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Target Zones and Realignment Expectations : The Israeli and Mexican Experience

Werner, Alejandro M. - 1995

variability in Israel and Mexico by absorbing part of the shocks to the expected realignment with movements of the exchange rate …

Persistent link: https://www.econbiz.de/10014398037

Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization

Isard, Peter - 1994

The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully...

Persistent link: https://www.econbiz.de/10014395996

Soft Exchange Rate Bands and Speculative Attacks : Theory, and Evidence From the ERM Since August 1993

Bartolini, Leonardo - 1998

We present a model of a “soft” exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate’s current level, thus allowing the rate to move...

Persistent link: https://www.econbiz.de/10014400763

Currency Bands, Target Zones, and Cash Limits : Thresholds for Monetary and Fiscal Policy

Miller, Marcus - 1990

Exchange rate behavior is analyzed in the context of a stochastic rational expectations model in which there are random shocks to the price setting mechanism and in which the authorities choose to impose either nominal or real exchange rate bands. Results are compared to those which emerge from...

Persistent link: https://www.econbiz.de/10014396203

Credit and Exchange Rate-Based Stabilization

Khamis, May Y. - 1996

in absolute terms and as a fraction of real economic activity. Empirical results using data for Mexico, Chile, Argentina …, and Israel support a negative statistically significant relationship between credit and inflation for Mexico, Argentina …, and Chile, but not for Israel. In addition, for both Chile and Mexico, dummy variables representing periods of inflation …

Persistent link: https://www.econbiz.de/10014398434

Deja Vu All Over Again? : The Mexican Crisis and the Stabilization of Uruguay in the 1970's

International Monetary Fund - 1996

Comparing the 1978-82 Uruguayan stabilization with the 1990-94 Mexican experience reveals that exchange rate based stabilization tends to increase the economy’s vulnerability to unexpected shocks. An exchange rate rule, with full capital mobility, can only succeed if compatible financial...

Persistent link: https://www.econbiz.de/10014395804

The Empirics of Foreign Exchange Intervention in Emerging Markets : The Cases of Mexico and Turkey

Karacadag, Cem - 2004

This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey … intervention. In Mexico, foreign exchange sales have a small impact on the exchange rate level and raise short-term volatility …

Persistent link: https://www.econbiz.de/10014404096

Policy Responses to External Imbalances in Emerging Market Economies : Further Empirical Results

Carranza, Luis - 1998

A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...

Persistent link: https://www.econbiz.de/10014403375

Speculative Attacks and Models of Balance of Payments Crises

Flood, Robert P. - 1991

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as:...

Persistent link: https://www.econbiz.de/10014398067

Speculative Attacks and Currency Crises : The Mexican Experience

Ötker, Inci - 1995

This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in...

Persistent link: https://www.econbiz.de/10014397810

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