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The Credibility of Nordic Exchange Rate Bands : 1987-1991

Geadah, Sami - 1992

be rejected from 1989 for Norway and as of 1990 for Denmark. The credibility of Sweden’s band within a one-year horizon …

Persistent link: https://www.econbiz.de/10014398741

Is the Exchange Rate a Shock Absorber? : The Case of Sweden

Thomas, Alun H. - 1997

determinants of movements in Sweden’s real exchange rate. It finds that, while (supply and demand) shocks account for over 60 … account for a higher fraction of these real shocks in Sweden than in those core countries. If real demand shocks result from … controllable macroeconomic policies, the cost of relinquishing the exchange rate is no higher, and may be lower, for Sweden than …

Persistent link: https://www.econbiz.de/10014403334

Explicit and Implicit Targets in Open Economies

Sgherri, Silvia - 2005

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically whether real exchange rate disequilibria systematically...

Persistent link: https://www.econbiz.de/10014404206

Stress testing corporate balance sheets in emerging economies

Chow, Julian T. S. - 2015

In recent years, firms in emerging market countries have increased borrowing, particularly in foreign currency, owing to easy access to global capital markets, prolonged low interest rates and good investment opportunities. This paper discusses the trends in emerging market corporate debt and...

Persistent link: https://www.econbiz.de/10011408290

Operational Issues Related to the Functioning of Interbank Foreign Exchange Markets in Selected African Countries

Lum, Yin-Fun - 1994

This paper discusses the main operational issues involved in the implementation of interbank foreign exchange systems in selected African countries. The countries considered are The Gambia, Ghana, Kenya, Mozambique, Nigeria, and Sierra Leone. The paper finds that exchange rates in these markets...

Persistent link: https://www.econbiz.de/10014396473

A Survey of Economic Policies and Macroeconomic Performance in Chile and Colombia, 1970-95

Clavijo, Sergio - 1995

This survey describes the timing and main macroeconomic results of the ambitious structural reforms adopted by Chile in the middle and late 1970s and by Colombia almost a decade later in the late 1980s and early 1990s. These reforms have enabled both countries to maintain vigorous real growth...

Persistent link: https://www.econbiz.de/10014395870

Public debt dynamics and intra-year exchange rate fluctuations

Acosta Ormaechea, Santiago Leonardo Enrique - 2020

The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows...

Persistent link: https://www.econbiz.de/10012392652

Real exchange rate overshooting in large depreciations : determinants and consequences

Culiuc, Alexander - 2020

The consequences of large depreciations on economic activity depend on the relative strength of the contractionary balance sheet and expansionary expenditure switching effects. However, the two operate over different time horizons: the balance sheet effect hits almost immediately, while...

Persistent link: https://www.econbiz.de/10012251364

Patterns of foreign exchange intervention under inflation targeting

Adler, Gustavo; Chang, Kyun Suk; Wang, Zijiao - 2020

The paper documents the use of foreign exchange intervention (FXI) across countries and monetary regimes, with special attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market economies, with the former group conducting FXI...

Persistent link: https://www.econbiz.de/10012251394

FX intervention to stabilize or manipulate the exchange rate? : inference from profitability

Sandri, Damiano - 2020

We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is used to stabilize the exchange rate in the face of temporary excessive movements...

Persistent link: https://www.econbiz.de/10012251968

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