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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
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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
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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
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/10012217584
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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
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Policymaking from a 'Macroprudential' Perspective in Emerging Market Economies
Moreno, Ramon - 2013
Recurrent capital inflows pose important challenges for authorities in emerging market economies seeking to preserve financial stability. Raising interest rates to dampen imbalances that could arise from capital flows can also attract more capital inflows and accentuate appreciation pressures....
Persistent link: https://www.econbiz.de/10013092853
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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
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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
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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
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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
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Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011
Using the trilemma indexes developed by Aizenman et al. (2010) that measure the extent of achievement in each of the … three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …
Persistent link: https://www.econbiz.de/10010331079