{
  "title": "Exchange Rate Regime Considerations for Jordan and Lebanon",
  "publication": "IMF Working Papers, June 1, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/exchange-rate-regime-considerations-for-jordan-and-lebanon-16568",
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  "summary": "This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Addresses appropriate exchange rate regimes for Jordan and Lebanon within the literature on optimum currency areas and the use of the exchange rate as a nominal anchor.\n- Presents empirical results on:\n  - the nature of output shocks in Jordan and Lebanon in the recent past,\n  - the price sensitivity of exports from Jordan,\n  - currency and asset substitution in both countries.\n- Explicit exclusions:\n  - Does not address whether the current exchange rate in either country is overvalued or not.\n  - Does not discuss an appropriate exit strategy from the current peg."
    },
    {
      "heading": "Empirical analysis and findings (as presented)",
      "content": "- Nature of output shocks:\n  - Empirical results are presented on the types and properties of output shocks affecting Jordan and Lebanon in the recent past.\n- Price sensitivity of Jordanian exports:\n  - Empirical results are presented on the price sensitivity of exports from Jordan.\n- Currency and asset substitution:\n  - Empirical results are presented on currency and asset substitution in both Jordan and Lebanon."
    },
    {
      "heading": "Theoretical and policy context",
      "content": "- Frameworks and concepts used:\n  - Optimum currency areas.\n  - Exchange rate as a nominal anchor for the economy.\n- Policy questions considered:\n  - Appropriate exchange rate arrangements and flexibility for Jordan and Lebanon.\n  - Implications of empirical findings for exchange rate regime choice.\n- Policy questions explicitly not covered:\n  - Overvaluation status of current exchange rates.\n  - Exit strategies from existing pegs.\n\n---\n\n Content in this bundle\n\n- Exchange Rate Regime considerations for Jordan and Lebanon - WP/03/137\n  - Exchange Rate Regime considerations for Jordan and Lebanon - WP/03/137 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Exchange Rate Regime considerations for Jordan and Lebanon - WP/03/137 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/exchange-rate-regime-considerations-for-jordan-and-lebanon-16568"
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    "Authors: Rina Bhattacharya",
    "Published: June 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451855937.001",
    "Addresses appropriate exchange rate regimes for Jordan and Lebanon within the literature on optimum currency areas and the use of the exchange rate as a nominal anchor.",
    "Presents empirical results on:",
    "Explicit exclusions:",
    "Nature of output shocks:",
    "Price sensitivity of Jordanian exports:",
    "Currency and asset substitution:",
    "Frameworks and concepts used:",
    "Policy questions considered:",
    "Policy questions explicitly not covered:",
    "**Exchange Rate Regime considerations for Jordan and Lebanon - WP/03/137**"
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