Exchange rate uncertainty in money-based stabilization programs /

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Bibliographic Details
Author / Creator:Morales, R. Armando.
Imprint:[Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., ©1998.
Description:1 online resource (18 pages)
Language:English
Series:IMF working paper, 2227-8885 ; WP/98/3
IMF working paper ; WP/98/3.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12496589
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Other authors / contributors:International Monetary Fund. Western Hemisphere Department.
ISBN:1451890257
9781451890259
128160321X
9781281603210
9781451841879
1451841876
1462304702
9781462304707
9786613783905
6613783900
Notes:Includes bibliographical references (page 18).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
Summary:Annotation Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: parity-guessers, who expect a jump to a reference parity level, and money-followers, who expect nominal depreciation equal to the monetary rule.
Other form:Print version: Morales, R. Armando. Exchange rate uncertainty in money-based stabilization programs. [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., ©1998
Standard no.:10.5089/9781451890259.001

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520 8 |a Annotation  |b Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: parity-guessers, who expect a jump to a reference parity level, and money-followers, who expect nominal depreciation equal to the monetary rule. 
546 |a English. 
650 0 |a Economic stabilization.  |0 http://id.loc.gov/authorities/subjects/sh85040844 
650 0 |a Foreign exchange rates.  |0 http://id.loc.gov/authorities/subjects/sh91004893 
650 0 |a Interest rates.  |0 http://id.loc.gov/authorities/subjects/sh85067247 
650 0 |a Uncertainty.  |0 http://id.loc.gov/authorities/subjects/sh85139563 
650 6 |a Stabilisation économique. 
650 6 |a Taux de change. 
650 6 |a Taux d'intérêt. 
650 6 |a Incertitude. 
650 7 |a Economic stabilization.  |2 fast  |0 (OCoLC)fst00902085 
650 7 |a Foreign exchange rates.  |2 fast  |0 (OCoLC)fst00931816 
650 7 |a Interest rates.  |2 fast  |0 (OCoLC)fst00976178 
650 7 |a Uncertainty.  |2 fast  |0 (OCoLC)fst01160832 
655 4 |a Electronic books. 
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