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Record Nr. |
UNINA9910788246003321 |
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Autore |
Gonçalves Fernando M |
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Titolo |
Accumulating Foreign Reserves Under Floating Exchange Rates / / Fernando M. Gonçalves |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-6690-2 |
1-4527-0267-5 |
1-4518-6957-6 |
1-282-84051-7 |
9786612840517 |
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Descrizione fisica |
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1 online resource (43 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/96 |
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Disciplina |
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Soggetti |
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Foreign exchange rates - Econometric models |
Bank reserves - Econometric models |
Monetary policy - Econometric models |
Banks and Banking |
Foreign Exchange |
Inflation |
Money and Monetary Policy |
Public Finance |
Monetary Policy |
Price Level |
Deflation |
Taxation, Subsidies, and Revenue: General |
Monetary economics |
Macroeconomics |
Banking |
Currency |
Foreign exchange |
Public finance & taxation |
Inflation targeting |
Reserves accumulation |
Foreign exchange intervention |
Institutional arrangements for revenue administration |
Monetary policy |
Prices |
Foreign exchange reserves |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; 1. Introduction; 2. Theoretical Model: Basic Set-up; 3. Complete Information; 3.1. Centralization; 3.2. Institutional Arrangements in Practice; 3.3. Separation; 3.4. Centralization versus Separation; 4. Incomplete Information; 4.1. Stage 1: Centralization versus Separation; Figures; 1. Timetable; 4.2. Stage 0: Centralization versus Separation; 5. Comparative Analysis Under Incomplete Information; 5.1. Simulation of Stage 0 Parameters; 2. Simulation of Stage 0 Parameters; 5.2. The Trade-off Between Reserve Accumulation and Credibility Building; 5.3. Centralization versus Separation |
5.3.1. Macroeconomic Stability3. Macroeconomic Stability - Centralization versus Separation; 5.3.2. Reserve Targeting; 4. Reserve Targeting - Centralization versus Separation; 5.3.3. Discussion; 6. Concluding Remarks; References; Appendix; Proof of Proposition 1; Proof of Corollary 1 |
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Sommario/riassunto |
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Official accumulation of foreign reserves may be perceived as interventions to influence the exchange rate, undermining the credibility of floating exchange rates and inflation targets. This paper develops a theoretical framework to study the interaction between reserve accumulation and monetary policy. The model uncovers a trade-off between the speed of reserve accumulation and anti-inflationary credibility. Under reasonable assumptions, delegation of intervention and monetary policy decisions to separate government agencies allows faster reserve accumulation, while centralization of these decisions results in a more stable economy. The analysis underscores the importance of rather overlooked institutional features of policymaking in open economies. |
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