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A Unifying Framework for Analysing Offsetting Capital Flows and Sterilization: Germany and the ERM

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  • Brissimis, Sophocles N
  • Gibson, Heather D
  • Tsakalotos, Euclid

Abstract

This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal goals and capital is less than perfectly mobile, there will be some offsetting capital flows and the central bank will sterilize. Several results from the literature are encompassed as special cases. The equations are estimated for the German experience of the 1980s and the results point to active sterilization by the Bundesbank during this period. Copyright @ 2002 by John Wiley & Sons, Ltd. All rights reserved.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 7 (2002)
Issue (Month): 1 (January)
Pages: 63-78

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Handle: RePEc:ijf:ijfiec:v:7:y:2002:i:1:p:63-78

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Cited by:
  1. Ashraf Nakibullah, 2011. "Monetary Policy and Performance of the Oil-Exporting Gulf Cooperation Council Countries," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 10(2), pages 139-157, August.
  2. Ouyang, Alice Y. & Rajan, Ramkishen S. & Willett, Thomas D., 2010. "China as a reserve sink: The evidence from offset and sterilization coefficients," Journal of International Money and Finance, Elsevier, vol. 29(5), pages 951-972, September.
  3. Zhang, Chenying, 2010. "Sterilization in China: Effectiveness and Cost," Working Papers 10-29, University of Pennsylvania, Wharton School, Weiss Center.
  4. Tarron Khemraj, 2009. "Excess liquidity and the foreign currency constraint: the case of monetary management in Guyana," Applied Economics, Taylor & Francis Journals, vol. 41(16), pages 2073-2084.
  5. Sergio Clavijo & Carlos Varela, . "FlotaciĆ³n Cambiaria y EsterilizaciĆ³n Monetaria: La Experiencia de Colombia," Borradores de Economia 256, Banco de la Republica de Colombia.
  6. Khemraj, Tarron & Pasha, Sukrishnalall, 2011. "Monetary sterilization and dual nominal anchors: some Caribbean examples," MPRA Paper 34503, University Library of Munich, Germany.

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