Sustainable Intervention Policies and Exchange Rate Dynamics
Author | : Giuseppe Bertola |
Publisher | : |
Total Pages | : 40 |
Release | : 1991 |
Genre | : Equilibrium (Economics) |
ISBN | : |
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Author | : Giuseppe Bertola |
Publisher | : |
Total Pages | : 40 |
Release | : 1991 |
Genre | : Equilibrium (Economics) |
ISBN | : |
Author | : Gustavo Adler |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2017-11-13 |
Genre | : Business & Economics |
ISBN | : 1484328779 |
We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model with unconventional monetary and exchange rate policies. The cooperative solution features a large exchange rate adjustment that cushions the impact of negative shocks and a moderate use of unconventional policy instruments. Self-oriented policies (Nash equilibrium), however, entail limited exchange rate movements and an aggressive use of unconventional policies in both countries. Our results highlight the role of international policy cooperation in allowing the exchange rate to play the traditional role of shock absorber.
Author | : Giovanni Piersanti |
Publisher | : Oxford University Press |
Total Pages | : 407 |
Release | : 2012-04-26 |
Genre | : Business & Economics |
ISBN | : 0199653127 |
An overview of the causes and consequences of speculative attacks on domestic currency and international financial turmoil. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs.
Author | : Gustavo Adler |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2016-04-12 |
Genre | : Business & Economics |
ISBN | : 148433230X |
The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual issues regarding how to measure these costs both from an ex-post and an ex-ante (relevant for decision making) perspective, and estimates both marginal and total costs for 73 countries over the period 2002-13. We find ex-ante marginal costs for the median emerging market economy (EME) in the inter-quartile range of 2-5.5 percent per year; while ex-ante total costs (of sustaining FX positions) in the range of 0.2-0.7 percent of GDP per year for light interveners and 0.3-1.2 percent of GDP per year for heavy interveners. These estimates indicate that fiscal costs of sustained FX intervention (via expanding central bank balance sheets) are not negligible.
Author | : Paul Krugman |
Publisher | : Cambridge University Press |
Total Pages | : 274 |
Release | : 1992-10-22 |
Genre | : Business & Economics |
ISBN | : 9780521435260 |
This volume examines the intersection between a new analytical approach and a real economic problem.
Author | : Kenneth Froot |
Publisher | : |
Total Pages | : 52 |
Release | : 1991 |
Genre | : Foreign exchange |
ISBN | : |
Author | : Leonardo Leiderman |
Publisher | : Cambridge University Press |
Total Pages | : 400 |
Release | : 1994-07-14 |
Genre | : Business & Economics |
ISBN | : 9780521454384 |
This edited volume examines capital mobility in both industrialised and developing countries.