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Moving to a Flexible Exchange Rate
			: How, When, and How Fast?

Moving to a Flexible Exchange Rate : How, When, and How Fast? »

Series: Economic Issues

Author(s): Rupa Duttagupta , Cem Karacadag , and Gilda Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2006

DOI: http://dx.doi.org/10.5089/9781589064768.051

ISBN: 9781589064768

Keywords: exchange rate, foreign exchange, inflation, foreign currency, foreign exchange market

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transiti...

Foreign Exchange Intervention in Inflation Targeters in Latin America

Foreign Exchange Intervention in Inflation Targeters in Latin America »

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781484375686.071

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank;volatility;exchange market;exchange rate;international reserve

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

From Lombard Street to Avenida Paulista

From Lombard Street to Avenida Paulista »

Source: From Lombard Street to Avenida Paulista : Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09

Volume/Issue: 2009/259

Series: IMF Working Papers

Author(s): Mark Stone , W. Christopher Walker , and Yosuke Yasui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2009

ISBN: 9781451874051

Keywords: exchange rate intervention, swaps, implied volatility, foreign exchange, foreign exchange liquidity, exchange rate, foreign exchange market, spot exchange rate,

The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic "Lo...

Accumulating Foreign Reserves Under Floating Exchange Rates

Accumulating Foreign Reserves Under Floating Exchange Rates »

Source: Accumulating Foreign Reserves Under Floating Exchange Rates

Volume/Issue: 2008/96

Series: IMF Working Papers

Author(s): Fernando M. Gonçalves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869576

Keywords: Foreign Reserves, Foreign Exchange Market, Floating Exchange Rate, inflation, monetary authority, inflation rate, foreign exchange,

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 theore...

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? »

Source: Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Volume/Issue: 2015/159

Series: IMF Working Papers

Author(s): Olivier Blanchard , Gustavo Adler , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2015

ISBN: 9781513585840

Keywords: exchange rate, gross capital flows, exchange, market, General,

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these...

From Fixed to Float

From Fixed to Float »

Source: From Fixed to Float : Operational Aspects of Moving towards Exchange Rate Flexibility

Volume/Issue: 2004/126

Series: IMF Working Papers

Author(s): Gilda Fernandez , Cem Karacadag , and Rupa Duttagupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451854930

Keywords: capital account, exchange rate, inflation, exchange rate flexibility, foreign exchange market

This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and...

The Russian Default and the Contagion to Brazil

The Russian Default and the Contagion to Brazil »

Source: The Russian Default and the Contagion to Brazil

Volume/Issue: 2000/160

Series: IMF Working Papers

Author(s): Taimur Baig , and Ilan Goldfajn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451857733

Keywords: Russia, Contagion, Exchange Rate, Off-shore Markets, stock market, capital flows, bonds, brady bonds, financial markets

This paper investigates the contagion from Russia to Brazil in late 1998 under two dimensions— players involved and the timing of events. The data does not seem to reflect a compensatory liquidation of asset...

The Relative Effectiveness of Spot and Derivatives Based Intervention

The Relative Effectiveness of Spot and Derivatives Based Intervention »

Source: The Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil

Volume/Issue: 2016/11

Series: IMF Working Papers

Author(s): Milan Nedeljkovic , and Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

ISBN: 9781475571035

Keywords: Brazil, Exchange rates, Foreign exchange, Foreign exchange intervention, Financial derivatives, Econometric models, Derivative markets, Western Hemisphere, Spot exchange rates, FX Intervention; Derivatives; Exchange rates

This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used...

Moving to a Flexible Exchange Rate How, When, and How Fast?

Moving to a Flexible Exchange Rate How, When, and How Fast? »

Source: Moving to a Flexible Exchange Rate : How, When, and How Fast?

Series: Economic Issues

Author(s): Rupa Duttagupta , Cem Karacadag , and Gilda Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2006

ISBN: 9781589064768

Keywords: exchange rate, foreign exchange, inflation, foreign currency, foreign exchange market

Some countries have made the transition from fixed to flexible exchange rates gradually and smoothly, by adopting intermediate types of exchange rate regimes—soft pegs, horizontal a...

Two Targets, Two Instruments

Two Targets, Two Instruments »

Source: Two Targets, Two Instruments : Monetary and Exchange Rate Policies in Emerging Market Economies

Volume/Issue: 2012/1

Series: Staff Discussion Notes

Author(s): Jonathan Ostry , Atish Ghosh , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2012

ISBN: 9781475503623

Keywords: Emerging markets, Exchange rate policy, Central banks, Inflation targeting, Foreign exchange intervention, Monetary policy, exchange rate, inflation, central bank, foreign exchange

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...