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01893cas a2200241 a 4500 |
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AALejournalIMF010482 |
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230101c9999 xx r poo 0 0eng d |
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|c 15.00 USD
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|z 9781451972818
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|a 1020-7635
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|a BD-DhAAL
|c BD-DhAAL
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|a International Monetary Fund.
|b Research Dept.
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|a IMF Staff papers :
|b Volume 31 No. 3.
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| 264 |
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1984.
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|a 1 online resource (151 pages)
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|a IMF Staff 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 highlights exchange rate movements and adjustment in financial markets. This paper develops a model of portfolio behavior in which it is assumed that market participants act as if they always expected exchange rates to move in line with expected inflation differentials. In the solution of this model, exchange rate movements are determined by real interest rate differentials and the cumulated balance of external payments. Two important empirical features distinguish this model from most other models based on the asset-market approach to exchange rate determination. The paper gives evidence that comparisons between these estimates and alternative models broadly support the model developed here. A principal conclusion is that interest rate differentials do have a clearer short-run relationship to exchange rate changes than to exchange rate levels.
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|a Mode of access: Internet
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|a IMF Staff Papers; IMF Staff Papers ;
|v No. 1984/003
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/024/1984/003/024.1984.issue-003-en.xml
|z IMF e-Library
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