Exchange Market Pressure And Monetary Policy

Author : Mr.Evan Tanner
Publisher : International Monetary Fund
Page : 43 pages
File Size : 52,5 Mb
Release : 1999-08-01
Category : Business & Economics
ISBN : 9781451853773

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Exchange Market Pressure and Monetary Policy by Mr.Evan Tanner Pdf

Exchange market pressure (EMP), the sum of exchange rate depreciation and reserve outflows (scaled by base money), summarizes the flow excess supply of money in a managed exchange rate regime. Examining Brazil, Chile, Mexico, Indonesia, Korea, and Thailand, this paper finds that monetary policy affects EMP as generally expected: contractionary monetary policy helps reduce EMP. The monetary policy stance is best measured by domestic credit growth (since interest rates contain both policy- and market-determined elements). In response to higher EMP, monetary authorities boosted domestic credit growth both in Mexico (confirming previous research) and in the Asian countries.

Author : Evan Tanner
Publisher : International Monetary Fund
Page : 60 pages
File Size : 53,6 Mb
Release : 2002
Category : Bank loans
ISBN : UCSD:31822029883220

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Exchange Market Pressure, Currency Crises, and Monetary Policy by Evan Tanner Pdf

Author : Mikko Spolander,Suomen Pankki
Publisher : Unknown
Page : 124 pages
File Size : 50,6 Mb
Release : 1999
Category : Banks and banking
ISBN : STANFORD:36105073293438

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Measuring Exchange Market Pressure and Central Bank Intervention by Mikko Spolander,Suomen Pankki Pdf

Tiivistelmä.

Author : M. Idrees Khawaja
Publisher : Unknown
Page : 40 pages
File Size : 52,6 Mb
Release : 2007
Category : Foreign exchange
ISBN : STANFORD:36105132797007

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Exchange Market Pressure and Monetary Policy by M. Idrees Khawaja Pdf

Author : Francis Y. Kumah
Publisher : INTERNATIONAL MONETARY FUND
Page : 26 pages
File Size : 40,8 Mb
Release : 2007-10-01
Category : Electronic
ISBN : 1451868057

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A Markov-Switching Approach to Measuring Exchange Market Pressure by Francis Y. Kumah Pdf

This paper characterizes exchange market pressure as a nonlinear Markov-switching phenomenon, and examines its dynamics in response to money growth and inflation over three regimes. The empirical results identify episodes of exchange market pressure in the Kyrgyz Republic and confirm the statistical superiority of the nonlinear regime-switching model over a linear VAR version in understanding exchange market pressure. The nonlinear empirical approach adequately characterizes the data generation process and yields results that are consistent with theoretical predictions, particularly the dampening effect of monetary contraction on depreciation pressure. During periods of appreciation pressure, however, the reverse policy option-monetary expansion-may not be efficient, particularly where PPP rather than UIP drives exchange rates. In addition, monetary expansion in such cases defeats the primary objective of monetary policy-price stability-and may exacerbate the instability.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 96 pages
File Size : 48,6 Mb
Release : 2003-03-28
Category : Business & Economics
ISBN : 9781589061774

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Exchange Arrangements and Foreign Exchange Markets by International Monetary Fund Pdf

This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.

Author : Felix Hüfner
Publisher : Springer Science & Business Media
Page : 180 pages
File Size : 49,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783790826722

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Foreign Exchange Intervention as a Monetary Policy Instrument by Felix Hüfner Pdf

Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.

Author : Joao Loureiro
Publisher : Springer Science & Business Media
Page : 149 pages
File Size : 43,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642801006

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Monetary Policy in the European Monetary System by Joao Loureiro Pdf

Monetary Policy in the European Monetary Systems (EMS) provides the reader with a critical assessment of the EMS operation, focusing on key issues like intervention in money and foreign exchange markets and credibility of EMS exchange rate bands. The book also reopens the discussion on the "EMS discipline-credibility hypothesis" and the notion of "New EMS", testing both with an original methodology. The conflict between internal and external objectives is made clear and the empirical results show the choices made by the individual countries and the resulting implications. The book is written with an empirical orientation based on a unifying data description framework.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 34 pages
File Size : 42,8 Mb
Release : 1989-12-07
Category : Business & Economics
ISBN : 9781451949049

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Monetary Policy in the Philippines During Periods of Financial Crisis and Changes in Exchange Rate Regime by International Monetary Fund Pdf

This paper examines some of the key issues in the conduct of Philippine monetary policy since 1984, including the various shocks to the economy and the monetary authorities’ choice of intermediate policy targets and instruments used to achieve those targets. Against this background, estimates of demand functions for various categories of monetary aggregates and tests of stability are reported. A monetary model of exchange market pressure is also estimated. The results suggest that even after the adoption of a floating exchange rate system, the authorities allowed changes in foreign reserves to continue to absorb most of the exchange market pressure.

Author : Ms.Linda S. Goldberg,Signe Krogstrup
Publisher : International Monetary Fund
Page : 58 pages
File Size : 49,6 Mb
Release : 2018-02-16
Category : Business & Economics
ISBN : 9781484341803

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International Capital Flow Pressures by Ms.Linda S. Goldberg,Signe Krogstrup Pdf

This paper presents a new measure of capital flow pressures in the form of a recast Exchange Market Pressure index. The measure captures pressures that materialize in actual international capital flows as well as pressures that result in exchange rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes the Global Risk Response Index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion. For a large sample of countries over time, we demonstrate time variation in the effects of global risk on exchange market pressures, the evolving importance of the global factor across types of countries, and the changing risk-on or risk-off status of currencies.

Author : Mika Pösö,Mikko Spolander
Publisher : Unknown
Page : 34 pages
File Size : 49,7 Mb
Release : 1997
Category : Foreign exchange market
ISBN : IND:30000112459239

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Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland During the Floating Exchange Rate Regime by Mika Pösö,Mikko Spolander Pdf

Tiivistelmä.

Author : Mr.Shigeru Iwata,Mr.Evan Tanner
Publisher : International Monetary Fund
Page : 29 pages
File Size : 51,8 Mb
Release : 2003-05-01
Category : Business & Economics
ISBN : 9781451851618

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Pick Your Poison by Mr.Shigeru Iwata,Mr.Evan Tanner Pdf

We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.

Author : John S. Odell
Publisher : Princeton University Press
Page : 407 pages
File Size : 45,8 Mb
Release : 2014-07-14
Category : Business & Economics
ISBN : 9781400856299

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U.S. International Monetary Policy by John S. Odell Pdf

This book proposes a new framework for explaining and anticipating foreign economic policy changes, at the same time providing a fascinating account of three American policy shifts that transformed the postwar international monetary system. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author : Anonim
Publisher : World Bank Publications
Page : 36 pages
File Size : 49,7 Mb
Release : 2024-07-01
Category : Electronic
ISBN : 8210379456XXX

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Heglme-switching in Exchange Rate Policy and Balance Sheet Effects by Anonim Pdf

Author : Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Publisher : Oxford University Press
Page : 449 pages
File Size : 55,8 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780192895912

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Monetary Policy in Times of Crisis by Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou Pdf

The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.