05169oam 22012854 450 991078833230332120230721045705.01-4623-3054-11-4527-3493-31-4518-7281-X97866128434881-282-84348-6(CKB)3170000000055292(EBL)1608348(SSID)ssj0000940060(PQKBManifestationID)11600616(PQKBTitleCode)TC0000940060(PQKBWorkID)10946753(PQKB)10487362(OCoLC)451167990(MiAaPQ)EBC1608348(IMF)WPIEE2009134(EXLCZ)99317000000005529220020129d2009 uf 0engur|n|---|||||txtccrBalance of Payments Anti-Crises /Isabel Yan, Michael KumhofWashington, D.C. :International Monetary Fund,2009.1 online resource (23 p.)IMF Working PapersDescription based upon print version of record.1-4519-1710-4 Includes bibliographical references.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 RatesSeveral 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.IMF Working Papers; Working Paper ;No. 2009/134Balance of paymentsForeign exchangeBanks and BankingimfForeign ExchangeimfInflationimfMoney and Monetary PolicyimfOpen Economy MacroeconomicsimfMonetary PolicyimfCentral Banks and Their PoliciesimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfPrice LevelimfDeflationimfInterest Rates: Determination, Term Structure, and EffectsimfMonetary economicsimfCurrencyimfForeign exchangeimfMacroeconomicsimfBankingimfFinanceimfInflation targetingimfExchange ratesimfInternational reservesimfZero lower boundimfMonetary policyimfPricesimfCentral banksimfReserves accumulationimfForeign exchange reservesimfInterest ratesimfChina, People's Republic ofimfBalance of payments.Foreign exchange.Banks and BankingForeign ExchangeInflationMoney and Monetary PolicyOpen Economy MacroeconomicsMonetary PolicyCentral Banks and Their PoliciesComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyPrice LevelDeflationInterest Rates: Determination, Term Structure, and EffectsMonetary economicsCurrencyForeign exchangeMacroeconomicsBankingFinanceInflation targetingExchange ratesInternational reservesZero lower boundMonetary policyPricesCentral banksReserves accumulationForeign exchange reservesInterest ratesYan Isabel1472663Kumhof Michael1472664International Monetary Fund.DcWaIMFBOOK9910788332303321Balance of Payments Anti-Crises3685528UNINA