Similar Search Results

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

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

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

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

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

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

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

Optimal and Sustainable Exchange Rate Regimes; A Simple Game-Theoretic Approach

Kawai, Masahiro - International Monetary Fund (IMF) - 1992

This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy...

Persistent link: https://www.econbiz.de/10005264066

Credit Cyclicality in Chile; A Cross-Country Perspective

Söderling, Ludvig - International Monetary Fund (IMF) - 2008

This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global liquidity, and global risk appetite. The paper uses both country-specific VARs for...

Persistent link: https://www.econbiz.de/10005264093

Setting the Stage for a National Currency in the West Bank and Gaza; The Choice of Exchange Rate Regime

Kandil, Magda E.; Beidas, S. - International Monetary Fund (IMF) - 2005

This paper sheds light on the quantitative behavioral responses of key economic variables in the Palestinian economy in the face of major economic shocks and draws implications for the choice of an exchange rate regime should a decision be taken to introduce a national currency. Time-series...

Persistent link: https://www.econbiz.de/10005264100

1
2
3
4
5
6
7
8
9
10
Next
Last