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Commodity Prices and Exchange Rate Volatility : Lessons from South Africa's Capital Account Liberalization
Arezki, Rabah - 2012
We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way...
Persistent link: https://www.econbiz.de/10013098635
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Liquidity Management Under Fixed Exchange Rate with Open Capital Account
El Hamiani Khatat, Mariam - 2019
This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...
Persistent link: https://www.econbiz.de/10012888769
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Recognizing Reality-Unification of Official and Parallel Market Exchange Rates
Gray, Simon - 2021
to use a market clearing rate benefits economic activity without necessarily leading to more inflation. But a unified …
Persistent link: https://www.econbiz.de/10013243060
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Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?
Nier, Erlend; Olafsson, Thorvardur Tjoervi; Rollinson, … - 2021
This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic panel regressions show that an appreciation of the local exchange rate is...
Persistent link: https://www.econbiz.de/10013315105
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Monetary Policy Under an Exchange Rate Anchor
El Hamiani Khatat, Mariam; Buessings-Loercks, Mark; … - 2021
while the policy rate can target the exchange rate. An exchange rate anchor is compatible with an inflation objective …
Persistent link: https://www.econbiz.de/10013315111
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Tunisia Monetary Policy Since the Arab Spring : The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting
End, Nicolas; El Hamiani Khatat, Mariam; Kolsi, Rym - 2021
In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting … reserves, current account deficit, and inflation differentials with main trading partners. The Central Bank of Tunisia has … already made important progress toward inflation targeting. The paper evidences the existence of increasingly effective …
Persistent link: https://www.econbiz.de/10013315123
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Exchange Rate Elasticities of International Tourism and the Role of Dominant Currency Pricing
Ding, Ding; Timmer, Yannick - 2022
We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-à-vis the US dollar is also an important driver of tourism flows and pricing. The...
Persistent link: https://www.econbiz.de/10013295114
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U.S. Dollar Currency Premium in Corporate Bonds
Caramichael, John; Gopinath, Gita; Liao, Gordon - 2022
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates...
Persistent link: https://www.econbiz.de/10013306776
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Export Performance and External Competitiveness in the Former Yugoslav Republic of Macedonia
Gutiérrez, Eva - 2007
This paper reviews a broad set of indicators of competitiveness in the Macedonian economy and estimates the equilibrium real effective exchange rate (REER) using different methodologies. Although the REER is broadly in equilibrium at present, structural factors are found to hamper...
Persistent link: https://www.econbiz.de/10012777968
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Analyzing Capital Flow Drivers Using the ‘At-Risk’ Framework : South Africa's Case
Goel, Rohit; Miyajima, Ken - 2022
Cross-border capital flows are important for South Africa. They fund the nation’s relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the...
Persistent link: https://www.econbiz.de/10013300531