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Currency Boards, Dollarized Liabilities, and Monetary Policy Credibility
Spiegel, Mark M.; Valderrama, Diego - 2004
The recent collapse of the Argentine currency board raises new questions about the desirability of formal fixed exchange rate regimes in modern developing economies. This paper examines the impact of dollarized liabilities with potential default for a currency board with costly abandonment. We...
Persistent link: https://www.econbiz.de/10014071548
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A Theory of Currency Board with Irrevocable Commitments
Chen, Nai-fu; Chan, Alex - 2002
enhance the credibility of a currency board and avert runs, and determine what the optimal reserve commitment should be. If …
Persistent link: https://www.econbiz.de/10014120171
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Pricing Currency Risk Under Currency Boards
Schmukler, Sergio L.; Servén, Luis - 2003
Currency risk is one of the two components of the total interest rate differential. Hard pegs, such as currency boards, are meant to reduce or even eliminate currency risk, thus, reducing domestic interest rates. This paper investigates the patterns and determinants of the currency risk premium...
Persistent link: https://www.econbiz.de/10014096002
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Fiscal Discipline & Exchange Rate Regimes' : A Case for Currency Boards
Alberola, Enrique; Molina, Luis - 2007
Empirical evidence shows that fixed exchange rates do not provide more fiscal discipline than flexible regimes, despite the fact that, in principle, fixing the exchange rate imposes important restrictions on seignoriage revenues. A more detailed analysis of seignoriage allows to explain the...
Persistent link: https://www.econbiz.de/10014051318
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Discipline, signaling, and currency boards
Oliva, Maria-Angels; Rivera-Batiz, Luis; Sy, Amadou N. R. - In: Review of international economics 9 (2001) 4, pp. 608-625
Persistent link: https://www.econbiz.de/10001624909
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Exchange rate regime credibility, the agency cost of capital and devaluation
Craine, Roger - 1999
Persistent link: https://www.econbiz.de/10001362942
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Exchange rate regime credibility, the agency cost of capital and devaluation
Craine, Roger N. - In: Journal of economic dynamics & control 26 (2002) 9/10, pp. 1431-1456
Persistent link: https://www.econbiz.de/10001668346
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Exchange Rate Credibility, the Agency Cost of Capital and Devaluation
Craine, Roger - 1999
' (investors'?) motives are unobservable. This paper analyzes the crucial role of imperfect credibility in a currency crisis with a … innovations: (1) It specifies the cost of imperfect credibility, and (2) It quantifies the cost of imperfect credibility …. Imperfect credibility generates small (but costly) average interest rate differentials. Imperfect credibility cannot generate …
Persistent link: https://www.econbiz.de/10014202962
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Time-varying credibility, anchoring and the Fed's inflation target
Diegel, Max - 2022
This paper analyzes the time-varying credibility of the Fed's inflation target in an empirical macro model with … across monetary policy regimes. I find that imperfect credibility is pronounced during the Volcker Disinflation and to a …
Persistent link: https://www.econbiz.de/10013472154
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Currency Board-Systeme : theoretische Aspekte und Erfahrungen
Janssen, Ole Johann - 2002
Die Idee des aus der Kolonialzeit stammenden Currency Board-Systems erlebt heute eine Renaissance im Zuge der Bewältigung von Währungs- und Finanzkrisen und Transformationsprozessen. Currency Board-Systeme garantieren die Konvertibilität des Bargelds gegen Auslandswährung zu einem festen...
Persistent link: https://www.econbiz.de/10011402143