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Inflation Target in Emerging Countries : Modeling Exchange Rate Issues
Reyes, Javier A. - 2011
The idea of inflation targeting in emerging countries is not a new one. There have been papers that favor or reject the idea of implementing such a system in these countries for mainly institutional reasons. This paper does not deal with these normative arguments. Emerging countries are...
Persistent link: https://www.econbiz.de/10013124931
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A Reinvestigation of the New RMB Exchange Rate Regime
Tian, Lei - 2012
In order to examine the new RMB exchange rate regime rigorously, we employ the STARTZ model to investigate the behavior of RMB NEER from mid-2006 to mid-2008. We find that a managed float with a target central parity and without an explicit band best describes the daily movement of the exchange...
Persistent link: https://www.econbiz.de/10013107943
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Soft Exchange Rate Bands and Speculative Attacks : Theory, and Evidence from the Erm Since August 1993
Bartolini, Leonardo - 2006
We present a model of a quot;softquot; exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate's current level, thus allowing the rate to move...
Persistent link: https://www.econbiz.de/10012782117
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Exchange Rate Dynamics in Anticipation of Time-Contingent Regime Switching : Modelling the Effects of a Possible Delay
Wilfling, Bernd - 2017
The procedure of fixing a currently floating exchange rate at a given (and publicly announced) future date has a broad range of applications. Based on a (continuous-time) monetary exchange rate model with flexible prices, this paper analyzes exchange rate dynamics during the transition from...
Persistent link: https://www.econbiz.de/10012955737
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Bitcoin Reveals Exchange Rate Manipulation and Detects Capital Controls
Pieters, Gina C. - 2017
Many countries manipulate the value of their currency or use some form of capital control, yet the data usually used to detect these manipulations are low frequency, expensive, lagged, and potentially mis-measured. I demonstrate that the price data of the internationally traded cryptocurrency...
Persistent link: https://www.econbiz.de/10012970305
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On the Sustainability of Exchange Rate Target Zones with Central Parity Realignments
Martínez-García, Enrique - 2017
I show that parity realignments alone do not suffice to ensure the long-run sustainability of an exchange rate target zone with imperfect credibility due to the gambler's ruin problem. However, low credibility and frequent realignments can destabilize the exchange rate
Persistent link: https://www.econbiz.de/10012971235
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The RMB Central Parity Formation Mechanism : August 2015 to December 2016
Cheung, Yin-Wong - 2020
controlling for multiplicative offshore RMB volatility effects. The offshore RMB volatility exerts a dampening effect on the links …
Persistent link: https://www.econbiz.de/10012854508
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Exchange Rate Misalignments in Frequency Domain
Grossmann, Axel - 2014
volatility of exchange rate misalignments and excess returns for the Yen and the Pound along virtually all frequency components …This research uses spectral methodology to study how the volatility of spot exchange rate misalignments changed as a …/US Dollar, Japanese Yen/US Dollar and US Dollar/British Pound spot exchange rates from CPI- and TPI-based equilibrium exchange …
Persistent link: https://www.econbiz.de/10013055532
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China's Exchange Rate and Financial Repression : The Conflicted Emergence of the Renminbi as an International Currency
McKinnon, Ronald - 2014
China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls — reinforced by financial repression in domestic interest rates — to avoid an...
Persistent link: https://www.econbiz.de/10013057253
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On the Sustainability of Exchange Rate Target Zones with Central Parity Realignments
Martínez-García, Enrique - 2015
I show that parity realignments alone do not suffice to ensure the long-run sustainability of an exchange rate target zone with imperfect credibility due to the gambler's ruin problem. However, low credibility and frequent realignments can destabilize the exchange rate
Persistent link: https://www.econbiz.de/10013020948