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01803cas a2200253 a 4500 |
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|c 5.00 USD
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|z 9781451921199
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|a 1018-5941
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|c BD-DhAAL
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|a Bodnar, Gordon.
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|a Target Zones and Forward Rates in a Model with Repeated Realignments /
|c Gordon Bodnar, Leonardo Bartolini.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1992.
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|a 1 online resource (54 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 This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band. The credibility of the commitment to the target zone implicit in forward market data can be extracted by estimating the model. Application to French/German data indicates that the model is capable of matching observed patterns of interest rate differentials during the EMS, while yielding estimates of the credibility parameters that accord with the experience of the FF/DM exchange rate during the 1980s.
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|a Mode of access: Internet
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|a Bartolini, Leonardo.
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|a IMF Working Papers; Working Paper ;
|v No. 1992/022
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1992/022/001.1992.issue-022-en.xml
|z IMF e-Library
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