Liberalized Markets Have More Stable Exchange Rates: Short-Run Evidence From Four Transition Countries
The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This ""endogenous liquidity"" hypothesis suggests that ope...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2004
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 04/35 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This ""endogenous liquidity"" hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the viability of a floating regime, as well as making it more difficult to maintain a peg. The paper examines this hypothesis in a sample of four transition economies and finds that exchange rates tend to return faster to their Hodrick-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off in terms of depth of the market and, hence, faster adjustment of exchange rate to shocks. Moreover, it implies that central banks should not be overly concerned with short-run volatility of their national exchange rates, given the self-correcting tendencies |
| Beschreibung: | 1 Online-Ressource (32 p) |
| ISBN: | 1451845383 9781451845389 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:29Z |
| indexdate | 2024-07-10T09:35:38Z |
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| spelling | Bulir, Ales Verfasser aut Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries Bulir, Ales Washington, D.C International Monetary Fund 2004 1 Online-Ressource (32 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/35 The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This ""endogenous liquidity"" hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the viability of a floating regime, as well as making it more difficult to maintain a peg. The paper examines this hypothesis in a sample of four transition economies and finds that exchange rates tend to return faster to their Hodrick-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off in terms of depth of the market and, hence, faster adjustment of exchange rate to shocks. Moreover, it implies that central banks should not be overly concerned with short-run volatility of their national exchange rates, given the self-correcting tendencies Online-Ausg http://elibrary.imf.org/view/IMF001/04285-9781451845389/04285-9781451845389/04285-9781451845389.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bulir, Ales Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries |
| title | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries |
| title_auth | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries |
| title_exact_search | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries |
| title_exact_search_txtP | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries |
| title_full | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries Bulir, Ales |
| title_fullStr | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries Bulir, Ales |
| title_full_unstemmed | Liberalized Markets Have More Stable Exchange Rates Short-Run Evidence From Four Transition Countries Bulir, Ales |
| title_short | Liberalized Markets Have More Stable Exchange Rates |
| title_sort | liberalized markets have more stable exchange rates short run evidence from four transition countries |
| title_sub | Short-Run Evidence From Four Transition Countries |
| url | http://elibrary.imf.org/view/IMF001/04285-9781451845389/04285-9781451845389/04285-9781451845389.xml |
| work_keys_str_mv | AT bulirales liberalizedmarketshavemorestableexchangeratesshortrunevidencefromfourtransitioncountries |