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|z 9781451869576
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|a 1018-5941
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|a Goncalves, Fernando M.
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|a Accumulating Foreign Reserves Under Floating Exchange Rates /
|c Fernando M. Goncalves.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2008.
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|a 1 online resource (41 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 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.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2008/096
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2008/096/001.2008.issue-096-en.xml
|z IMF e-Library
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