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We investigate the motives inflation-targeting central banks in emerging markets may have for intervening in foreign exchange markets and evaluate the case for such interventions based on the existing literature. Our findings suggest that the rationale for interventions depends on initial...
Persistent link: https://www.econbiz.de/10012170095
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...
Persistent link: https://www.econbiz.de/10012418076
Persistent link: https://www.econbiz.de/10011660871
Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries'' fiscal policies and the likelihood of costly debt crises. Investor attitude surveys suggest that pricing difficulties are seen as a considerable obstacle. In an effort to reduce such...
Persistent link: https://www.econbiz.de/10014401972
This paper considers the long-run evolution of the world economy in a model where countries'' opportunities to develop depend on their trade with advanced economies. As developing countries become advanced, they further improve trade opportunities for the remaining developing countries. Whether...
Persistent link: https://www.econbiz.de/10014404231