- Jorge Canales Kriljenko, Cem Karacadag, Roberto Guimarães, and Shogo Ishii
- Published Date:
- March 2006
1998,“Answering the Skeptics: Yes, Standard Volatility Models Do Provide Accurate Forecasts,”International Economic Review,Vol. 39, No. 4, pp. 885–905.
Bank for International Settlements, 1994, Macroeconomic and Monetary Policy Issues Raised by the Growth of Derivatives Markets(Basel).
Bank for International Settlements, 2001, Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity(Basel:Bank for International Settlements).
Bank of Japan, 2000, “Outline of the Bank of Japan’s Foreign Exchange Intervention Operations.”Available via the Internet:www.boj.or.jp/en/about/basic/etc/faqkainy.htm.
1997, “Why Do Central Banks Intervene?”Journal of International Money and Finance, Vol. 16, No. 6, pp. 909–19.
2002, “Foreign Exchange Swaps,”New England Economic Review, Second Quarter, p. 11.
1999, “An Intraday Analysis of the Effectiveness of Foreign Exchange Intervention,”Bank of Canada Working Paper 99–4(Ottawa:Bank of Canada).
2002, “Central Bank Intervention and Foreign Exchange Rates: New Evidence from FIGARCH Estimations,”Journal of International Money and Finance,Vol. 21, No. 1, pp. 115–144.
2002, “Exchange Rate Strategies for Small Open Developed Economies Such as New Zealand,”Reserve Bank of New Zealand Bulletin,Vol. 65(March).
1996, “Central Bank Intervention and the Volatility of Foreign Exchange Rates: Evidence from the Options Market,”Journal of International Money and Finance, Vol. 15, No. 6, pp. 853–78.
2002, “An Empirical Analysis of Short-Run and Long-Run Irish Exports: Does Exchange Rate Volatility Matter?”Central Bank of Ireland Research Technical Paper 01/RT/02 (Dublin: Central Bank and Financial Services Authority of Ireland).
1999, “Central Bank Participation in Currency Options Markets,”IMF Working Paper 99/140(Washington:International Monetary Fund).
2002, “The Evolution of Exchange Rate Regimes Since 1990: Evidence from De Facto Policies,”IMF Working Paper 02/155(Washington:International Monetary Fund).
2002, “Fear of Floating,”Quarterly Journal of Economics,Vol. 117(May),pp. 379–408.
2003, “Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey,”IMF Working Paper 03/95(Washington:International Monetary Fund).
2004, “Foreign Exchange Market Organization in Selected Developing and Transition Economies: Evidence from a Survey,”IMF Working Paper 04/4(Washington:International Monetary Fund).
2003, “Official Intervention in the Foreign Exchange Market: Elements of Best Practice,”IMF Working Paper 03/152(Washington:International Monetary Fund).
1999, “Mexico’s Monetary Policy Framework Under a Floating Exchange,”Documento de InvestigaciónNo. 9905(Mexico City:Bank of Mexico, May).
Central Bank of Turkey, 2001, Annual Report(Ankara).
Central Bank of Turkey, 2002, Annual Report(Ankara).
Central Bank of Turkey, 2003, “General Framework of the Monetary and Exchange Rate Policy in 2003,”Press Release 2003–2(Ankara).
1999, “Currency Traders and Exchange Rate Dynamics: A Survey of the U.S. Market,”Journal of International Money and Finance,Vol. 20, No. 4, pp. 439–71.
1983, “Capital Mobility and the Scope for Sterilization: Mexico in the 1970s,” in Financial Policies and the World Capital Market: The Problem of Latin American Countries, ed. by (Chicago:Chicago University Press),pp. 245–69.
2002, “Is There Room for Foreign Intervention Under Inflation Targeting Framework? Evidence from Mexico and Turkey,”CBT Discussion Paper(Ankara:Central Bank of Turkey, December).
1998, “Central Bank Intervention and Exchange Rate Volatility,”Journal of International Money and Finance,Vol. 17, No. 1, pp. 161–90.
2003, “The Market Microstructure of Central Bank Intervention,”Journal of International Economics,Vol. 59, No. 1, pp. 25–45.
1993a, “Does Foreign Exchange Intervention Matter? The Portfolio Effect”American Economic Review,Vol. 83, No. 5, pp. 1356–69.
1993b, Does Foreign Exchange Intervention Work?(Washington:Institute for International Economics).
