Exchange Market Pressure And Monetary Policy
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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.
Exchange Market Pressure And Monetary Policy Asia And Latin America In The 1990s
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Author : Evan Tanner
language : en
Publisher:
Release Date : 2006
Exchange Market Pressure And Monetary Policy Asia And Latin America In The 1990s written by Evan Tanner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with 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.
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
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Author : M. Idrees Khawaja
language : en
Publisher:
Release Date : 2007
Exchange Market Pressure And Monetary Policy written by M. Idrees Khawaja and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Foreign exchange categories.
From Peg To Float
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Author : David Kemme
language : en
Publisher:
Release Date : 2011
From Peg To Float written by David Kemme and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Exchange market pressure (EMP) in the Czech Republic is calculated for 1995-2006, when the Czech National Bank transitioned to inflation targeting (IT). EMP is a useful indicator of incipient foreign exchange market pressures, a signal of the need for policy adjustments and a clear delineator of monetary policy regime change. VAR estimates clearly identify quite different policy responses during the two regimes. During 1995-98, interest rate and domestic credit responses to EMP were statistically significant and in accord with traditional theory, i.e. domestic credit creation and interest rates were managed to maintain the exchange rate target as if policymakers were explicitly responding to changes in EMP. During the 1998-2006 IT regime there is a link between domestic credit creation and EMP, with no interest rate effects. Exchange market interventions were incidental and supportive of IT goals. Impulse response functions mirror the VAR and Granger causality results.
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 Monetary Policy
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Author : Evan Tanner
language : en
Publisher:
Release Date : 1999
Exchange Market Pressure And Monetary Policy written by Evan Tanner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
A Markov Switching Approach To Measuring Exchange Market Pressure
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Author : Francis Y. Kumah
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2007-10-01
A Markov Switching Approach To Measuring Exchange Market Pressure written by Francis Y. Kumah 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 2007-10-01 with categories.
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.
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.
Monetary Policy In The Philippines During Periods Of Financial Crisis And Changes In Exchange Rate Regime
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-12-07
Monetary Policy In The Philippines During Periods Of Financial Crisis And Changes In Exchange Rate Regime 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 1989-12-07 with Business & Economics categories.
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.