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A Generalization and Assessment of the Index of Managed Float

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  • John T. Cuddington

Abstract

The large literature on the optimum intensity of foreign exchange market intervention contains two alternative characterizations of the central bank's policy choice variable: (1) the central bank's intensity of intervention in the foreign exchange mar ket and (2) the Frenkel-Aizenman (1982) index of managed float. J. T. Cuddington (1991) has shown the relation between these policy measur es by deriving the Frenkel-Aizenman index from a standard specification of money market equilibrium. Here, the Frenkel-Aizenman index is generalized to cover situations where both sterilized and unsteriliz ed intervention are possible.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 26 (1993)
Issue (Month): 1 (February)
Pages: 235-40

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Handle: RePEc:cje:issued:v:26:y:1993:i:1:p:235-40

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Cited by:
  1. Glick, Reuven & Hutchison, Michael M., 2000. "Foreign reserve and money dynamics with asset portfolio adjustment: international evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 10(3-4), pages 229-247, December.
  2. Weymark, Diana N, 1997. "Measuring the degree of exchange market intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 16(1), pages 55-79, February.

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