Exchange rate interventions and insurance: is fear of floating a cause for concern?

Fear of floating has recently come to be seen as one of the central de facto characteristics of exchange rate regimes in emerging markets, after first being identified by Calvo and Reinhart (2002). The interpretation of this phenomenon is still open to question. Does the optimal monetary regime for...

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Autores principales:	Gallego Yáñez, Francisco, Jones, Geraint
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	TIPO DE CAMBIO MERCADO DE CAPITALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/3715
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spelling	oai-20.500.12580-37152021-04-24T10:59:19Z Exchange rate interventions and insurance: is fear of floating a cause for concern? Gallego Yáñez, Francisco Jones, Geraint TIPO DE CAMBIO MERCADO DE CAPITALES Fear of floating has recently come to be seen as one of the central de facto characteristics of exchange rate regimes in emerging markets, after first being identified by Calvo and Reinhart (2002). The interpretation of this phenomenon is still open to question. Does the optimal monetary regime for emerging markets with open capital markets entail limited exchange rate flexibility? Is the famous trilemma of open economies really a dilemma (as formulated by Shambaugh, 2004) for emerging markets—a choice between open capital markets or monetary freedom with no separate choice of exchange rate policy? Or is the trilemma alive and well? Does the pervasive fear of floating indicate instead that many emerging markets inadvisably choose to limit exchange rate flexibility when a genuine floating regime would be preferable? 2019-11-01T00:03:13Z 2019-11-01T00:03:13Z 2006 Artículo 956-7421-23-4 https://hdl.handle.net/20.500.12580/3715 eng Series on Central Banking, Analysis, and Economic Policies, no. 10 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 353-398 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	TIPO DE CAMBIO MERCADO DE CAPITALES
spellingShingle	TIPO DE CAMBIO MERCADO DE CAPITALES Gallego Yáñez, Francisco Jones, Geraint Exchange rate interventions and insurance: is fear of floating a cause for concern?
description	Fear of floating has recently come to be seen as one of the central de facto characteristics of exchange rate regimes in emerging markets, after first being identified by Calvo and Reinhart (2002). The interpretation of this phenomenon is still open to question. Does the optimal monetary regime for emerging markets with open capital markets entail limited exchange rate flexibility? Is the famous trilemma of open economies really a dilemma (as formulated by Shambaugh, 2004) for emerging markets—a choice between open capital markets or monetary freedom with no separate choice of exchange rate policy? Or is the trilemma alive and well? Does the pervasive fear of floating indicate instead that many emerging markets inadvisably choose to limit exchange rate flexibility when a genuine floating regime would be preferable?
format	Artículo
author	Gallego Yáñez, Francisco Jones, Geraint
author_facet	Gallego Yáñez, Francisco Jones, Geraint
author_sort	Gallego Yáñez, Francisco
title	Exchange rate interventions and insurance: is fear of floating a cause for concern?
title_short	Exchange rate interventions and insurance: is fear of floating a cause for concern?
title_full	Exchange rate interventions and insurance: is fear of floating a cause for concern?
title_fullStr	Exchange rate interventions and insurance: is fear of floating a cause for concern?
title_full_unstemmed	Exchange rate interventions and insurance: is fear of floating a cause for concern?
title_sort	exchange rate interventions and insurance: is fear of floating a cause for concern?
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3715
work_keys_str_mv	AT gallegoyanezfrancisco exchangerateinterventionsandinsuranceisfearoffloatingacauseforconcern AT jonesgeraint exchangerateinterventionsandinsuranceisfearoffloatingacauseforconcern
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Exchange rate interventions and insurance: is fear of floating a cause for concern?

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