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Persistent link: https://www.econbiz.de/10001728852
nine central banks that includes the members of the Consultative Council of the Americas (CCA) except the US Federal … whether they continue to be fit for purpose in the face of rapidly changing economic and financial conditions. Central banks … were asked to answer two questionnaires. The initial one asked central banks to report on the main drivers of swings in …
Persistent link: https://www.econbiz.de/10012517920
This paper examines the behaviour of the Canadian dollar from 1997 to 1999 to see if there is any evidence of excess volatility or significant overshooting. A small econometric model of the exchange rate, based on market fundamentals, is presented and used to make tentative judgments about the...
Persistent link: https://www.econbiz.de/10005162368
Our contribution in this paper is threefold. First, we survey the empirical literature on consumption smoothing mechanisms of regional economic shocks. Second, building on the work of Asdrubali et al. (1996), we present evidence on the role played by various smoothing mechanisms for specific...
Persistent link: https://www.econbiz.de/10005536894
Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also the first major member to challenge the orthodoxy of the BrettonWoods par value system by abandoning it in 1950 in favour of a floating, market-determined exchange rate....
Persistent link: https://www.econbiz.de/10005673248
Persistent link: https://www.econbiz.de/10005673376
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged...
Persistent link: https://www.econbiz.de/10005220950
Persistent link: https://www.econbiz.de/10005220960
In emerging-market economies, real exchange rate adjustment is critical for maintaining a sustainable current account position and thereby for helping to reduce macroeconomic and financial instability. The authors examine empirically two related hypotheses: (i) that real exchange rate...
Persistent link: https://www.econbiz.de/10009323066