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100   $a20140227h20082008  uy             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aAccumulating foreign reserves under floating exchange rates /$fFernando M. Gonc?alves
210  1$aStuttgart, Germany :$cW. Kohlhammer GmbH,$d2008.
210  4$d©2008
215   $a1 online resource (43 p.)
225 1 $aIMF Working Papers
225  0$aIMF working paper ;$vWP/08/96
300   $aDescription based upon print version of record.
311   $a1-4519-1411-3 
320   $aIncludes bibliographical references.
327   $aContents; 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
327   $a5.3.1. 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
330   $aOfficial accumulation of foreign reserves may be perceived as interventions to influence the exchange rate, undermining the credibility of floating exchange rates and inflation targets. This paper develops a theoretical framework to study the interaction between reserve accumulation and monetary policy. The model uncovers a trade-off between the speed of reserve accumulation and anti-inflationary credibility. Under reasonable assumptions, delegation of intervention and monetary policy decisions to separate government agencies allows faster reserve accumulation, while centralization of these de
410  0$aIMF Working Papers
606   $aForeign exchange rates$xEconometric models
606   $aBank reserves$xEconometric models
606   $aMonetary policy$xEconometric models
608   $aElectronic books.
615  0$aForeign exchange rates$xEconometric models.
615  0$aBank reserves$xEconometric models.
615  0$aMonetary policy$xEconometric models.
676   $a332.456
700   $aGonc?alves$b Fernando M$0862010
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464007003321
996   $aAccumulating foreign reserves under floating exchange rates$91924031
997   $aUNINA