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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: 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: Jang - Yung Lee
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Liliana Noelia Hernández Leyva
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 186
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Book Description
Author: Mr.Jakob Christensen
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451875171
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
The paper analyzes the relationship between large-scale capital inflows and sterilization efforts in the Czech Republic during 1993–96 using a vector autoregression (VAR) model, which consists of domestic credit, foreign reserves, and domestic and foreign interest rates. The analysis finds that despite initial success in sterilizing capital inflows, this strategy proved increasingly costly and ultimately unsustainable as domestic interest rates attracted more capital inflows. The commercial banks exploited a profitable sterilization game, whereby they borrowed cheaply abroad and invested the funds domestically in high-yielding sterilization bonds.
Author: Pierre L. Siklos
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Transitional economies adopted different exchange rates at the beginning of the transition to a market economy and Hungary, in particular, went through a number of changes in this area. In particular, Hungary can be said to have targeted the real exchange rate and, given recent interest in the experience of South American countries which have followed this policy, the experience of a transitional economy should also be of interest. The paper examines the success of Hungary's central bank at sterilizing capital inflows during the period 1992-97. The empirical evidence presented suggests that only during the second half of 1995 did the National Bank of Hungary begin to fully sterilize inflows of capital to neutralize their impact on domestic credit. More descriptive and anecdotal evidence further substantiates this finding. Prior to March 1995, conflicting monetary and fiscal policy objectives prevented the successful targeting of the real exchange rate.
Author: Jakob Christensen
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 34
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Book Description
The paper analyzes the relationship between large-scale capital inflows and sterilization efforts in the Czech Republic during 1993-96 using a vector autoregression (VAR) model, which consists of domestic credit, foreign reserves, and domestic and foreign interest rates. The analysis finds that despite initial success in sterilizing capital inflows, this strategy proved increasingly costly and ultimately unsustainable as domestic interest rates attracted more capital inflows. The commercial banks exploited a profitable sterilization game, whereby they borrowed cheaply abroad and invested the funds domestically in high-yielding sterilization bonds.
Author: Jeffrey A. Frankel
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 48
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Book Description
Author: Tony Cavoli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper derives a time-varying sterilization coefficient to examine those factors that determine the extent to which central banks might engage in monetary sterilization. There appear to be good reasons to do so: Sterilization neutralizes the monetary impact of reserve accumulation, which is an endogenous consequence of sustained capital inflows under some degree of management of exchange rates. A pooled sample of Asian economies incorporating Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand, for 1994-2012 is employed. We find that this method does help to directly uncover the determinants of sterilization, and while capital inflows do not appear to influence the sterilization directly, there is substantial evidence to suggest it does so indirectly--particularly through domestic interest rates.
Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 184980687X
Category : Business & Economics
Languages : en
Pages : 465
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Book Description
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Author: Mahmood Pradhan
Publisher: International Monetary Fund
ISBN: 1463935129
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
