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The puzzling peso
Arteta, Carlos; Kamin, Steven B.; Vitanza, Justin - In: Journal of International Money and Finance 30 (2011) 8, pp. 1814-1835
In the past decade, some observers have noted an unusual aspect of the Mexican peso’s behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this...
Persistent link: https://www.econbiz.de/10010577037
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Does the exchange rate regime make a difference in inflation performance in developing and emerging countries?: The role of inflation targeting
Yamada, Hiroyuki - In: Journal of International Money and Finance 32 (2013) C, pp. 968-989
(fixed, intermediate, and flexible without inflation targeting) and inflation targeting on inflation rates in emerging and … developing countries. An inflation-targeting regime does better than or at least as good work as a fixed regime in lowering … inflation rates when compared with intermediate or flexible regimes. We do not observe a clear difference in inflation rates …
Persistent link: https://www.econbiz.de/10011048457
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International reserves before and after the global crisis: Is there no end to hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - In: Journal of International Money and Finance 52 (2015) C, pp. 102-126
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999–2006, gross...
Persistent link: https://www.econbiz.de/10011208913
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How central banks prepare for financial crises – An empirical analysis of the effects of crises and globalisation on international reserves
Steiner, Andreas - In: Journal of International Money and Finance 33 (2013) C, pp. 208-234
Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against financial crises. However, research so far has...
Persistent link: https://www.econbiz.de/10010636245
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Currency intervention: A case study of an emerging market
Fry-McKibbin, Renée A.; Wanaguru, Sumila - In: Journal of International Money and Finance 37 (2013) C, pp. 25-47
Using a unique dataset on daily foreign exchange intervention and a new methodological framework of a latent factor model of central bank intervention, this paper addresses the effects of intervention in an emerging market. Events in financial markets from 2002 to 2010 provide a natural...
Persistent link: https://www.econbiz.de/10010709333
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Is China or India more financially open?
Ma, Guonan; McCauley, Robert N. - In: Journal of International Money and Finance 39 (2013) C, pp. 6-27
Measures of de facto capital account openness for China and India raise the question whether the Chinn-Ito measure of de jure capital account openness is useful and whether the Lane-Milesi-Ferretti measure of de facto openness ranks the two countries correctly. We examine eight dimensions of de...
Persistent link: https://www.econbiz.de/10010719328
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Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - In: Journal of International Money and Finance 31 (2012) 8, pp. 1990-2016
We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970–2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...
Persistent link: https://www.econbiz.de/10011048521
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Living with the trilemma constraint: Relative trilemma policy divergence, crises, and output losses for developing countries
Aizenman, Joshua; Ito, Hiro - In: Journal of International Money and Finance 49 (2014) PA, pp. 28-51
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10011077103
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Exchange rate pass-through and inflation: A nonlinear time series analysis
Shintani, Mototsugu; Terada-Hagiwara, Akiko; Yabu, Tomoyoshi - In: Journal of International Money and Finance 32 (2013) C, pp. 512-527
This paper investigates the relationship between the exchange rate pass-through (ERPT) and inflation by estimating a … well approximated by a class of smooth transition autoregressive (STAR) models using the past inflation rate as a … inflation. …
Persistent link: https://www.econbiz.de/10010594673
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Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries
Berganza, Juan Carlos; Broto, Carmen - In: Journal of International Money and Finance 31 (2012) 2, pp. 428-444
Emerging economies with inflation targets (IT) face a dilemma between fulfilling the theoretical conditions of “strict …
Persistent link: https://www.econbiz.de/10011048455