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The distortionary effects of sterilised reserve accumulation on domestic credit markets : evidence from Uganda

Apaa Okello, Jimmy; Mkenda, Beatrice Kalinda; Luvanda, Eliab - In: Central Bank review / Central Bank of the Republic of Turkey 19 (2019) 3, pp. 93-105

Some small open Least Income Countries embarked on rapid accumulation of foreign reserves in the wake of volatile capital inflows. Foreign reserve accumulation is one way of managing volatile capital flows. However, rapid and persistent accumulation is not only costly, but potentially distort...

Persistent link: https://www.econbiz.de/10012131527

Mitigating Turkey's trilemma trade-offs

Cortuk, Orcan; Akcelik, Yasin; Turhan, İbrahim - Volkswirtschaftliche Fakultät, … - 2012

We study the trilemma conguration of the Turkish economy for the period between 2002 and 2012. The paper starts by … empirically testing the Mundell-Fleming theoretical concept of an \impossible trinity" (trilemma) for Turkey, following Aizenman …, Chinn and Ito (ACI, 2008). This includes calculating the trilemma indices and regressing them on a constant. We show that …

Persistent link: https://www.econbiz.de/10011260878

The distortionary effects of sterilised reserve accumulation on domestic credit markets: Evidence from Uganda

ApaaOkello, Jimmy; Mkenda, Beatrice K.; Luvanda, Eliab - In: Central Bank Review (CBR) 19 (2019) 3, pp. 93-105

Persistent link: https://www.econbiz.de/10012217584

The Self-Insurance Role of International Reserves and the 2008-2010 Crisis

Silva Jr., Antonio F. A. - 2020

There is no standard rule for the definition of an “optimal level” of international reserves and several assumptions underlie the rationale behind holding reserves. There are various theoretical approaches, but no standard for the evaluation of the performance of “optimal level” models,...

Persistent link: https://www.econbiz.de/10012857373

International Reserves for Emerging Economies : A Liquidity Approach

Jung, Kuk Mo - 2016

The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We suggest that a dynamic general equilibrium...

Persistent link: https://www.econbiz.de/10012991532

International Reserve Accumulation in Emerging Economies

de Gregorio, Jose - 2012

This document analyzes the rationality of keeping international reserves, which are used as a type of insurance in the event of external financing problems and to mediate in the type of exchange rate. Here it is argued that it is not possible to separate both objectives. This explains why the...

Persistent link: https://www.econbiz.de/10013103284

International Reserves for Emerging Economies: A Liquidity Approach.

Jung, Kuk Mo; Pyun, Ju Hyun - Volkswirtschaftliche Fakultät, … - 2015

The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium...

Persistent link: https://www.econbiz.de/10011275137

Monetary policy independence under a flexible exchange rate regime : the Indian case

Grewal, Harpreet Singh; Trivedi, Pushpa L. - 2022

Persistent link: https://www.econbiz.de/10013402160

The emerging global financial architecture: Tracing and evaluating the new patterns of the Trilemma's configurations

Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009

countries make with respect to the trilemma: exchange rate stability, monetary independence, and capital account openness, we … investigate the normative questions pertaining to the trilemma, that is, how the policy choices among the three trilemma policies …

Persistent link: https://www.econbiz.de/10010287751

Assessing the emerging global financial architecture: Measuring the trilemma's configurations over time

Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009

We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma … international reserve accumulation. The evolution of our trilemma indexes illustrates that, after the early 1990s, industrialized … trilemma variable should be traded-off with a drop of the weighted sum of the other two. The second part of the paper deals …

Persistent link: https://www.econbiz.de/10010287768