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Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization

Celasun, Oya - 2003

Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the literature has explained these empirical regularities with the lack of credibility of the...

Persistent link: https://www.econbiz.de/10014403874

Real Exchange Rates and Commodity Prices

Dupont, Dominique Yves - 1996

multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories … matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and … beyond the size of the share of those commodities in world trade …

Persistent link: https://www.econbiz.de/10014398636

Dread of Depreciation : Measuring Real Exchange Rate Interventions

Dutta, Jayasri - 2002

We specify an empirical framework to detect the effects of official intervention on real exchange rate dynamics. Using data for 27 advanced and emerging market economies, we find evidence that interventions are a near-universal practice; almost all countries intervene when real exchange rates...

Persistent link: https://www.econbiz.de/10014401310

Pricing to Market and the Real Exchange Rate

Faruqee, Hamid - 1995

destination-specific adjustment compared to intersectoral trade. With both trade patterns, pricing-to-market behavior intensifies …

Persistent link: https://www.econbiz.de/10014398714

Liquidity management under fixed exchange rate with open capital account

El Hamiani Khatat, Mariam; Veyrune, Romain Michel - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...

Persistent link: https://www.econbiz.de/10012009594

Exchange-Rate Unification with Black Market Leakages : Russia 1992

Goldberg, Linda S. - 1993

In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took...

Persistent link: https://www.econbiz.de/10014396206

Alternative Dual Exchange Market Regimes : Some Steady State Comparisons

Lizondo, José Saúl - 1990

This paper compares two alternative dual exchange market regimes. In one of them, the official market clears through changes in international reserves, while in the other regime, the central bank implements a rationing scheme so as to keep international reserves constant. The paper discusses the...

Persistent link: https://www.econbiz.de/10014396016

Official Intervention in the Foreign Exchange Market : Elements of Best Practice

Canales Kriljenko, Jorge Iván - 2003

This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing,...

Persistent link: https://www.econbiz.de/10014403948

Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries

Ostry, Jonathan David - 1993

It is often argued that the parallel market premium is a useful indicator of real exchange rate misalignment in developing countries. The empirical evidence does not, however, suggest the existence of a robust correlation between these two endogenous variables that is independent of the nature...

Persistent link: https://www.econbiz.de/10014396125

Real Exchange Rate Targeting Under Capital Controls : Can Money Provide a Nominal Anchor?

Montiel, Peter - 1991

This paper examines the issue of whether the money supply can serve as a nominal anchor for the domestic price level under real exchange rate targeting. When capital controls are perfect so that there is complete separation between official and unofficial markets for foreign exchange, the...

Persistent link: https://www.econbiz.de/10014396196

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