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Sterilization costs and exchange rate targeting

Kletzer, Kenneth; Spiegel, Mark - In: Journal of international money and finance 23 (2004) 6, pp. 897-915

Persistent link: https://www.econbiz.de/10002201174

Issues in monetary and exchange rate policy of developing countries

Sell, Friedrich L. - In: Current issues in monetary economics : with 16 tables, (pp. 289-306). 1998

Persistent link: https://www.econbiz.de/10001303281

Sterilization costs and exchange rate targeting

Kletzer, Kenneth; Spiegel, Mark - 1999

Persistent link: https://www.econbiz.de/10001474891

Sterilization Costs and Exchange Rate Targeting

Kletzer, Kenneth M. - 2008

This paper examines the movements of exchange rates and capital inflows in an environment where an optimizing central bank pursuing the joint goals of inflation and output targeting engages in costly sterilization activities. Our results predict that when faced with increased sterilization...

Persistent link: https://www.econbiz.de/10012722829

The Rand as a Carry Trade Target : Risk, Returns and Policy Implications

Hassan, Shakill - 2011

We analyze the returns to targeting the Australian, New Zealand and South African currencies, through Japanese yen-funded forward market speculation – with a particular focus on the South African rand. Targeting the rand through forward currency speculation generates returns which are as...

Persistent link: https://www.econbiz.de/10013117684

Currency Carry Trades and Global Funding Risk

Nissinen, Juuso; Suominen, Matti; Ferreira Filipe, Sara - 2021

production. We develop a theory of currency markets under funding constraints that has several testable implications. For … instance, as funding constraints start to bind, our theory predicts that both the investment and funding currencies drop …. In line with theory, funding risk forecasts currency crashes in the carry trade long and short countries …

Persistent link: https://www.econbiz.de/10013244299

The threat of "currency wars" : a European perspective

Darvas, Zsolt M.; Pisani-Ferry, Jean - 2011

The "currency war", as it has become known, has three aspects: 1) the inflexible pegs of undervalued currencies; 2) recent attempts by floating exchange-rate countries to resist currency appreciation; 3) quantitative easing. Europe should primarily be concerned about the first issue, which...

Persistent link: https://www.econbiz.de/10008807421

Cambodia's persistent dollarization : causes and policy options

Menon, Jayant - 2008

Cambodia's economic and social achievements over the past ten years have been the most impressive in its history. Nevertheless, Cambodia today is still as dollarized, if not more so, than it was ten years ago. What is this so, and what, if anything, should the Government do? This paper attempts...

Persistent link: https://www.econbiz.de/10011282131

The British foreign exchange reserves puzzle

Hüfner, Felix - 2000

The British foreign exchange reserves decreased by 40 percent during the period August 1996-December 1999 although the Pound Sterling is considered a floating exchange rate since it left the EMS in 1992. Since changes in the level of foreign exchange reserves are usually taken as indicators for...

Persistent link: https://www.econbiz.de/10011445032

Why did central banks intervene in the EMS? : the post-1993 experience

Brandner, Peter; Grech, Harald - 2002

In this paper, we present stylized facts of exchange rate and intervention behavior in the Exchange Rate Mechanism I (ERM I), in particular in light of the recent literature on multilateral target zone models. We estimate bilateral exchange rate distributions of the maximum spot rate deviations...

Persistent link: https://www.econbiz.de/10011493693