The sustainability of monetary sterilization policies
Includes bibliography
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2014
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oai-11362-112302020-03-06T16:50:27Z The sustainability of monetary sterilization policies Frenkel, Roberto BANCOS CENTRALES CAPITAL MOVIMIENTOS DE CAPITAL POLITICA MONETARIA TASAS DE INTERES TIPOS DE CAMBIO CAPITAL MOVEMENTS CAPITAL CENTRAL BANKS FOREIGN EXCHANGE RATES INTEREST RATES MONETARY POLICY Includes bibliography The focus of this paper is on policies that set out simultaneously tocontrol the exchange rate and monetary conditions (an instrument interestrate, for example); in situations where capital mobility is unrestricted, thereis an excess supply of international currency and the central bank setstargets for the exchange rate and interest rate. The paper calculates howhigh the local interest rate can go at any time without rendering monetarysterilization policy unsustainable, defines the degree of monetary autonomyas the difference between this rate on the one hand and the sum of theinternational interest rate and the rate of increase in the exchange rate onthe other, and analyses how the degree of autonomy evolves. Numericalexamples using data from Argentina and elsewhere suggest that sterilizationpolicy is sustainable and that a considerable degree of monetary autonomyexists in contexts that are by no means unusual in many developingeconomies. 2014-01-02T18:44:26Z 2014-01-02T18:44:26Z 2007-12 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/11230 LC/G.2347-P en CEPAL Review CEPAL Review 93 application/pdf ARGENTINA ARGENTINA |
| institution |
Cepal |
| collection |
Cepal |
| language |
English |
| topic |
BANCOS CENTRALES CAPITAL MOVIMIENTOS DE CAPITAL POLITICA MONETARIA TASAS DE INTERES TIPOS DE CAMBIO CAPITAL MOVEMENTS CAPITAL CENTRAL BANKS FOREIGN EXCHANGE RATES INTEREST RATES MONETARY POLICY |
| spellingShingle |
BANCOS CENTRALES CAPITAL MOVIMIENTOS DE CAPITAL POLITICA MONETARIA TASAS DE INTERES TIPOS DE CAMBIO CAPITAL MOVEMENTS CAPITAL CENTRAL BANKS FOREIGN EXCHANGE RATES INTEREST RATES MONETARY POLICY Frenkel, Roberto The sustainability of monetary sterilization policies |
| description |
Includes bibliography |
| format |
Texto |
| author |
Frenkel, Roberto |
| author_facet |
Frenkel, Roberto |
| author_sort |
Frenkel, Roberto |
| title |
The sustainability of monetary sterilization policies |
| title_short |
The sustainability of monetary sterilization policies |
| title_full |
The sustainability of monetary sterilization policies |
| title_fullStr |
The sustainability of monetary sterilization policies |
| title_full_unstemmed |
The sustainability of monetary sterilization policies |
| title_sort |
sustainability of monetary sterilization policies |
| publishDate |
2014 |
| url |
http://hdl.handle.net/11362/11230 |
| work_keys_str_mv |
AT frenkelroberto thesustainabilityofmonetarysterilizationpolicies AT frenkelroberto sustainabilityofmonetarysterilizationpolicies |
| _version_ |
1718440890767245312 |