1993, “The Effectiveness of Central-Bank Intervention: A Survey of the Literature After 1982,”Special Papers in International Economics,No. 18(Princeton, New Jersey:Princeton University).
2003, “Foreign Exchange Intervention and the Australian Dollar: Has It Mattered?”IMF Working Paper 03/99(Washington: International Monetary Fund).
1998, “Transparency in Central Bank Operations in the Foreign Exchange Market,”IMF Paper on Policy Analysis and Assessment 98/2(Washington:International Monetary Fund).
European Central Bank, 2000, “The Single Monetary Policy in Stage Three: General Documentation on Eurosystem Monetary Policy Instruments and Procedures”(Frankfurt).
2002, “Order Flow and Exchange Rate Dynamics,”Journal of Political Economy,Vol. 110(February),pp. 170–80.
2005, “Are Different-Currency Assets Imperfect Substitutes?” in Exchange Rate Economics: Where Do We Stand? ed. by Paul De Grauwe(Cambridge, Massachusetts:MIT Press), pp. 1–38.
2000, “On the Effectiveness of Sterilized Foreign Exchange Intervention,”ECB Working Paper No. 10(Frankfurt:European Central Bank).
2003a, “Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan,”NBER Working Paper No. 9648(Cambridge, Massachusetts:National Bureau of Economic Research).
2003b, “Is Sterilised Foreign Exchange Intervention Effective After All? An Event Study Approach,”Economic Journal,Vol. 113(April), pp. 390–411.
Financial Markets Association, 2002, “The Model Code: The International Code of Conduct and Practice for the Financial Markets”(October)(Paris). Available via the Internet: www.aciforex.com/.
2001, “The Foreign Exchange Interventions of the European Central Bank,”Banca Nazionale Del Lavoro Quarterly Review,Vol. 54, No. 218, pp. 249–87.
1997, “A Strategy for Accumulating Reserves Through Options to Sell Dollars,”Bank of Mexico, Mexico City. Available via the Internet: www.banxico.org.mx/siteBanxicoINGLES/bPoliticaMonetaria/FSpoliticaMonetaria.html.
2004, “Foreign Exchange Intervention and Monetary Policy in Japan: Evidence from Identified VARs,”Money, Macro, and Finance Research Conference, Cass Business School, London. Available via the Internet: www.cass.city.ac.uk/conferences/mmf2004/day1.html.
2001, “Why Do Countries Float the Way They Float?”Journal of Development Economics,Vol. 66, No. 2, pp. 387–414.
2003, “Living with Flexible Exchange Rates: Issues and Recent Experience in Inflation Targeting Emerging Market Economies,”BIS Working Paper No. 130(Basel:Bank for International Settlements).
1994, “The Use of Foreign Exchange Swaps by Central Banks,”Staff Papers, International Monetary Fund, Vol. 41, No. 1, pp. 149–62.
1997, “Intervention Strategies and Exchange Rate Volatility: A Noise Trading Perspective,”Journal of International Money and Finance,Vol. 16, No. 5, pp. 779–93.
International Monetary Fund, 1998, “Reserve Impact of Forward Foreign Exchange Market Intervention,”International Capital Markets Report(Washington:International Monetary Fund).
International Monetary Fund, 2002a, Annual Report on Exchange Arrangement and Exchange Restrictions(Washington:International Monetary Fund).
International Monetary Fund, 2002b, “Principles of Fund Surveillance Members’ Exchange Rate Policies,”in Selected Decisions and Selected Documents of the International Monetary Fund, Twenty-Sixth Issue. Available via the Internet: www.imf.org/external/pubs/ft/sd/index.asp? decision=5392-(77/63).
2003, Exchange Arrangements and Foreign Exchange Markets: Developments and Issues,IMF World Economic and Financial Survey Series(Washington:International Monetary Fund).
2002, “Is Foreign Exchange Intervention Effective? The Japanese Experiences in the 1990s,”NBER Working Paper No. 8914(Cambridge, Massachusetts:National Bureau of Economic Research).
1984, “Optimal Foreign Exchange Intervention: Evidence from the Bretton Woods Era,”Review of Economics and Statistics,Vol. 66, No. 2, pp. 242–55.
1996, “Risk and Turnover in the Foreign Exchange Market,” in The Microstructure of Foreign Exchange Markets, ed. by JeffreyFrankel, GiampaoloGalli, and AlbertoGiovannini(Chicago:University of Chicago Press).
