Accumulating Foreign Reserves Under Floating Exchange Rates / / Fernando M. Gonçalves
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| Autore: |
Gonçalves Fernando M
|
| Titolo: |
Accumulating Foreign Reserves Under Floating Exchange Rates / / Fernando M. Gonçalves
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2008 |
| Edizione: | 1st ed. |
| Descrizione fisica: | 1 online resource (43 p.) |
| Disciplina: | 332.456 |
| Soggetto topico: | Foreign exchange rates - Econometric models |
| Bank reserves - Econometric models | |
| Monetary policy - Econometric models | |
| Banking | |
| Banks and Banking | |
| Currency | |
| Deflation | |
| Foreign exchange intervention | |
| Foreign exchange reserves | |
| Foreign Exchange | |
| Foreign exchange | |
| Inflation targeting | |
| Inflation | |
| Institutional arrangements for revenue administration | |
| Macroeconomics | |
| Monetary economics | |
| Monetary Policy | |
| Monetary policy | |
| Money and Monetary Policy | |
| Price Level | |
| Prices | |
| Public finance & taxation | |
| Public Finance | |
| Reserves accumulation | |
| Revenue | |
| Taxation, Subsidies, and Revenue: General | |
| Note generali: | Description based upon print version of record. |
| Nota di bibliografia: | Includes bibliographical references. |
| Nota di contenuto: | Contents; 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 |
| 5.3.1. 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 | |
| Sommario/riassunto: | Official 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 decisions results in a more stable economy. The analysis underscores the importance of rather overlooked institutional features of policymaking in open economies. |
| Titolo autorizzato: | Accumulating Foreign Reserves Under Floating Exchange Rates |
| ISBN: | 9786612840517 |
| 9781462366903 | |
| 1462366902 | |
| 9781452702674 | |
| 1452702675 | |
| 9781451869576 | |
| 1451869576 | |
| 9781282840515 | |
| 1282840517 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910955171803321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2008/096