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The distortionary effects of sterilised reserve accumulation on domestic credit markets : evidence from Uganda
Apaa Okello, Jimmy; Mkenda, Beatrice Kalinda; Luvanda, Eliab - In: Central Bank review / Central Bank of the Republic of Turkey 19 (2019) 3, pp. 93-105
Some small open Least Income Countries embarked on rapid accumulation of foreign reserves in the wake of volatile capital inflows. Foreign reserve accumulation is one way of managing volatile capital flows. However, rapid and persistent accumulation is not only costly, but potentially distort...
Persistent link: https://www.econbiz.de/10012131527
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Mitigating Turkey's trilemma tradeoffs
Akcelik, Yasin; Cortuk, Orcan; Turhan, İbrahim - In: Emerging markets finance & trade : a journal of the … 50 (2014) 6, pp. 102-118
Persistent link: https://www.econbiz.de/10011339504
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The path of impossible trinity in India : 1991-2018
Grewal, Harpreet Singh; Trivedi, Pushpa L. - In: Global business & economics review 24 (2021) 4, pp. 382-408
Persistent link: https://www.econbiz.de/10012594503
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Monetary policy independence under a flexible exchange rate regime : the Indian case
Grewal, Harpreet Singh; Trivedi, Pushpa L. - 2022
Persistent link: https://www.econbiz.de/10013402160
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The (unobservable) value of central bank's refinancing operations
Albertazzi, Ugo; Burlon, Lorenzo; Jankauskas, Tomas; … - 2020
We quantify the impact that central bank refinancing o perations a nd f unding f acilities had at reducing the banking sector's intrinsic fragility in the euro area in 2014-2019. We do so by constructing, estimating and calibrating a micro-structural model of imperfect competition in the banking...
Persistent link: https://www.econbiz.de/10012299010
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Effects of the extraordinary measures implemented by Banco de México during the COVID-19 pandemic on financial conditions
Alba, Carlos; Cuadra, Gabriel; Ibarra-Ramírez, Raúl - 2023
This paper analyzes the effects of the extraordinary measures implemented by the Bank of Mexico during the COVID-19 pandemic on financial conditions. For this purpose, we estimate a factoraugmented vector autoregressive (FAVAR) model for the period 2001-2021. Based on this model, we construct a...
Persistent link: https://www.econbiz.de/10014251037
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Optimal exchange rate policy in a growing semi-open economy
Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick - 2013
In this paper, we consider an alternative perspective to China's exchange rate policy. We study a semi-open economy where the private sector has no access to international capital markets but the central bank has full access. Moreover, we assume limited financial development generating a large...
Persistent link: https://www.econbiz.de/10010200010
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Capital Controls with International Reserve Accumulation : Can This Be Optimal?
Bacchetta, Philippe - 2012
Motivated by the Chinese experience, we analyze a semi-open economy where the central bank has access to international capital markets, but the private sector has not. This enables the central bank to choose an interest rate different from the international rate. We examine the optimal policy of...
Persistent link: https://www.econbiz.de/10013097636
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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