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Central Bank Foreign Exchange Market Intervention and Option Contract Specification; The Case of Colombia
Mandeng, Ousmène - International Monetary Fund (IMF) - 2003
intervention. Option contract specifications determine the impact of options on the underlying asset or currency, and hence their …-based intervention. The paper reviews the experience of the systematic option-based foreign exchange market intervention of the Central …
Persistent link: https://www.econbiz.de/10005825716
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Official Intervention in the Foreign Exchange Market; Elements of Best Practice
Kriljenko, Jorge Iván Canales; Karacadag, Cem; … - International Monetary Fund (IMF) - 2003
This paper offers guidance on the operational aspects of official intervention in the foreign exchange market … counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and … disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention …
Persistent link: https://www.econbiz.de/10005826478
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From Fixed to Float; Operational Aspects of Moving towards Exchange Rate Flexibility
Fernandez, Gilda; Karacadag, Cem; Duttagupta, Rupa - International Monetary Fund (IMF) - 2004
market, formulating intervention policies consistent with the new regime, establishing an alternative nominal anchor in the …
Persistent link: https://www.econbiz.de/10005826173
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Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
Benes, Jaromir; Berg, Andrew; Portillo, Rafael A; … - International Monetary Fund (IMF) - 2013
We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, we develop an open economy new-Keynesian model featuring...
Persistent link: https://www.econbiz.de/10011123860
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Monetary Policy Transmission in the GCC Countries
Prasad, Ananthakrishnan; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2012
The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates to retail rates is on the low side, reflecting the...
Persistent link: https://www.econbiz.de/10010878414
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
International Monetary Fund (IMF); International … - 2012
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...
Persistent link: https://www.econbiz.de/10010878415
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A New Taxonomy of Monetary Regimes
Bhundia, Ashok; Stone, Mark R. - International Monetary Fund (IMF) - 2004
This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability...
Persistent link: https://www.econbiz.de/10005248145
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Inflation Performance and Constitutional Central Bank Independence; Evidence From Latin America and the Caribbean
Gutierrez, Eva - International Monetary Fund (IMF) - 2003
This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in...
Persistent link: https://www.econbiz.de/10005248207
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The Bank Lending Channel of Monetary Transmission; Does it Work in Turkey?
Brooks, Petya Koeva - International Monetary Fund (IMF) - 2007
Does the bank lending channel of monetary transmission work in Turkey? Using the May- June 2006 financial turbulence as an exogenous shock that prompted a significant tightening of monetary policy, this paper examines the loan supply response of Turkey's banks, depending on their balance sheet...
Persistent link: https://www.econbiz.de/10005248226
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Endogenous Monetary Policy Credibility in a Small Macro Model of Israel
Argov, Eyal; Rose, David; Karam, Philippe D; Epstein, … - International Monetary Fund (IMF) - 2007
This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility. We find that the dynamic responses to shocks in the extended model more closely...
Persistent link: https://www.econbiz.de/10005248242