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Author: Jang-Yung Lee
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Surging capital inflows can be something of a double-edged sword, inflicting rather less welcome and destabilizing side effects, including a tendency for the local currency to gain in value, undermining the competitiveness of export industries.
Author: Mr.Jeffrey A. Frankel
Publisher: International Monetary Fund
ISBN: 1451857624
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Some countries undergoing exchange-rate-based stabilization and financial liberalization in Latin America, Asia and elsewhere have faced large capital inflows since 1991. Many have tried to sterilize the reserve inflows. Calvo, Leiderman, and Reinhart argue essentially that sterilization is more difficult than generally realized, due to the interest costs on sterilization bonds. Reisen argues essentially that sterilization is easier than generally believed. This paper reviews the issues in the simplest textbook model and concludes that local interest rates are not likely to rise if the source of the disturbance is an exogenous capital inflow, but will rise if the disturbance is an increase in money demand or an increase in exports.
Author: Jang-Yung Lee
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Surging capital inflows can be something of a double-edged sword, inflicting rather less welcome and destabilizing side effects, including a tendency for the local currency to gain in value, undermining the competitiveness of export industries.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451924690
Category : Business & Economics
Languages : en
Pages : 10
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Book Description
The paper argues that the sterilization of capital inflows at the start of a price-stabilization program may give rise to future pressures to discontinue the program as a result of the unduly high debt-service burden that the sterilization policy may generate.
Author: Jeffrey Alexander Frankel
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Jeffrey A. FRANKEL
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Jeffrey A. Frankel
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
Author: Mr.Pierre L. Siklos
Publisher: International Monetary Fund
ISBN: 1451850832
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
This paper compares Hungary’s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not significant until mid-1994, sometime after the return to power of the former Communist leaders. Thus, in the second half of 1994, the NBH began to demonstrate more firmly its independence by tightening monetary policy. By the beginning of 1995, the direction of fiscal policy had begun to show consonance with the overall aims of monetary policy.
Author: Liliana Noelia Hernández Leyva
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 186
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Book Description
Author: Jeffrey A. Frankel
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 48
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Book Description
Author: Jang-Yung Lee
Publisher: International Monetary Fund
ISBN: 1451847343
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper seeks to extend discussion of monetary policy instruments to the situation of a country faced with major capital inflows when the process of domestic financial liberalization is incomplete. It briefly summarizes the recent usage of traditional monetary instruments, discusses the practical limits to classic sterilization measures as well as the pros and cons of using other supplementary measures including tax-based controls on capital inflows. It also examines the efficacy of such measures in Chile, Colombia, Indonesia, Korea, Spain, and Thailand. The conclusion is that, for a time and as a transitional measure, a country may find it opportune to supplement the traditional instruments with certain “belt and braces” measures including, in some instances, indirect (tax-based) capital controls.
