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Transactions Costs and Vehicle Currencies

International Monetary Fund - 1989

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

Persistent link: https://www.econbiz.de/10014396025

Dollarization in Transition Economies : Evidence and Policy Implications

Végh Gramont, Carlos A. - 1995

lower inflation and more market-determined interest rates …

Persistent link: https://www.econbiz.de/10014396026

Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollar : A Case for Partial Liberalization

Chan, Kenneth S. - 1996

The Monetary Authority of Singapore (MAS) has a long-standing policy of controlling bank lending in Singapore dollars to nonresidents and to residents who use the funds outside Singapore. While the control may prevent the internationalization of the Singapore dollar and contain exchange rate...

Persistent link: https://www.econbiz.de/10014396057

Currency Substitution in Egypt and the Yemen Arab Republic : A Comparative Quantitative Analysis

International Monetary Fund - 1987

The paper provides an empirical analysis of the determinants of currency substitution in Egypt and the Yemen Arab Republic over the period 1980-86. During this period, residents have exhibited a marked preference to substitute foreign money balances for domestic balances, as indicated by their...

Persistent link: https://www.econbiz.de/10014396179

Foreign Currency Deposits and the Demand for Money in Developing Countries

Khan, Mohsin S. - 1992

This paper examines the relative demands for domestic and foreign currency deposits by residents of developing countries. A dynamic currency substitution model that incorporates forward-looking rational expectations is formulated and then estimated for a group of ten developing countries. The...

Persistent link: https://www.econbiz.de/10014396253

Currency Substitution and Financial innovation

International Monetary Fund - 1989

This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers...

Persistent link: https://www.econbiz.de/10014396343

Destabilizing stability? : exchange rate arrangements and foreign currency debt

Csonto, Balazs; Gudmundsson, Tryggvi - 2020

Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...

Persistent link: https://www.econbiz.de/10012301949

Patterns of foreign exchange intervention under inflation targeting

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

attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market … find no evidence of FXI being used in response to inflation developments, while there is strong evidence that FXI responds … to exchange rates, indicating that IT central banks in EMDEs have dual inflation/exchange rate objectives. We also find a …

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

China's evolving exchange rate regime

Das, Sonali - 2019

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de...

Persistent link: https://www.econbiz.de/10012009461