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Record Nr. |
UNINA9910788332303321 |
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Autore |
Yan Isabel |
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Titolo |
Balance of Payments Anti-Crises / / Isabel Yan, Michael Kumhof |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-3054-1 |
1-4527-3493-3 |
1-4518-7281-X |
9786612843488 |
1-282-84348-6 |
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Descrizione fisica |
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1 online resource (23 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Balance of payments |
Foreign exchange |
Banks and Banking |
Foreign Exchange |
Inflation |
Money and Monetary Policy |
Open Economy Macroeconomics |
Monetary Policy |
Central Banks and Their Policies |
Comparative or Joint Analysis of Fiscal and Monetary Policy |
Stabilization |
Treasury Policy |
Price Level |
Deflation |
Interest Rates: Determination, Term Structure, and Effects |
Monetary economics |
Currency |
Macroeconomics |
Banking |
Finance |
Inflation targeting |
Exchange rates |
International reserves |
Zero lower bound |
Monetary policy |
Prices |
Central banks |
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Reserves accumulation |
Foreign exchange reserves |
Interest rates |
China, People's Republic of |
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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; I. Introduction; II. The Model; A. Households; B. Firms; C. Government; D. Equilibrium; E. Government Revenue Shock; III. Model Solution; A. Parameter Values; B. Solution Method; IV. Anti-Crises; V. Conclusion; References; Figures; 1. China and Colombia-Reserves and Inflation; 2. Chile, Norway and Russia - Reserves and Inflation; 3. (a) Anti-Crisis - Overview; 3. (b) Anti-Crisis - Labor Market; 3. (c) Anti-Crisis - Government Budget; 3. (d) Anti-Crisis - Price Levels and Inflation Rates |
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Sommario/riassunto |
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Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation. |
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