491.591.721.761.781.831.811.671.681.821.891.831.952.052.052.232.102.212.312.142.222.241.961.981.891.801.651.681.55

National Currency per US DollarNoneChina,P.R.:Hong KongIFTSTSUB532..AE.ZF...MARKET RATE7.797.767.757.787.747.737.727.747.737.757.747.737.737.737.737.747.737.747.737.737.737.747.737.747.757.757.747.757.757.747.757.757.757.767.777.777.797.797.807.807.807.807.807.807.807.807.807.807.807.807.747.76

National Currency per US DollarNoneMalaysiaIFTSTSUB548..AE.ZF...OFFICIAL RATE2.772.782.742.722.592.512.502.612.592.582.552.702.672.602.572.562.542.442.512.542.542.502.512.532.482.523.193.893.654.173.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.803.80

National Currency per US DollarNoneUnited StatesIFTSTSUB111..AE.ZF...MARKET RATE1.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00

National CurrencyMillionsBahamas, TheGFTSTSUB31388Z.HZG...I TOTAL DEBT (II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBulgariaGFTSTSUB91888Z.HZG...I TOTAL DEBT (II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesGFTSTSUB11188Z.HZG...I TOTAL DEBT (II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsArgentinaGFTSTSUB21380H.HZG...n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBahamas, TheGFTSTSUB31380H.HZG...I TOTAL FINANCING(II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBulgariaGFTSTSUB91880H.HZG...I TOTAL FINANCING(II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsMalaysiaGFTSTSUB54880H.HZG...I TOTAL FINANCING(II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesGFTSTSUB11180H.HZG...I TOTAL FINANCING(II+III)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsArgentinaGFTSTSUB21380..HZG...n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBahamas, TheGFTSTSUB31380..HZG...11 OVERALL DEFICIT/SURP.(1-6)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsBulgariaGFTSTSUB91880..HZG...11 OVERALL DEFICIT/SURP.(1-6)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

National CurrencyMillionsMalaysiaGFTSTSUB54880..HZG...11 OVERALL DEFICIT/SURP.(1-6)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

US DollarsBillionsUnited StatesGFTSTSUB11180..HZG...11 OVERALL DEFICIT/SURP.(1-6)n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

4ArgentinaWEOW213NGDP_RGross domestic product, constant pricesn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.54.0960.4760.6661.2858.2464.3763.3764.3459.5062.0260.5561.1259.1465.1965.5466.7664.1070.4571.0271.8868.2175.1573.3971.4566.2671.6069.6270.8966.1471.3269.1969.5264.8071.2065.7862.2254.2161.5859.3560.0957.1566.3565.3867.14

4China,P.R.:Hong KongWEOW532NGDP_RGross domestic product, constant prices213064.54216899.71219719.40223894.07226356.91231110.40235270.39237858.36240474.80245284.30250680.55252435.32255969.41259041.05262149.54266081.78270339.09270609.43269526.99274108.95277124.15280449.64284375.93288925.95292681.99299120.99301214.84296395.40285725.16284010.81281170.71280889.53278642.42289788.12294424.72306790.56319062.19318424.06324155.69327073.10325110.66324460.44323811.52322192.46321548.07327335.94334209.99337217.88334857.36326151.07348329.34353554.28

4MalaysiaWEOW548NGDP_RGross domestic product, constant prices26.9627.4430.5431.1629.6130.4032.8333.5731.9934.2336.4536.2634.5736.8439.9140.3938.3041.3943.0443.8942.8044.9547.3048.2446.0648.7150.7351.2145.3645.8345.5745.4844.9148.0249.7150.7850.1552.1253.9154.3751.6152.2553.2754.1052.1254.3756.3557.1554.5456.8759.3260.94

4United StatesWEOW111NGDP_RGross domestic product, constant prices7040.807086.507120.707154.107228.207297.907369.507450.707459.707497.507536.007637.407715.107815.707859.507951.607973.707988.008053.108112.008169.208303.108372.708470.608536.108665.808773.708838.408936.208995.309098.909237.109315.509392.609502.209671.109695.609847.909836.609887.709875.609905.909871.109910.009993.5010052.6010117.3010135.9010184.4010287.4010472.8010580.70

ArgentinaWEOW213NGDP

China,P.R.:Hong KongWEOW532NGDP

MalaysiaWEOW548NGDP

United StatesWEOW111NGDP






































Advantages of flexible ER Monetary Policy independence (discretionary policy)Automatic adjustment to trade shocks

