Balance of Payments Anti-Crises:
Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understa...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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Schriftenreihe: | IMF Working Papers
Working Paper No. 09/134 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation |
Beschreibung: | 1 Online-Ressource (22 p) |
ISBN: | 145187281X 9781451872811 |
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spelling | Yan, Isabel K. Verfasser aut Balance of Payments Anti-Crises Yan, Isabel K Washington, D.C International Monetary Fund 2009 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/134 Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation Online-Ausg Kumhof, Michael Sonstige oth http://elibrary.imf.org/view/IMF001/10255-9781451872811/10255-9781451872811/10255-9781451872811.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Yan, Isabel K. Balance of Payments Anti-Crises |
title | Balance of Payments Anti-Crises |
title_auth | Balance of Payments Anti-Crises |
title_exact_search | Balance of Payments Anti-Crises |
title_exact_search_txtP | Balance of Payments Anti-Crises |
title_full | Balance of Payments Anti-Crises Yan, Isabel K |
title_fullStr | Balance of Payments Anti-Crises Yan, Isabel K |
title_full_unstemmed | Balance of Payments Anti-Crises Yan, Isabel K |
title_short | Balance of Payments Anti-Crises |
title_sort | balance of payments anti crises |
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