2001, “Fixed Versus Flexible: Lessons from EMS Order Flow,”NBER Working Paper No. 8491(Cambridge, Massachusetts:National Bureau of Economic Research).
2003, “Monetary Policy, Foreign Exchange Intervention, and the Exchange Rate in a Unifying Framework,”Journal of International Economics,Vol. 60, No. 2, pp. 355–86.
2001, The Microstructure Approach to Exchange Rates(Cambridge, Massachusetts:MIT Press).
2003, “Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia,”IMF Working Paper 03/135(Washington:International Monetary Fund).
2001, International Macroeconomics and Finance: Theory and Econometric Methods(New York:Blackwell Publishers).
1997, “Lessons from Thailand,”FRBSF Economic Letter,No. 97–33(San Francisco:Federal Reserve Bank of San Francisco).
2001, “Foreign Currency Credit Ratings for Emerging Market Economies,”IMF Working Paper 01/191(Washington:International Monetary Fund).
1996, “The Effect of Intervention on Canadian Dollar Volatility,”in Exchange Rates and Monetary Policy, proceedings of a conference held by the Bank of Canada, October.
1981, “The Role of Official Intervention,”Group of Thirty Occasional Paper No. 6(Washington:Group of Thirty).
1999, “The IMF Approach to Economic Stabilization,”IMF Working Paper 99/104(Washington:International Monetary Fund).
2001, “The Practice of Central Bank Intervention: Looking Under the Hood,”Federal Reserve Bank of St. Louis Review,Vol. 83, No. 3, pp. 1–10.
1991, “Conditional Heteroskedasticity in Asset Returns: A New Approach,”Econometrica,Vol. 59, No. 2, pp. 347–70.
1990, “The Effectiveness of Foreign-Exchange Intervention: Recent Experience, 1985–1988,”in International Policy Coordination and Exchange Rate Fluctuations, ed. by William Branson, Jacob Frenkel, and Morris Goldstein(Chicago:University of Chicago Press),pp. 197–237.
2001, “Information Sharing and Central Bank Intervention in the Foreign Exchange Market,”Journal of International Economics, Vol. 55, No. 2, pp. 295–316.
2000, “The Yen-Dollar Rate—Have Interventions Mattered?”IMF Working Paper 00/95(Washington:International Monetary Fund).
2003, “Evolution and Performance of Exchange Rate Regimes”(unpublished;Washington:International Monetary Fund).
Reserve Bank of India, 2002, “Inclusion of Euro as an Additional Intervention Currency,”Press Release No. 986/2001–2002 dated 04.03.2002, based on Notification S.O.235(E) dated February 27, 2002. Available via the Internet: www.gujaratchamber.org/notificationsrbi1.htm.
1999, “Perspectives on Exchange Rate Volatility,” in International Capital Flows, ed. by MartinFeldstein(Chicago:University of Chicago Press), pp. 441–53.
1980, “Optimal Exchange Market Intervention in a Simple Stochastic Macro Model,”Canadian Journal of Economics,Vol. 13, No. 2, pp. 296–309.
2001, “Official Intervention in the Foreign Exchange Market: Is It Effective, and If So, How Does It Work?”Journal of Economic Literature,Vol. 39(September),pp. 839–68.
2002, The Economics of Exchange Rates(Cambridge:Cambridge University Press).
1999, “Currency Market Primary Dealer Agreement”(unpublished;Stockholm).
1998, “Deviation from Uncovered Interest Rate Parity: A Global Guide to Where the Action Is,”IMF Working Paper 98/117(Washington:International Monetary Fund).
2004, “Effects of Foreign Exchange Intervention Under Public Information: The Chilean Case,”Central Bank of Chile Working Papers No. 255(Santiago:Central Bank of Chile).
1982, “Official Intervention in the Foreign Exchange Market, or Bet Against the Central Bank,”Journal of Political Economy,Vol. 90(April),pp. 256–68.
2001, “Foreign Exchange Intervention, Policy Objectives, and Macroeconomic Stability,”CEPR Discussion Paper No. 2886(London:Centre for Economic Policy Research).
1997, “El Efecto Sobre el Tipo de Cambio y las Tasas de Interes de las Intervenciones en el Mercado Cambiario y del Proceso de Esterilización,”Documento de Investigación No. 9706(Mexico City:Bank of Mexico).
