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On global scale, central banks' holdings of foreign reserves have escalated sharply in recent years. World international reserves holdings have risen significantly from US$1.2 trillion in 1995 to nearly US$10.0 trillion in June 2011. Dominant among these reserves are concentrated in the hands of...
Persistent link: https://www.econbiz.de/10011482563
Literature recognise that announcement impinge shocks which could shift the mean behaviour of the exchange rate. This study apply event driven models to analyse how the expectation of daily log-exchange rate and its daily log-return respond to all the 88 MPC meetings and selected CBN's...
Persistent link: https://www.econbiz.de/10014001450
Die aussergewöhnliche Geldpolitik des vergangenen Jahrzehnts hat der Schweizerischen Nationalbank (SNB) ein grösseres politisches Problem eingebrockt. Im Bemühen, den Schweizer Franken vor schädlichen Aufwertungsschüben zu bewahren, hat sie ihre Devisenbestände in kürzester Zeit mehr als...
Persistent link: https://www.econbiz.de/10014518649
This paper examines changes in the balance sheets of the banking system in five East Asian economies which were affected by the 1997 Asian Crisis. These countries have persistently accumulated international reserves since the crisis. This paper estimates the impact of reserve accumulation on...
Persistent link: https://www.econbiz.de/10010311851
We test the existence and extent of capital flows as an offset to monetary policy in Argentina from 1992–2014. After providing an analysis of Argentina"s past and current economic conditions, a theoretical framework of the offset and sterilization mechanisms will be provided. Then, with the...
Persistent link: https://www.econbiz.de/10014522846
Der vorliegende Artikel liefert einen systematischen Überblick über die Ergebnisse empirischer Studien zu den Auswirkungen der Quantitativen Lockerung als einer unkonventionellen geldpolitischen Maßnahme auf das heimische Zinsniveau sowie auf die internationalen Zinsbeziehungen. Aufbauend auf...
Persistent link: https://www.econbiz.de/10014523155
Sterilisierte Devisenmarktinterventionen werden von den meisten Ökonomen als unwirksames wirtschaftspolitisches Instrument abgetan – und dies, obwohl viele Notenbanken regelmäßig davon Gebrauch machen. Im vorliegenden Beitrag argumentieren wir, dass diese Sichtweise aus der Verwendung von...
Persistent link: https://www.econbiz.de/10014523468
The study models the behaviour of the Central Bank of Nigeria. An extended Taylor's framework that accounted for exchange rate dynamics and political risk factors was adopted. In order to capture both ex-ante and ex-post behaviours of the monetary authority in the country, Markov-Switching...
Persistent link: https://www.econbiz.de/10014547759
Whether or not inflation targeting adoption leads to increased volatility of exchange rates is controversial. The volatility increases with inflation targeting as a result of the flexible exchange rate regime. Others argue that inflation targeting delivers the best outcomes in terms of lower...
Persistent link: https://www.econbiz.de/10014558392
This paper aims to analyse the dynamics of foreign exchange markets in a country facing political uncertainty that prompt capital outflow from the country. The economic environment under investigation is characterized by dual foreign exchange markets: a formal or official market for foreign...
Persistent link: https://www.econbiz.de/10014558404