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Covered Interest Parity Deviations : Macrofinancial Determinants
Cerutti, Eugenio - 2019
parity (CIP) deviations in the decade after the Global Financial Crisis. Changes in a number of risk- and policy … intermediaries' risk-taking capacity are strongly correlated with the cross-currency basis (the deviation from CIP), and the close … deviations, central bank balance sheets, and term premia. Risk-related factors have more explanatory power than monetary policy …
Persistent link: https://www.econbiz.de/10012865278
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The Logic of Currency Crises
Obstfeld, Maurice - 2021
Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during currency crises, the question arises: What factors determine a government's decision to abandon a currency peg or hang on? In a setting of purposeful action...
Persistent link: https://www.econbiz.de/10013213429
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Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization
Obstfeld, Maurice - 2021
This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...
Persistent link: https://www.econbiz.de/10013243955
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Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar Period
Obstfeld, Maurice - 2012
empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …
Persistent link: https://www.econbiz.de/10012755788