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Mitigating Turkey's trilemma trade-offs
Cortuk, Orcan; Akcelik, Yasin; Turhan, İbrahim - Volkswirtschaftliche Fakultät, … - 2012
We study the trilemma conguration of the Turkish economy for the period between 2002 and 2012. The paper starts by … empirically testing the Mundell-Fleming theoretical concept of an \impossible trinity" (trilemma) for Turkey, following Aizenman …, Chinn and Ito (ACI, 2008). This includes calculating the trilemma indices and regressing them on a constant. We show that …
Persistent link: https://www.econbiz.de/10011260878
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International Reserves for Emerging Economies: A Liquidity Approach.
Jung, Kuk Mo; Pyun, Ju Hyun - Volkswirtschaftliche Fakultät, … - 2015
The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10011275137
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Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
Ghazanchyan, Manuk - Volkswirtschaftliche Fakultät, … - 2014
In this paper we examine the channels through which innovations to policy variables— policy rates or monetary aggregates—affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional...
Persistent link: https://www.econbiz.de/10011111953
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An extended model of currency options applicable as policy tool for central banks with inflation targeting and dollarized economies
Arizmendi, Luis-Felipe - Volkswirtschaftliche Fakultät, … - 2013
The purpose of this paper is to provide a new set of tools for policy makers at central banks. Based on the Garman-Kohlhagen formula for currency options, this research extends it with the Taylor-rule expression used for inflation targeting, thus obtaining the corresponding Call and Put options...
Persistent link: https://www.econbiz.de/10011107280
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread … globalization. In this paper we overview and contrast the Trilemma policy choices and tradeoffs faced by the two key drivers of … global economic growth-China and India. China’s Trilemma configurations are unique relative to other emerging markets in the …
Persistent link: https://www.econbiz.de/10011261190
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in the era of deepening … globalization. In this paper we study the Trilemma choices of the two key drivers of global growth, China and India. We overview and … contrast the policy choices of the two, and test their Trilemma choices and tradeoffs. China’s Trilemma configurations are …
Persistent link: https://www.econbiz.de/10009359933
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread … globalization. In this paper we overview and contrast the Trilemma policy choices and tradeoffs faced by the two key drivers of … global economic growth-China and India. China’s Trilemma configurations are unique relative to other emerging markets in the …
Persistent link: https://www.econbiz.de/10010556944
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The Determinants of International Reserves in the Emerging Countries: a Non-Linear Approach
Delatte, Anne-Laure; Fouquau, Julien - Volkswirtschaftliche Fakultät, … - 2009
In this paper we adopt a non linear approach to examine the dynamics of the international reserves holdings by the emerging economies. To do so, we estimate the demand for international reserves with a panel smooth transition model, that loosens two restricting hypotheses, homogeneity and...
Persistent link: https://www.econbiz.de/10005011954
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Inflation Targeting, Capital Mobility and Macroeconomic Stability
Dai, Meixing; Sidiropoulos, Moïse - Volkswirtschaftliche Fakultät, … - 2003
In this paper we examine the macroeconomic stability in a simple dynamic open economy model, in which monetary authorities adopt an flexible inflation-targeting regime in an environment with a liberalised capital account and flexible exchange rates. In this respect, inflation targeting is an...
Persistent link: https://www.econbiz.de/10005836331
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Multiple Reserve Requirements, Exchange Rates, Sudden Stops and Equilibrium Dynamics in a Small Open Economy
Hernandez-Verme, Paula; Wang, Wen-Yao - Volkswirtschaftliche Fakultät, … - 2009
We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...
Persistent link: https://www.econbiz.de/10005037756