Integrated Policy Framework Principles For The Use Of Foreign Exchange Intervention
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Integrated Policy Framework Principles For The Use Of Foreign Exchange Intervention
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-21
Integrated Policy Framework Principles For The Use Of Foreign Exchange Intervention written by International Monetary Fund. Monetary and Capital Markets Department 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 2023-12-21 with Business & Economics categories.
This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework
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Author : Romain Lafarguette
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-12
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework written by Romain Lafarguette 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 2021-02-12 with Business & Economics categories.
This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries 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 2015-10-23 with Business & Economics categories.
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Foreign Exchange Intervention Under The Integrated Policy Framework The Case Of India
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Author : Jesper Lindé
language : en
Publisher: International Monetary Fund
Release Date : 2024-11-15
Foreign Exchange Intervention Under The Integrated Policy Framework The Case Of India written by Jesper Lindé 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 2024-11-15 with categories.
This paper analyzes the effectiveness of foreign exchange intervention (FXI) in mitigating economic and financial shocks in India by applying the Integrated Policy Framework (IPF). It highlights how FXI can be a complementary tool in mitigating the tradeoff between output and inflation, specifically under large economic shocks amid temporarily shallow FX markets. The paper indicates that while FXI can soften adverse impacts on domestic demand and output during severe risk-off shocks, its benefits under normal conditions with liquid FX markets are limited.
Foreign Exchange Intervention Through The Lens Of The Quantitative Integrated Policy Framework
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Author : David Bartolini
language : en
Publisher: International Monetary Fund
Release Date : 2025-04-16
Foreign Exchange Intervention Through The Lens Of The Quantitative Integrated Policy Framework written by David Bartolini 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 2025-04-16 with categories.
In recent years, Albania has experienced a sustained appreciation of the domestic currency. This raises the questions of what factors are driving this appreciation and how to calibrate appropriate policy responses. Drawing on insights provided by the IMF’s integrated policy framework (IPF), this paper examines the case for foreign exchange intervention (FXI) in Albania by estimating an IPF model to quantitatively illustrate relevant policy tradeoffs. While the estimation results confirm the shallow nature of the local FX markets, the appreciation of the lek is found to have been primarily driven by fundamental factors, making conventional interest rate policy an appropriate policy tool. Nevertheless, in certain circumstances where the fundamental lek appreciation is likely to be compounded by non-fundamental shocks, including shifts in foreign investor risk appetite, FXI can serve as an effective complementary tool in alleviating output-inflation tradeoffs.
The Asean Way
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Author : Ms.Ana Corbacho
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-02
The Asean Way written by Ms.Ana Corbacho 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 2018-10-02 with Business & Economics categories.
The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.
Market Volatility And Foreign Exchange Intervention In Emes
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : es
Publisher:
Release Date : 2013
Market Volatility And Foreign Exchange Intervention In Emes written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking, Central categories.
Jamaica
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-25
Jamaica written by International Monetary Fund. Western Hemisphere Dept. 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 2025-06-25 with categories.
Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.
Mauritius
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-18
Mauritius written by International Monetary Fund. African Dept. 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 2025-06-18 with categories.
Mauritius recovered solidly from the pandemic on the back of buoyant tourism, social housing construction, and financial services but is facing fiscal and structural challenges—high public debt, significant public investment needs for climate, low productivity, and an ageing society.
A Quantitative Model For The Integrated Policy Framework
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Author : Tobias Adrian
language : en
Publisher:
Release Date : 2020
A Quantitative Model For The Integrated Policy Framework written by Tobias Adrian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.