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Capital Flows and Exchange Rate Volatility : Singapore'S Experience
Kapur, Basant K. - 2021
Singapore%u2019s experience with international capital flows over the past two decades or so has been a rather %u2013 … system and equities market, and operating on a Currency Board (CB) system (although with some differences from Singapore … time. We next discuss Singapore%u2019s policy background and early experience, and in the light of Hong Kong%u2019s …
Persistent link: https://www.econbiz.de/10013218342
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The Yen and its East Asian Neighbors, 1980-1995 : Cooperation or Competition?
Takagi, Shinji - 2021
closely with a depreciating yen, suggesting the countries' emphasis on export promotion. The Singapore dollar, on the other …
Persistent link: https://www.econbiz.de/10013246656
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Global Portfolio Rebalancing and Exchange Rates
Camanho, Nelson - 2018
We examine international equity allocations at the fund level and show how different returns on the foreign and domestic proportion of portfolios determine rebalancing behavior and trigger capital flows. We document the heterogeneity of rebalancing across fund types, its greater intensity under...
Persistent link: https://www.econbiz.de/10012927034
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Policy Responses to Exchange-Rate Movements
Ball, Laurence - 2009
This paper examines policy responses to exchange-rate movements in a simple model of an open economy. The optimal response of monetary policy to an exchange-rate change depends on the source of the change: on whether the underlying shock is a shift in capital flows, manufactured exports, or...
Persistent link: https://www.econbiz.de/10013157763
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An Asset-Pricing View of External Adjustment
Pavlova, Anna - 2010
Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of external adjustment. We introduce equity holdings and portfolio choice into an otherwise conventional open-economy dynamic equilibrium model. Our model is simple and admits a...
Persistent link: https://www.econbiz.de/10012759778
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Exchange Rate, Equity Prices and Capital Flows
Hau, Harald - 2010
We develop an equilibrium model in which exchange rates, stock prices and capital flows are jointly determined under incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important implications: 1) exchange rates are almost as...
Persistent link: https://www.econbiz.de/10012762881
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Exchange Market Pressure in OECD and Emerging Economies : Domestic vs. External Factors and Capital Flows in the Old and New Normal
Aizenman, Joshua - 2015
We study the ways domestic and external global factors (such as risk appetite, global liquidity, U.S. monetary policy, and commodity prices) affected the exchange market pressure before and after the global financial crisis as well as the role of these factors during the Federal Reserve's...
Persistent link: https://www.econbiz.de/10013013179
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Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
Blanchard, Olivier J. - 2015
Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the...
Persistent link: https://www.econbiz.de/10013018303
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International Borrowing, Capital Controls and the Exchange Rate : Lessons from Chile
Cowan, Kevin; de Gregorio, Jose - 2021
This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early...
Persistent link: https://www.econbiz.de/10013248278
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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