Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Foreign Exchange Intervention A Dataset Of Public Data And Proxies
Download Foreign Exchange Intervention A Dataset Of Public Data And Proxies full books in PDF, epub, and Kindle. Read online Foreign Exchange Intervention A Dataset Of Public Data And Proxies ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Foreign Exchange Intervention: A Dataset of Public Data and Proxies by : Gustavo Adler
Download or read book Foreign Exchange Intervention: A Dataset of Public Data and Proxies written by Gustavo Adler and published by International Monetary Fund. This book was released on 2021-02-19 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention (FXI) is a highly debated topic. Yet, comprehensive and comparable data on FXI is hard to find. This paper provides a new dataset of FXI covering a large number of countries over the period 2000-20 at monthly and quarterly frequencies. It includes publicly available data for about 40 countries and carefully constructed proxies for 122 countries. Proxies are focused on both spot and derivative transactions that alter the central bank’s foreign currency position and account for a wide range of central bank operations, including vis-à-vis residents, the first proxy to do so to our knowledge. The paper discusses the merits of the new proxy relative to coarser measures traditionally used like the change in reserves, and potential definitional differences with published data. The paper also presents stylized facts using our newly constructed FXI proxies.
Book Synopsis Foreign Exchange Intervention by : Gustavo Adler
Download or read book Foreign Exchange Intervention written by Gustavo Adler and published by International Monetary Fund. This book was released on 2011-07-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin America. Qualitatively, it examines institutional aspects such as declared motives, instruments employed, the use of rules versus discretion, and the degree of transparency. Quantitatively, it assesses the effectiveness of sterilized interventions in influencing the exchange rate using a two-stage IV-panel data approach to overcome endogeneity bias. Results suggest that interventions slow the pace of appreciation, but the effects decrease rapidly with the degree of capital account openness. At the same time, interventions are more effective in the context of already ?overvalued' exchange rates.
Book Synopsis Foreign Exchange Intervention under Policy Uncertainty by : Gustavo Adler
Download or read book Foreign Exchange Intervention under Policy Uncertainty written by Gustavo Adler and published by International Monetary Fund. This book was released on 2016-03-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.
Book Synopsis Official Foreign Exchange Intervention by : Mr.Jorge Iván Canales Kriljenko
Download or read book Official Foreign Exchange Intervention written by Mr.Jorge Iván Canales Kriljenko and published by International Monetary Fund. This book was released on 2006-03-02 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.
Book Synopsis Foreign Exchange Intervention : A New Database by : Marcel Fratzscher
Download or read book Foreign Exchange Intervention : A New Database written by Marcel Fratzscher and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Official Foreign Exchange Intervention by : Shogo Ishii
Download or read book Official Foreign Exchange Intervention written by Shogo Ishii and published by . This book was released on 2002 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Exchange Intervention As a Monetary Policy Instrument by : Felix Hufner
Download or read book Foreign Exchange Intervention As a Monetary Policy Instrument written by Felix Hufner and published by . This book was released on 2014-01-15 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Exchange Intervention Under Policy Uncertainty by : Juan Pablo Medina Guzman
Download or read book Foreign Exchange Intervention Under Policy Uncertainty written by Juan Pablo Medina Guzman and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.--Abstract.
Book Synopsis Patterns of Foreign Exchange Intervention under Inflation Targeting by : Gustavo Adler
Download or read book Patterns of Foreign Exchange Intervention under Inflation Targeting written by Gustavo Adler and published by International Monetary Fund. This book was released on 2020-05-29 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper documents the use of foreign exchange intervention (FXI) across countries and monetary regimes, with special attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market economies, with the former group conducting FXI limitedly and broadly symmetrically, while the use of this policy instrument in emerging market countries is pervasive and mostly asymmetric (biased towards purchasing foreign currency, even after taking into account precautionary motives). Within emerging markets, the use of FXI is common both under IT and non-IT regimes. We find no evidence of FXI being used in response to inflation developments, while there is strong evidence that FXI responds to exchange rates, indicating that IT central banks in EMDEs have dual inflation/exchange rate objectives. We also find a higher propensity to overshoot inflation targets in emerging market economies where FXI is more pervasive.
Book Synopsis SHOCKS AND CAPITAL FLOWS by : GASTON. SAHAY GELOS (RATNA.)
Download or read book SHOCKS AND CAPITAL FLOWS written by GASTON. SAHAY GELOS (RATNA.) and published by International Monetary Fund. This book was released on 2023 with total page 2040 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why Follow the Fed? Monetary Policy in Times of US Tightening by : Gonzalo Huertas
Download or read book Why Follow the Fed? Monetary Policy in Times of US Tightening written by Gonzalo Huertas and published by International Monetary Fund. This book was released on 2022-12-09 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: I conduct interviews with 32 Central Bankers from Emerging Markets and present five unifying themes that explain their behavior when reacting to a U.S. monetary tightening. I then estimate the impulse response functions of their two main monetary tools, the policy rate and foreign exchange interventions, to an increase in the U.S. rate, using the answers from the interviews as a guide for the best econometric specification. I find that most Central Banks react to a U.S. tightening by raising domestic rates, regardless of the exchange rate regime, but their reasons for doing so vary – from controlling inflation to preventing capital outflows.
