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A double-edged sword: High interest rates in capital-control regimes

2009

Persistent link: https://www.econbiz.de/10014306479

Noise Trading and the Effects of Monetary Policy Shocks on Nominal and Real Exchange Rates

Pierdzioch, Christian - 2003

monetary policy shocks. This result is puzzling. Economic theory suggests that the overshooting should occur immediately after …A number of empirical studies have reported the result that exchange rates show a delayed overshooting in response to … whether the assumption of noise trading in the foreign exchange market helps to resolve the delayed overshooting puzzle. The …

Persistent link: https://www.econbiz.de/10010260546

International monetary reform: A critical appraisal of some proposals

Park, Yung Chul; Wyplosz, Charles - 2012

This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve...

Persistent link: https://www.econbiz.de/10010397211

The international regulatory regime on capital flows

Lupo Pasini, Federico - 2011

Capital controls and exchange restrictions are used to restrict international capital flows during economic crises. This paper looks at the legal implications of these restrictions and explores the current international regulatory framework applicable to international capital movements and...

Persistent link: https://www.econbiz.de/10010397244

Capital Controls: A Pragmatic Proposal

Gochoco-Bautista, Maria Socorro; Rhee, Changyong - 2013

The strong and volatile rebound of capital inflows, mostly portfolio investments, into emerging economies in the recovery process of the 2008 global financial crisis has brought the issue of capital controls to the forefront once again. The presence of global imbalances and unconventional...

Persistent link: https://www.econbiz.de/10010507368

Rethinking the Economics of Capital Mobilityand Capital Controls

Palley, Thomas I. - 2009

This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary...

Persistent link: https://www.econbiz.de/10010460473

How do Capital Controls Affect the Transmission of Foreign Shocks?

Cooke, Dudley - 2007

This paper studies the short-run transmission of foreign shocks in a small open economy with capital controls and a fixed exchange rate. Capital controls alter the transmission of shocks because endogenous changes in the domestic nominal interest rate affect savings and investment decisions. The...

Persistent link: https://www.econbiz.de/10010320958

PPP: a Disaggregated View

Fischer, Christoph - 2004

By disaggregating price indices, it becomes apparent that the real exchange rate consists of the real exchange rate for a single good and a weighted sum of relative prices between goods. When applying a battery of panel unit root tests to this sum and its components, it is found that both the...

Persistent link: https://www.econbiz.de/10010295634

Concepts to Calculate Equilibrium Exchange Rates: An Overview

MacDonald, Ronald - 2000

In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter...

Persistent link: https://www.econbiz.de/10010295691

The behaviour of the real exchange rate: evidence from regression quantiles

Nikolaou, Kleopatra - 2006

We test for mean reversion in real exchange rates using a recently developed unit root test for non-normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of different...

Persistent link: https://www.econbiz.de/10011604713

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