Exchange Rate Uncertainty in Money-Based Stabilization Programs /

Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related...

詳細記述

書誌詳細
第一著者: Morales, R.
フォーマット: 雑誌
言語:English
出版事項: Washington, D.C. : International Monetary Fund, 1998.
シリーズ:IMF Working Papers; Working Paper ; No. 1998/003
オンライン・アクセス:Full text available on IMF
その他の書誌記述
要約:Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: 'parity-guessers,' who expect a jump to a reference parity level, and 'money-followers,' who expect nominal depreciation equal to the monetary rule.
記述事項:<strong>Off-Campus Access:</strong> No User ID or Password Required
<strong>On-Campus Access:</strong> No User ID or Password Required
物理的記述:1 online resource (18 pages)
フォーマット:Mode of access: Internet
ISSN:1018-5941
アクセス:Electronic access restricted to authorized BRAC University faculty, staff and students