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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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International Reserve Accumulation in Emerging Economies
de Gregorio, Jose - 2012
This document analyzes the rationality of keeping international reserves, which are used as a type of insurance in the event of external financing problems and to mediate in the type of exchange rate. Here it is argued that it is not possible to separate both objectives. This explains why the...
Persistent link: https://www.econbiz.de/10013103284
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Policymaking from a 'Macroprudential' Perspective in Emerging Market Economies
Moreno, Ramon - 2013
Recurrent capital inflows pose important challenges for authorities in emerging market economies seeking to preserve financial stability. Raising interest rates to dampen imbalances that could arise from capital flows can also attract more capital inflows and accentuate appreciation pressures....
Persistent link: https://www.econbiz.de/10013092853
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The Self-Insurance Role of International Reserves and the 2008-2010 Crisis
Silva Jr., Antonio F. A. - 2020
There is no standard rule for the definition of an “optimal level” of international reserves and several assumptions underlie the rationale behind holding reserves. There are various theoretical approaches, but no standard for the evaluation of the performance of “optimal level” models,...
Persistent link: https://www.econbiz.de/10012857373
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International Reserves for Emerging Economies : A Liquidity Approach
Jung, Kuk Mo - 2016
The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We suggest that a dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10012991532
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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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Trilemma policy convergence patterns and output volatility
Aizenman, Joshua; Ito, Hiro - 2012
We examine the open macroeconomic policy choices of developing economies from the perspective of the economic 'trilemma …' hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades …. We find that the three dimensions of the trilemma configurations are converging towards a 'middle ground' among emerging …
Persistent link: https://www.econbiz.de/10010288150
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Sudden stops and reserve accumulation in the presence of international liquidity risk
Lutz, Flora; Zessner-Spitzenberg, Leopold - 2020
We propose a small open economy model where agents borrow internationally and invest in liquid foreign assets to insure against liquidity shocks, which temporarily shut out the economy of short-term credit markets. Due to the presence of a pecuniary externality individual agents borrow too much...
Persistent link: https://www.econbiz.de/10012425195