05252oam 22013214 450 991082855680332120200520144314.01-4623-3054-11-4527-3493-31-4518-7281-X97866128434881-282-84348-6(CKB)3170000000055292(EBL)1608348(SSID)ssj0000940060(PQKBManifestationID)11600616(PQKBTitleCode)TC0000940060(PQKBWorkID)10946753(PQKB)10487362(OCoLC)451167990(IMF)WPIEE2009134(MiAaPQ)EBC1608348(IMF)WPIEA2009134(EXLCZ)99317000000005529220020129d2009 uf 0engur|n|---|||||txtccrBalance of Payments Anti-Crises /Isabel Yan, Michael Kumhof1st ed.Washington, 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 exchangeBankingimfBanks and BankingimfCentral Banks and Their PoliciesimfCentral banksimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfCurrencyimfDeflationimfExchange ratesimfFinanceimfForeign exchange reservesimfForeign ExchangeimfForeign exchangeimfInflation targetingimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInternational reservesimfMacroeconomicsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfOpen Economy MacroeconomicsimfPrice LevelimfPricesimfReserves accumulationimfStabilizationimfTreasury PolicyimfZero lower boundimfChina, People's Republic ofimfBalance of payments.Foreign exchange.BankingBanks and BankingCentral Banks and Their PoliciesCentral banksComparative or Joint Analysis of Fiscal and Monetary PolicyCurrencyDeflationExchange ratesFinanceForeign exchange reservesForeign ExchangeForeign exchangeInflation targetingInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsInternational reservesMacroeconomicsMonetary economicsMonetary PolicyMonetary policyMoney and Monetary PolicyOpen Economy MacroeconomicsPrice LevelPricesReserves accumulationStabilizationTreasury PolicyZero lower bound382.1;382.17Yan Isabel1772021Kumhof Michael1604267International Monetary Fund.DcWaIMFBOOK9910828556803321Balance of Payments Anti-Crises4269836UNINA