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Balance of payments anti-crises / / Michael Kumhof, Isabel Yan



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Autore: Kumhof Michael Visualizza persona
Titolo: Balance of payments anti-crises / / Michael Kumhof, Isabel Yan Visualizza cluster
Pubblicazione: [Washington, D.C.], : International Monetary Fund, 2009
Edizione: 1st ed.
Descrizione fisica: 1 online resource (23 p.)
Disciplina: 382.1;382.17
Soggetto topico: Balance of payments
Foreign exchange
Altri autori: YanIsabel K  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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
Sommario/riassunto: 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.
Titolo autorizzato: Balance of payments anti-crises  Visualizza cluster
ISBN: 1-4623-3054-1
1-4527-3493-3
1-4518-7281-X
9786612843488
1-282-84348-6
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910828556803321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF working paper ; ; WP/09/134.