Author: Tom Bernhardsen
Publisher: Information Department
ISBN:
Category : Capital movements
Languages : en
Pages : 180

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Author: Tom Bernhardsen
Publisher:
ISBN:
Category :
Languages : en
Pages : 178

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Author: Michael G. Porter
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 214

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Author: Jan Marc Berk
Publisher: International Monetary Fund
ISBN: 1451850344
Category : Business & Economics
Languages : en
Pages : 29

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This paper investigates international co-movement in bond yields by testing for uncovered interest parity (UIP). Existing work is supplemented by focusing on long instead of short-term interest rates and by employing exchange rate expectations derived from purchasing power parity (PPP) instead of actual outcomes. Among the major currencies during 1975-97, the paper does not find a further increase in co-movement beyond that associated with the wave of financial market liberalization in the early 1980s. Given the similarity between PPP-based UIP tests and those employing actual exchange rate outcomes, the value added of the former lies mainly with data availability.

Author: Alejandro M. Werner
Publisher: International Monetary Fund
ISBN: 1451853769
Category : Business & Economics
Languages : en
Pages : 20

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This paper studies the Mexican and Israeli experience with a target zone. The first part of the paper develops a model of exchange rate determination under a target zone regime with stochastic realignments, and examines the conditions under which the adoption of the target zone, instead of a fixed exchange rate, reduces the volatility of the interest rate differential. We conclude that if the variance of the expected realignment is sufficiently large, then the target zone will be useful. The second part of the paper is an empirical study that shows that the target zone regime helped reduce interest rate variability in Israel and Mexico by absorbing part of the shocks to the expected realignment with movements of the exchange rate inside the band.

Author: Francesco Caramazza
Publisher:
ISBN:
Category : Asset-liability management
Languages : en
Pages : 88

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Author: Birger Vikøren
Publisher:
ISBN:
Category :
Languages : en
Pages : 168

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Author: Meir G. Kohn
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 38

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Author: Maurice Obstfeld
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 13

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This paper examines the effects of ex-change-rate policies when individuals maximize lifetime utility on the basis of rational expectations about the future. The economy studied is one in which the authorities allow free mobility of capital under a crawling-peg exchange-rate regime. Many industrializing economies have adopted a crawling peg as a means of reconciling disparate inflation rates at home and abroad, and some recent efforts to use the rate of crawl as an instrument of anti-inflation policy have attracted considerable interest (see Carlos Diaz Alejandro). Tools similar to those employed here have been applied by Guillermo Calvo (forthcoming) to study this type of exchange-rate management under conditions of capital immobility

Author:
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 380

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