Speculative Attacks Forward Market Intervention And The Classic Bear Squeeze
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Speculative Attacks Forward Market Intervention And The Classic Bear Squeeze
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Author : Mr.Subir Lall
language : en
Publisher: International Monetary Fund
Release Date : 1997-12-01
Speculative Attacks Forward Market Intervention And The Classic Bear Squeeze written by Mr.Subir Lall 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 1997-12-01 with Business & Economics categories.
A typical strategy used by speculators to launch an attack on a fixed exchange regime is the use of forward markets. Central banks also intervene in forward markets to counter speculation. This paper addresses the question of how an attack is launched on the forward market, and what the optimal policy response to such speculation is in the forward and spot markets. The paper also demonstrates how central banks can impose a bear squeeze on speculators. Recent events in South East Asian currency markets are interpreted within the framework of the model’s predictions.
Official Intervention In The Foreign Exchange Market
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Author : Roberto Pereira Guimarães
language : en
Publisher: International Monetary Fund
Release Date : 2003-07-01
Official Intervention In The Foreign Exchange Market written by Roberto Pereira Guimarães 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 2003-07-01 with Business & Economics categories.
This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing, amount, degree of transparency, and choice of markets and counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention is a highly subjective excercise, and some degree of discretion is almost necessary, though policy rules may serve as "rules of thumb."
From Capital Surges To Drought
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Author : R. Ffrench-Davis
language : en
Publisher: Springer
Release Date : 2003-10-23
From Capital Surges To Drought written by R. Ffrench-Davis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-23 with Business & Economics categories.
This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players. The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national and international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.
Imf Working Paper
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Author :
language : en
Publisher:
Release Date : 1997
Imf Working Paper written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Finance categories.
Capital Market Liberalization And Development
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Author : Joseph E. Stiglitz
language : en
Publisher: Oxford University Press, USA
Release Date : 2008-05
Capital Market Liberalization And Development written by Joseph E. Stiglitz and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05 with Business & Economics categories.
Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Central Bank Participation In Currency Options Markets
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Author : Mr.Peter Breuer
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Central Bank Participation In Currency Options Markets written by Mr.Peter Breuer 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 1999-10-01 with Business & Economics categories.
This paper analyzes whether and how central banks can use currency options to lower exchange rate volatility and maintain (implicit) target zones in foreign exchange markets. It argues that selling rather than buying options will result in market makers dynamically hedging their long option exposure in a stabilizing manner, consistent with the first objective. Selling a “strangle” allows a central bank to increase the credibility of its commitment to a target zone, and could have a lower expected cost than spot market interventions. However, this strategy also exposes the central bank to an unlimited loss potential.
International Capital Markets
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Author : John Eatwell
language : en
Publisher: Oxford University Press
Release Date : 2002-04-18
International Capital Markets written by John Eatwell and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-04-18 with Business & Economics categories.
These papers provide a cutting-edge overview of general issues regarding world capital markets, experience in developing countries, and capital market regulation, which many economists believe could turn into the number one topic in international business and economics.
Research Activities Of The Imf January 1991 December 1998
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1999-09-24
Research Activities Of The Imf January 1991 December 1998 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 1999-09-24 with Business & Economics categories.
A selective index of major research papers prepared by IMF staff in 1991-98.
Measures To Limit The Offshore Use Of Currencies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2001-04-01
Measures To Limit The Offshore Use Of Currencies 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 2001-04-01 with Business & Economics categories.
Several Asian emerging market economies have recently adopted measures to limit the offshore trading of their currencies. This paper provides a general overview of such measures and evaluates the experiences of selected countries that resorted to such measures. It concludes that the measures could be effective if they were comprehensive and effectively enforced, and were accompanied by consistent macroeconomic policies and structural reforms. Such measures, however, could adversely affect investor confidence, financial market development, and nonspeculative economic and financial activities, and impose administrative burden on all parties involved.
Managing Currency Crises In Emerging Markets
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Author : Michael P. Dooley
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
Managing Currency Crises In Emerging Markets written by Michael P. Dooley and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.