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The Role of the Exchange Rate in Inflation-Targeting Emerging Economies; Targeting Emerging Economies
Nordstrom, Anna; Roger, Scott; Stone, Mark R.; Shimizu, … - International Monetary Fund (IMF) - 2009
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that … has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation … targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little …
Persistent link: https://www.econbiz.de/10011245907
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Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia
Kamil, Herman - International Monetary Fund (IMF) - 2008
targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of … the Central Bank's intervention in stemming domestic currency appreciation under an inflation targeting regime. The … slowing down domestic currency appreciation, as large-scale intervention became incompatible with meeting the inflation target …
Persistent link: https://www.econbiz.de/10005263872
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From Fixed to Float; Operational Aspects of Moving towards Exchange Rate Flexibility
Fernandez, Gilda; Karacadag, Cem; Duttagupta, Rupa - International Monetary Fund (IMF) - 2004
This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with...
Persistent link: https://www.econbiz.de/10005826173
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Official Intervention in the Foreign Exchange Market; Elements of Best Practice
Kriljenko, Jorge Iván Canales; Karacadag, Cem; … - International Monetary Fund (IMF) - 2003
This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing,...
Persistent link: https://www.econbiz.de/10005826478
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Foreign Exchange Intervention in Developing and Transition Economies; Results of a Survey
Kriljenko, Jorge Iván Canales - International Monetary Fund (IMF) - 2003
Based on evidence obtained from the IMF's 2001 Survey on Foreign Exchange Market Organization, the author argues that, for several reasons, some central banks in developing and transition economies may be able to conduct foreign exchange intervention more effectively than the central banks of...
Persistent link: https://www.econbiz.de/10005263900
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Moving to Greater Exchange Rate Flexibility; Operational Aspects Based on Lessons from Detailed Country Experiences
Ötker, Inci - International Monetary Fund (IMF) - 2007
Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...
Persistent link: https://www.econbiz.de/10005767365
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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration
International Monetary Fund (IMF); International … - 2005
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
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Evolution and Performance of Exchange Rate Regimes
Husain, Aasim M.; Mody, Ashoka; Oomes, Nienke; Brooks, Robin - International Monetary Fund (IMF) - 2003
regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop …
Persistent link: https://www.econbiz.de/10005599274
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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z.; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10009203544