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Exchange Market Pressure And Central Bank Policy


Exchange Market Pressure And Central Bank Policy
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Central Bank Policy Instruments And Exchange Market Pressure


Central Bank Policy Instruments And Exchange Market Pressure
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Author : Lakmini Wickremeratne
language : en
Publisher:
Release Date : 2023

Central Bank Policy Instruments And Exchange Market Pressure written by Lakmini Wickremeratne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.


Emerging economies have been facing increasingly volatile exchange rates due to recent developments in financial markets. Such volatility is concerning for policy makers as exchange market pressure could potentially destabilize an otherwise stable economy. This paper models the determinants of the exchange market pressure in Sri Lanka using monthly data from January 2003 to March 2019 and seeks to identify whether policy instruments of the Central Bank have a significant effect on reducing the pressure on the exchange rate. The study uses an Unrestricted Vector Auto Regression Model to identify the short term influence of the interest rate differential and foreign exchange market intervention on exchange market pressure and finds limited impact of these policy instruments. It then goes on to model a two state Markov Regime Switching Model which reveals that the interest rate differential is useful in deterring exchange market pressure during times of turbulence in the foreign exchange market. The findings reveal that intervention in the foreign exchange market, while signaling the monetary authority's commitment to defend the exchange rate in the short term, might lead to expectations for further depreciation in the medium term; resulting in a self-fulfilling prophecy.



Measuring Exchange Market Pressure And Central Bank Intervention


Measuring Exchange Market Pressure And Central Bank Intervention
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Author : Mikko Spolander
language : en
Publisher:
Release Date : 1999

Measuring Exchange Market Pressure And Central Bank Intervention written by Mikko Spolander and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Banks and banking categories.


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Exchange Market Pressure And Central Bank Policy


Exchange Market Pressure And Central Bank Policy
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Author : Beoy Kui Ng
language : en
Publisher:
Release Date : 1988

Exchange Market Pressure And Central Bank Policy written by Beoy Kui Ng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Banks and banking, Central categories.




Exchange Market Pressure Currency Crises And Monetary Policy


Exchange Market Pressure Currency Crises And Monetary Policy
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Author : Evan Tanner
language : en
Publisher: International Monetary Fund
Release Date : 2002

Exchange Market Pressure Currency Crises And Monetary Policy written by Evan Tanner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Bank loans categories.




Exchange Market Pressure And Monetary Policy


Exchange Market Pressure And Monetary Policy
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Author : Mr.Evan Tanner
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01

Exchange Market Pressure And Monetary Policy written by Mr.Evan Tanner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.


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.



Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Market Pressure


Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Market Pressure
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Author : Central Bank of Ireland (1943-2003)
language : en
Publisher:
Release Date : 1982

Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Market Pressure written by Central Bank of Ireland (1943-2003) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.




International Capital Flow Pressures


International Capital Flow Pressures
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Author : Ms.Linda S. Goldberg
language : en
Publisher: International Monetary Fund
Release Date : 2018-02-16

International Capital Flow Pressures written by Ms.Linda S. Goldberg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-16 with Business & Economics categories.


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.



Exchange Arrangements And Foreign Exchange Markets


Exchange Arrangements And Foreign Exchange Markets
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-28

Exchange Arrangements And Foreign Exchange Markets written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-28 with Business & Economics categories.


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.



Exchange Market Pressures And Speculative Capital Flows In Selected European Countries


Exchange Market Pressures And Speculative Capital Flows In Selected European Countries
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Author : Ms.Inci Ötker
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01

Exchange Market Pressures And Speculative Capital Flows In Selected European Countries written by Ms.Inci Ötker and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-02-01 with Business & Economics categories.


This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement.



Monetary Policy In The European Monetary System


Monetary Policy In The European Monetary System
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Author : Joao Loureiro
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Monetary Policy In The European Monetary System written by Joao Loureiro and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.


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.