1998, “Acumulación de Reservas Internacionales a Través de la Venta de Opciones: El Caso de México,”Documento de InvestigaciónNo. 9801(Mexico City:Bank of Mexico).
Recent Occasional Papers of the International Monetary Fund
249. Official Foreign Exchange Intervention, by Shogo Ishi, Jorge Iván Canales-Kriljenko, Roberto Guimarães, and Cem Karacadag. 2006
248. Labor Market Performance in Transition: The Experience of Central and Eastern European Countries, by Jerald Schiff, Philippe Egoumé-Bossogo, Miho Ihara, Tetsuya Konuki, and Kornélia Krajnyák. 2006.
247. Rebuilding Fiscal Institutions in Post-Conflict Countries, by Sanjeev Gupta, Shamsuddin Tareq, Benedict Clements, Alex Segura-Ubiergo, Rina Bhattacharya, and Todd Mattina. 2005.
246. Experience with Large Fiscal Adjustments, by George C. Tsibouris, Mark A. Horton, Mark Flanagan, and Wojciech S. Maliszewski. 2005.
245. Budget System Reform in Emerging Economies: The Challenges and the Reform Agenda, by Jack Diamond. 2005.
244. Monetary Policy Implementation at Different Stages of Market Development, by a staff team led by Bernard J. Laurens. 2005.
243. Central America: Global Integration and Regional Cooperation, edited by Markus Rodlauer and Alfred Schipke. 2005.
242. Turkey at the Crossroads: From Crisis Resolution to EU Accession, by a staff team led by Reza Moghadam. 2005.
241. The Design of IMF-Supported Programs, by Atish Ghosh, Charis Christofides, Jun Kim, Laura Papi, Uma Ramakrishnan, Alun Thomas, and Juan Zalduendo. 2005.
240. Debt-Related Vulnerabilities and Financial Crises: An Application of the Balance Sheet Approach to Emerging Market Countries, by Christoph Rosenberg, Ioannis Halikias, Brett House, Christian Keller, Jens Nystedt, Alexander Pitt, and Brad Setser. 2005.
239. GEM: A New International Macroeconomic Model, by Tamim Bayoumi, with assistance from Douglas Laxton, Hamid Faruqee, Benjamin Hunt, Philippe Karam, Jaewoo Lee, Alessandro Rebucci, and Ivan Tchakarov. 2004.
238. Stabilization and Reforms in Latin America: A Macroeconomic Perspective on the Experience Since the Early 1990s, by Anoop Singh, Agn`s Belaisch, Charles Collyns, Paula De Masi, Reva Krieger, Guy Meredith, and Robert Rennhack. 2005.
237. Sovereign Debt Structure for Crisis Prevention, by Eduardo Borensztein, Marcos Chamon, Olivier Jeanne, Paolo Mauro, and Jeromin Zettelmeyer. 2004.
236. Lessons from the Crisis in Argentina, by Christina Daseking, Atish R. Ghosh, Alun Thomas, and Timothy Lane. 2004.
235. A New Look at Exchange Rate Volatility and Trade Flows, by Peter B. Clark, Natalia Tamirisa, and Shang-Jin Wei, with Azim Sadikov and Li Zeng. 2004.
234. Adopting the Euro in Central Europe: Challenges of the Next Step in European Integration, by Susan M. Schadler, Paulo F. Drummond, Louis Kuijs, Zuzana Murgasova, and Rachel N. van Elkan. 2004.
233. Germany’s Three-Pillar Banking System: Cross-Country Perspectives in Europe, by Allan Brunner, Jörg Decressin, Daniel Hardy, and Beata Kudela. 2004.
232. China’s Growth and Integration into the World Economy: Prospects and Challenges, edited by Eswar Prasad. 2004.
231. Chile: Policies and Institutions Underpinning Stability and Growth, by Eliot Kalter, Steven Phillips, Marco A. Espinosa-Vega, Rodolfo Luzio, Mauricio Villafuerte, and Manmohan Singh. 2004.
230. Financial Stability in Dollarized Countries, by Anne-Marie Gulde, David Hoelscher, Alain Ize, David Marston, and Gianni De Nicoló. 2004.
229. Evolution and Performance of Exchange Rate Regimes, by Kenneth S. Rogoff, Aasim M. Husain, Ashoka Mody, Robin Brooks, and Nienke Oomes. 2004.
