Interest rate defenses of currency pegs /
Saved in:
| Author / Creator: | Solé, Juan, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, International Capital Markets, 2004. |
| Description: | 1 online resource (35 pages). |
| Language: | English |
| Series: | IMF working paper ; WP/04/85 IMF working paper ; WP/04/85. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12497438 |
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| 100 | 1 | |a Solé, Juan, |e author. |0 http://id.loc.gov/authorities/names/no2004039713 | |
| 245 | 1 | 0 | |a Interest rate defenses of currency pegs / |c prepared by Juan Solé. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, International Capital Markets, |c 2004. | ||
| 300 | |a 1 online resource (35 pages). | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/04/85 | |
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [S.l.] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a 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. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 520 | |a This paper studies a policy often used to defend a currency peg: raising short-term interest rates. The rationale for this policy is to stem demand for foreign reserves. Yet, this mechanism is absent from most monetary models. This paper develops a general equilibrium model with asset market frictions where this policy can be effective. The friction I emphasize is the same as in Lucas (1990): money is required for asset transactions. When the government raises domestic interest rates, agents want to increase their holdings of domestic currency in order to acquire more domestic-currency-denominated assets. Thus, agents do not run on the reserves of the central bank, and the peg survives. A key implication of the model is that an interest rate defense can always be successful, but at great costs for domestic agents. Hence the reluctance of governments to sustain this policy for long periods of time. | ||
| 588 | 0 | |a Print version record. | |
| 546 | |a English. | ||
| 650 | 0 | |a Foreign exchange administration |x Econometric models. | |
| 650 | 0 | |a Interest rates |x Econometric models. | |
| 650 | 0 | |a Interest rates |z Canada |x Econometric models. | |
| 650 | 6 | |a Change |x Administration |x Modèles économétriques. | |
| 650 | 6 | |a Taux d'intérêt |z Canada |x Modèles économétriques. | |
| 650 | 6 | |a Taux d'intérêt |x Modèles économétriques. | |
| 650 | 7 | |a Foreign exchange administration |x Econometric models. |2 fast |0 (OCoLC)fst00931798 | |
| 650 | 7 | |a Interest rates |x Econometric models. |2 fast |0 (OCoLC)fst00976180 | |
| 651 | 7 | |a Canada. |2 fast |0 (OCoLC)fst01204310 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b International Capital Markets, |e issuing body. | |
| 776 | 0 | 8 | |i Print version: |a Solé, Juan. |t Interest rate defenses of currency pegs. |d [Washington, D.C.] : International Monetary Fund, International Capital Markets, 2004 |w (OCoLC)56142008 |
| 830 | 0 | |a IMF working paper ; |v WP/04/85. |0 http://id.loc.gov/authorities/names/no89010263 | |
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