Monetary Policy Under Floating ER with Perfect Capital MobilityUnder flexible ER, monetary policy is very effective in stimulating output (on the other hand, fiscal stimulus leads to appreciation and loss of competitiveness)Think Short x Long run though (and the role of expectations)Interestrate, i01Y1Y0i1i0BPLMISPerfect capital mobilityOutput, Y 2Y2

Real Shocks Absorbed (and offset) Under Floating ERReal adverse shock (like a fall in external demand) would lower output and interest rates, leading to a depreciation and output recovery due to higher exports and lower imports10Y0Y1i1i0BPLMISPerfect capital mobilityInterestrate, iOutput, Y

Disadvantages of flexible ER Exchange rate uncertainty Need to find a less obvious anchor=> Consequences for inflationDanger of speculative (irrational?) bubbles

Irrational Bubble?Brazil: Daily Exchange Rate in 2001

Macroeconomic Stability: Exchange Rate Arrangements or Policy Discipline?The accession countries maintain a wide diversity of exchange rate regimes, from a currency board arrangement (Estonia) to floating regimes (Poland and the Czech Republic). Hungary's system, a preannounced crawling peg, had a band of 2.25 percent on either side until May 2004.

Estonia has come close to achieving the EU inflation level with its currency board, as has the Czech Republic with its floating regime. Poland has followed approximately the same path of disinflation with a wide-band crawling peg, and Hungary with a narrow-band crawling peg

Macroeconomic Stability: Exchange Rate Arrangements or Policy Discipline?

What have countries done in the 1990s? 16%(25)42%(77)23%(36)34%(63)62%(98)24%(45)Source: Fischer (2001)

The bipolar viewThe intermediate ER regimes are no longer feasible (Summers 1999, Eichengree 1999, Fisher 2001)

The # of independent currencies in the world is declining.

Lack of theoretical foundation

Lessons from soft pegs Long-lived (adjustable) pegs are the exception, not the rule.Exits are often involuntary, the result of a speculative attack.Greater international capital mobility has increased the likelihood of speculative attacks.Pegs can only be maintained if the authorities are prepared to subordinate all other economic policy goals to the exchange rate commitment, otherwise exit is inevitable.

Source: Bubula and Otker-Robe (2004)

Choice of ER regimeCriteria (old and new):Structural characteristics of economyNature of shocks to which economy is exposedObjective function of national authoritiesOther considerations

(1) Structural characteristicsWhat makes a country more suited for fixed rather than flexible ER? (OCA criteria)Size and openness Labor mobilityWage and price flexibilityFiscal redistribution mechanismsDiversity in production Financial development

(2) Nature of shocks Nominal or real? Domestic or external?Temporary or permanent?Symmetric or asymmetric?

With or without capital mobility?

(3) Objective function Real output stabilityBOP, competitivenessPrice stability, inflationPolitical objectives e.g. desire for integration

(4) Other considerations Credibility of monetary policyNeed of inflation taxAdequacy of reservesStrength and regulation of financial systemRule of law

Who might be suited to a hard peg?Small open economies whose trade is dominated by a single low-inflation partner Symmetric real shocks Flexible labor market and/or migrationAccess to fiscal policy as a counter-cyclical toolCountries with low credibility of domestic monetary policy and a high degree of currency substitutionImportant to have a healthy financial sector and/or access to external credit lines

Who might be suited to floating?

Economies that are affected by mostly idiosyncratic macroeconomic shocks and have relatively inflexible labor markets

Countries with an independent central bank that is credible and able to implement counter-cyclical monetary policy

Countries with well-developed capital markets

Who might be suited to an intermediate regime?Countries that perceive official ER announcements to have large benefits and low costs BUT

are vulnerable to asymmetric shocks that are best addressed by monetary policy

Evidence on Exchange Rate Regimes

ER regimes and inflationSample of developing countries (Annual percentage change, median of group)Source: WEO (Oct. 1997)

Do hard pegs lower inflation?Source: Ghosh et al (1997).

Do hard pegs induce greater fiscal discipline?Inflation (% per year, log scale)Fiscal deficit (% of GDP)Public debt (% of GDP)Source: IMF, WEOArgentina

Does ER variability discourage trade?

Do currency unions encourage trade?Source: Rose (2004)Partial effect of CU on trade, all else constantMost estimates are positive,... economically large, and statistically s

Exchange Rate Regimes

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