228. Capital Markets and Financial Intermediation in The Baltics, by Alfred Schipke, Christian Beddies, Susan M. George, and Niamh Sheridan. 2004.
227. U.S. Fiscal Policies and Priorities for Long-Run Sustainability, edited by Martin Mühleisen and Christopher Towe 2004.
226. Hong Kong SAR: Meeting the Challenges of Integration with the Mainland, edited by Eswar Prasad, with contributions from Jorge Chan-Lau, Dora Iakova, William Lee, Hong Liang, Ida Liu, Papa N’Diaye, and Tao Wang. 2004.
225. Rules-Based Fiscal Policy in France, Germany, Italy, and Spain, by Teresa Dában, Enrica Detragiache, Gabriel di Bella, Gian Maria Milesi-Ferretti, and Steven Symansky. 2003.
224. Managing Systemic Banking Crises, by a staff team led by David S. Hoelscher and Marc Quintyn. 2003.
223. Monetary Union Among Member Countries of the Gulf Cooperation Council, by a staff team led by Ugo Fasano. 2003.
222. Informal Funds Transfer Systems: An Analysis of the Informal Hawala System, by Mohammed El Qorchi, Samuel Munzele Maimbo, and John F. Wilson. 2003.
221. Deflation: Determinants, Risks, and Policy Options, by Manmohan S. Kumar. 2003.
220. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence, by Eswar S. Prasad, Kenneth Rogoff, Shang-Jin Wei, and Ayhan Kose. 2003.
219. Economic Policy in a Highly Dollarized Economy: The Case of Cambodia, by Mario de Zamaroczy and Sopanha Sa. 2003.
218. Fiscal Vulnerability and Financial Crises in Emerging Market Economies, by Richard Hemming, Michael Kell, and Axel Schimmelpfennig. 2003.
217. Managing Financial Crises: Recent Experience and Lessons for Latin America, edited by Charles Collyns and G. Russell Kincaid. 2003.
216. Is the PRGF Living Up to Expectations?—An Assessment of Program Design, by Sanjeev Gupta, Mark Plant, Benedict Clements, Thomas Dorsey, Emanuele Baldacci, Gabriela Inchauste, Shamsuddin Tareq, and Nita Thacker. 2002.
215. Improving Large Taxpayers’ Compliance: A Review of Country Experience, by Katherine Baer. 2002.
214. Advanced Country Experiences with Capital Account Liberalization, by Age Bakker and Bryan Chapple. 2002.
213. The Baltic Countries: Medium-Term Fiscal Issues Related to EU and NATO Accession, by Johannes Mueller, Christian Beddies, Robert Burgess, Vitali Kramarenko, and Joannes Mongardini. 2002.
212. Financial Soundness Indicators: Analytical Aspects and Country Practices, by V. Sundararajan, Charles Enoch, Armida San José, Paul Hilbers, Russell Krueger, Marina Moretti, and Graham Slack. 2002.
211. Capital Account Liberalization and Financial Sector Stability, by a staff team led by Shogo Ishii and Karl Habermeier. 2002.
210. IMF-Supported Programs in Capital Account Crises, by Atish Ghosh, Timothy Lane, Marianne Schulze-Ghattas, Alesš Bulírř, Javier Hamann, and Alex Mourmouras. 2002.
209. Methodology for Current Account and Exchange Rate Assessments, by Peter Isard, Hamid Faruqee, G. Russell Kincaid, and Martin Fetherston. 2001.
208. Yemen in the 1990s: From Unification to Economic Reform, by Klaus Enders, Sherwyn Williams, Nada Choueiri, Yuri Sobolev, and Jan Walliser. 2001.
207. Malaysia: From Crisis to Recovery, by Kanitta Meesook, Il Houng Lee, Olin Liu, Yougesh Khatri, Natalia Tamirisa, Michael Moore, and Mark H. Krysl. 2001.
206. The Dominican Republic: Stabilization, Structural Reform, and Economic Growth, by a staff team led by Philip Young comprising Alessandro Giustiniani, Werner C. Keller, and Randa E. Sab and others. 2001.
205. Stabilization and Savings Funds for Nonrenewable Resources, by Jeffrey Davis, Rolando Ossowski, James Daniel, and Steven Barnett. 2001.
Note: For information on the titles and availability of Occasional Papers not listed, please consult the IMF’s Publications Catalog or contact IMF Publication Services.