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Monetary Policy in an Equilibrium Portfolio Balance Model
Kumhof, Michael; Nieuwerburgh, Stijn van - International Monetary Fund (IMF) - 2007
Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper shows that when fiscal policy is not sufficiently flexible in response to spending...
Persistent link: https://www.econbiz.de/10005248240
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External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule
Ostry, Jonathan David; Montiel, Peter - International Monetary Fund (IMF) - 1992
This paper shows that the response of inflation to external shocks is very different when the authorities target the … would have no effect on the steady-state inflation rate under a fixed exchange rate are either inflationary or deflationary …
Persistent link: https://www.econbiz.de/10005248257
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Currency Substitution; The Recent Experience of Bolivia
Clements, Benedict J.; Schwartz, Gerd - International Monetary Fund (IMF) - 1992
currency substitution process. Thus, further reductions in inflation or higher interest rates for boliviano bank deposits are …
Persistent link: https://www.econbiz.de/10005263665
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The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002
Jin, Zhongxia - International Monetary Fund (IMF) - 2003
Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that...
Persistent link: https://www.econbiz.de/10005263720
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of … the Central Bank's intervention in stemming domestic currency appreciation under an inflation targeting regime. The … slowing down domestic currency appreciation, as large-scale intervention became incompatible with meeting the inflation target …
Persistent link: https://www.econbiz.de/10005263872
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Exchange Rate Misalignment; An Application of the Behavioral Equilibrium Exchange Rate (Beer) to Botswana
Iimi, Atsushi - International Monetary Fund (IMF) - 2006
Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes...
Persistent link: https://www.econbiz.de/10005263904
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Economic Resilience with An Exchange Rate Peg; The Barbados Experience, 1985-2000
Craigwell, Roland; Greenidge, Kevin; Codrington, Harold; … - International Monetary Fund (IMF) - 2003
This paper discusses the institutional arrangements for exchange rate targeting in Barbados and the critical role they played in the policy response to its balance of payments crisis of 1991-92. The framework featured ongoing cooperation between the central bank and the Ministry of Finance, and...
Persistent link: https://www.econbiz.de/10005263940
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The Empirics of Foreign Exchange Intervention in Emerging Markets; The Cases of Mexico and Turkey
Karacadag, Cem; Guimarães, Roberto Pereira - International Monetary Fund (IMF) - 2004
This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey, two emerging countries that have floating exchange rate regimes. The paper finds mixed evidence on the effectiveness of intervention. In Mexico, foreign exchange sales have a...
Persistent link: https://www.econbiz.de/10005264020
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Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies
McCallum, Bennett T. - International Monetary Fund (IMF) - 1992
Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies, it has become standard...
Persistent link: https://www.econbiz.de/10005264022
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The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies
Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000
We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information content of various monetary aggregates in developing countries. We conclude that a high degree of currency substitution argues for a more fixed exchange rate regime, while...
Persistent link: https://www.econbiz.de/10005264031