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|z 9781451853773
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|a Tanner, Evan.
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|a Exchange Market Pressure and Monetary Policy :
|b Asia and Latin America in the 1990s /
|c Evan Tanner.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1999.
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|a 1 online resource (42 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 Exchange market pressure (EMP), the sum of exchange rate depreciation and reserve outflows (scaled by base money), summarizes the flow excess supply of money in a managed exchange rate regime. Examining Brazil, Chile, Mexico, Indonesia, Korea, and Thailand, this paper finds that monetary policy affects EMP as generally expected: contractionary monetary policy helps reduce EMP. The monetary policy stance is best measured by domestic credit growth (since interest rates contain both policy- and market-determined elements). In response to higher EMP, monetary authorities boosted domestic credit growth both in Mexico (confirming previous research) and in the Asian countries.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1999/114
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1999/114/001.1999.issue-114-en.xml
|z IMF e-Library
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