Artikel
Exchange rates and monetary spillovers
When do flexible exchange rates prevent monetary and financial conditions from spilling over across currencies? We examine a model in which international investors strategically supply capital to a small inflation-targeting economy with flexible exchange rates. For some combination of parameters, the unique equilibrium exhibits the observed empirical feature of prolonged episodes of capital inflows and appreciation of the domestic currency, followed by reversals where capital outflows go hand-in-hand with currency depreciation, a rise in domestic interest rates, and inflationary pressure. Arbitrarily small shocks to global financial conditions suffice to trigger these dynamics.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 13 ; Year: 2018 ; Issue: 2 ; Pages: 637-666 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
- Thema
-
Financial crises
global games
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Plantin, Guillaume
Shin, Hyun-Song
- Ereignis
-
Veröffentlichung
- (wer)
-
The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2018
- DOI
-
doi:10.3982/TE2669
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Plantin, Guillaume
- Shin, Hyun-Song
- The Econometric Society
Entstanden
- 2018
Ähnliche Objekte (12)
Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana
Monetary policy: Narrower exchange rate bands
Balance sheets, exchange rates, and international monetary spillovers
Real Exchange Rates, Structural Reforms and Monetary Union
On Passive Money, Exchange Rates and Monetary Leadership
Monetary policy response on exchange rate volatility in Indonesia
Exchange rate regimes, globalization, financial crises, and monetary policy
Exchange Rate and Interest Rate in the Monetary Policy Reaction Function
Monetary policy uncertainty spillovers in time and frequency domains
Real exchange rate, technological catching up and spillovers in a balance-of-payments constrained growth model
The effects of conventional and unconventional monetary policy on exchange rate volatility
Co-movement of real exchange rates in the West African Monetary Zone
Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana
Monetary policy: Narrower exchange rate bands
Balance sheets, exchange rates, and international monetary spillovers
Real Exchange Rates, Structural Reforms and Monetary Union
On Passive Money, Exchange Rates and Monetary Leadership
Monetary policy response on exchange rate volatility in Indonesia
Exchange rate regimes, globalization, financial crises, and monetary policy
Exchange Rate and Interest Rate in the Monetary Policy Reaction Function
Monetary policy uncertainty spillovers in time and frequency domains
Real exchange rate, technological catching up and spillovers in a balance-of-payments constrained growth model
The effects of conventional and unconventional monetary policy on exchange rate volatility
Co-movement of real exchange rates in the West African Monetary Zone
Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana
Monetary policy: Narrower exchange rate bands
Balance sheets, exchange rates, and international monetary spillovers
Real Exchange Rates, Structural Reforms and Monetary Union
On Passive Money, Exchange Rates and Monetary Leadership
Monetary policy response on exchange rate volatility in Indonesia
Exchange rate regimes, globalization, financial crises, and monetary policy
Exchange Rate and Interest Rate in the Monetary Policy Reaction Function
Monetary policy uncertainty spillovers in time and frequency domains
Real exchange rate, technological catching up and spillovers in a balance-of-payments constrained growth model
The effects of conventional and unconventional monetary policy on exchange rate volatility