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Motives and Effectiveness of Forex Interventions

Motives and Effectiveness of Forex Interventions »

Source: Motives and Effectiveness of Forex Interventions : Evidence from Peru

Volume/Issue: 2014/217

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

ISBN: 9781484340189

Keywords: FX intervention, FX purchase, FX sale, FX volatility, exchange, exchange rate, central bank, portfolio,

This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volati...

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt »

Source: Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Volume/Issue: 2020/173

Series: IMF Working Papers

Author(s): Balazs Csonto , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2020

ISBN: 9781513555928

Keywords: Exchange Rate, FX Debt, External Debt, Monetary Policy, FX Intervention

Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase...

Unveiling the Effects of Foreign Exchange Interventions: Evidence from the Kyrgyz Republic

Unveiling the Effects of Foreign Exchange Interventions: Evidence from the Kyrgyz Republic »

Source: Unveiling the Effects of Foreign Exchange Interventions: Evidence from the Kyrgyz Republic

Volume/Issue: 2020/219

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2020

ISBN: 9781513560151

Keywords: Exchange rates, Foreign exchange, Exchange rate adjustments, Currency markets, Exchange rate indexes, foreign exchange interventions, Kyrgyz Republic, WP, FX intervention, FX sale

This paper analyzes determinants and consequences of FX interventions in the Kyrgyz Republic. Most of the literature on the topic focuses on advanced and emerging economies and this paper provides new evidence from...

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework »

Source: Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Volume/Issue: 2013/11

Series: IMF Working Papers

Author(s): Jaromir Benes , Andrew Berg , Rafael Portillo , and David Vavra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

ISBN: 9781475545401

Keywords: Sterilized FX interventions, new-Keynesian economics, exchange rate, exchange rate targeting, exchange rate interventions, exchange rates, Monetary Policy (Targets, Instruments, and Effects),

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external...

Floating with a Load of FX Debt?

Floating with a Load of FX Debt? »

Source: Floating with a Load of FX Debt?

Volume/Issue: 2015/284

Series: IMF Working Papers

Author(s): Tatsiana Kliatskova , and Uffe Mikkelsen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2015

ISBN: 9781513543307

Keywords: FX interventions, Balance sheet effects, exchange, exchange rate, currency, debt, International Lending and Debt Problems, All Countries,

Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential nega...

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability »

Source: FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

Volume/Issue: 2020/90

Series: IMF Working Papers

Author(s): Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2020

ISBN: 9781513547664

Keywords: Central banks, Exchange markets, Exchange rate markets, Exchange rate determination, Exchange rate forecasting, FX intervention, profitability, exchange rate, WP, BRL

We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is u...

Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data

Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data »

Source: Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data

Volume/Issue: 2020/197

Series: IMF Working Papers

Author(s): Minsuk Kim , Rui Mano , and Mico Mrkaic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557663

Keywords: Foreign exchange, Exchange rate arrangements, Exchange rates, Currencies, Exchange rate flexibility, WP, tag0, firm, mi, balance sheet data

Central banks often buy or sell reserves---so called FX interventions (FXIs)---to dampen sharp exchange rate movements caused by volatile capital flows. At the same time, these interventions may entail unintended s...

Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework

Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework »

Source: Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework

Volume/Issue: 2020/123

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , R. Gelos , Machiko Narita , and Erlend Nier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2020

ISBN: 9781513549651

Keywords: Monetary policy, Economic policy, Central banks, Macroprudential policies and financial stability, Nominal effective exchange rate, Macroprudential Policy, FX Interventions, Capital Flow Management, Cost-Benefit Analysis, WP

This paper takes a new approach to assess the costs and benefits of using different policy tools-macroprudential, monetary, foreign exchange interventions, and capital flow management-in response to changes in fina...

A Quantitative Model for the Integrated Policy Framework

A Quantitative Model for the Integrated Policy Framework »

Source: A Quantitative Model for the Integrated Policy Framework

Volume/Issue: 2020/122

Series: IMF Working Papers

Author(s): Tobias Adrian , Christopher Erceg , Jesper Lindé , Pawel Zabczyk , and Jianping Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2020

ISBN: 9781513549668

Keywords: Purchasing power, Supply and demand, Exchange rate policy, Exchange premiums, Exchange markets, Monetary Policy, FX Intervention, Emerging Economies, DSGE Model., WP

Many central banks have relied on a range of policy tools, including foreign exchange intervention (FXI) and capital flow management tools (CFMs), to mitigate the effects of volatile capital flows on their economie...

Motives and Effectiveness of Forex Interventions
			: Evidence from Peru

Motives and Effectiveness of Forex Interventions : Evidence from Peru »

Volume/Issue: 2014/217

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781484340189.001

ISBN: 9781484340189

Keywords: FX intervention, FX purchase, FX sale, FX volatility, exchange, exchange rate, central bank, portfolio,

This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volati...