Book Synopsis Renminbi from Marketization to Internationalization by : Zhongxia Jin
Download or read book Renminbi from Marketization to Internationalization written by Zhongxia Jin and published by Taylor & Francis. This book was released on 2022-05-12 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study looks into the significance of a floating exchange rate regime, further development of the foreign exchange derivatives market, and concurrent internationalization of the Renminbi (RMB) for a resilient, open, and growing Chinese economy. The first chapter analyzes the macroeconomic impact of foreign exchange intervention based on empirical studies on 26 economies, explaining why most countries favor a floating exchange rate regime under the existing international monetary system. The second chapter discusses the macroeconomic and microeconomic conditions that would facilitate a successful transition to a floating exchange rate. The final two chapters discuss the importance of further developing the foreign exchange derivatives market in China and explores paths toward further opening-up of the capital market and internationalization of the RMB under a floating exchange rate. Based on the authors’ decades of reflections and systematic analysis on real cases both in China and abroad, the title sheds lights on China’s exchange rate issues and research on exchange rate policy. This book will be an essential reference for scholars, students, professionals, and policymakers interested in exchange rate, currency internationalization, the financial market, especially the derivatives market, and the Chinese economy.
Book Synopsis An Estimated DSGE Model for Integrated Policy Analysis by : Kaili Chen
Download or read book An Estimated DSGE Model for Integrated Policy Analysis written by Kaili Chen and published by International Monetary Fund. This book was released on 2023-06-30 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a New Keynesian small open economy model which allows for foreign exchange (FX) market frictions and a potential role for FX interventions for a large set of emerging market economies (EMEs) and some inflation targeting (IT) advanced economy (AE) countries serving as a control group. Next, we use the estimated model to examine the empirical support for the view that interest rate policy may not be sufficient to stabilize output and inflation following capital outflow shocks, and the extent to which FX interventions (FXI) can improve policy tradeoffs. Our results reveal significant structural differences between AEs and EMEs—in particular FX market depth—leading to different transmission of capital outflow shocks which justifies occasional use of FXI in some EMEs in certain situations. Our analysis also highlights the critical importance of accounting for the endogeneity of FXI behavior when assessing FX market depth and policy tradeoffs associated with volatile capital flows in past episodes.
Book Synopsis Dollar Exchange Rate Volatility and Productivity Growth in Emerging Markets: Evidence from Firm Level Data by : Kodjovi M. Eklou
Download or read book Dollar Exchange Rate Volatility and Productivity Growth in Emerging Markets: Evidence from Firm Level Data written by Kodjovi M. Eklou and published by International Monetary Fund. This book was released on 2023-05-26 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low level of financial development, high dollar invoicing, high bilateral trade with the US, high collective bargaining coverage and open capital account. Exploring the role of policy, it finds that Foreign Exchange Interventions (FXI) dampen this impact on firm productivty. Further, exploiting firm level data, the paper shows that dollar exchange rate volatility operates also through the financial friction channel, reducing contemporaneous investments, especially at firms with low liquidity buffers and weak balance sheet (high leverage). The role of financial frictions is confirmed through the finding that younger firms, more likely to face financial constraints, are also found to be more vulnerable to dollar exchange rate volatility. In addition, we also find evidence of a large and persistent effect on firms with highly irreversible investment, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery of tests, including controlling for uncertainty, financial crises and using an instrumental variable strategy exploiting US monetary policy shocks as an exogenous source of variation in dollar exchange rate volatility.
Book Synopsis Escaping the Financial Dollarization Trap: The Role of Foreign Exchange Intervention by : Paul Castillo
Download or read book Escaping the Financial Dollarization Trap: The Role of Foreign Exchange Intervention written by Paul Castillo and published by International Monetary Fund. This book was released on 2024-06-21 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial dollarization is considered a source of macroeconomic instability in many emerging economies. Dollarization constrains the ability of central banks to stimulate output during economic downturns. In contrast to the conventional monetary transmission mechanism, a monetary policy loosening in a dollarized economy leads to a currency depreciation, adverse balance sheet effects, and a contraction in investment and output growth. In this paper we evaluate the role of foreign exchange reserves in facilitating macroeconomic stabilization in a financially dollarized economy. We first show empirically that foreign exchange intervention in response to capital outflows can largely reduce the volatility of output and the real exchange rate in dollarized economies. We then develop a small open economy model with foreign currency debt and balance sheets effects. Our quantitative model shows that an active foreign exchange intervention policy is sufficient for offsetting the output volatility associated with financial dollarization. These results can explain the prevalence of low macroeconomic volatility in some dollarized economies (Christiano et al., 2021) and they highlight the role of foreign exchange reserves in reducing the welfare costs of dollarization.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 : Total Pages :55 pages Book Rating :4.4/5 (2 download)
Book Synopsis Philippines by : International Monetary Fund. Asia and Pacific Dept
Download or read book Philippines written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2022-12-15 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philippines: Selected Issues
Book Synopsis External Shocks, Policies, and Tail-Shifts in Real Exchange Rates by : Mr. Nicolas E Magud
Download or read book External Shocks, Policies, and Tail-Shifts in Real Exchange Rates written by Mr. Nicolas E Magud and published by International Monetary Fund. This book was released on 2023-06-23 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use panel quantile regressions to study extreme (rather than average) movements in the distribution of the real effective exchange rate (REER) of small open economies. We document that global uncertainty (VIX) and global financial conditions (U.S. monetary policy) shocks have a strong impact on the distribution of the REER changes, with larger impacts in the tails of the distribution, and especially in economies with shallower FX markets, lower central bank credibility, and higher credit risk (i.e., weaker macro fundamentals). Foreign exchange intervention (FXI) partially offsets the impact of these shocks, especially in the left tail (large depreciations) and particularly in economies with weaker fundamentals but, more importantly, when FXI is used sporadically. Thus, our results highlight the importance of deepening FX markets, improving central bank credibility, and strengthening macro fundamentals against the potential dynamic trade-offs of overreliance on a policy that would exacerbate the previously mentioned frictions. While our results point to low effectiveness of capital flow management in preventing large REER movements, they seem to enable more impactful foreign exchange intervention in the immediate aftermath of shocks.
