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|z 9781451962659
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|a 1018-5941
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|c BD-DhAAL
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|a Schumacher, Liliana.
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|a Central Bank Vulnerability and the Credibility of Commitments :
|b A Value-at-Risk Approach to Currency Crises /
|c Liliana Schumacher, Mario Blejer.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (29 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a A loss of solvency increases central bank vulnerability, reducing the credibility of commitments to defend a nominal regime, including an exchange rate peg. This paper develops a methodology to assess central bank solvency and exposure to risk. The measure, based on Value-at-Risk, is frequently used to evaluate commercial risk. The paper emphasizes that the ability to sustain nominal commitments cannot be gauged by focusing only on selected accounts (such as reserves), but requires a comprehensive solvency and vulnerability analysis of the monetary authorities' complete portfolio (including off-balance-sheet operations). The suggested measure has powerful reporting value and its disclosure could improve monitoring of sovereign solvency risk.
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|a Mode of access: Internet
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|a Blejer, Mario.
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|a IMF Working Papers; Working Paper ;
|v No. 1998/065
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/065/001.1998.issue-065-en.xml
|z IMF e-Library
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