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The dynamic unsubstitutability of sterilization operations and neutral-intervention operations under dual exchange rates

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  • Wen-ya Chang
  • Ching-chong Lai

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File URL: http://hdl.handle.net/10.1007/BF01237194
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Bibliographic Info

Article provided by Springer in its journal Journal of Economics Zeitschrift für Nationalökonomie.

Volume (Year): 68 (1998)
Issue (Month): 3 (October)
Pages: 235-253

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Handle: RePEc:kap:jeczfn:v:68:y:1998:i:3:p:235-253

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Web page: http://www.springerlink.com/link.asp?id=108909

Related research

Keywords: dual exchange rates; neutral-intervention operations; sterilization operations; F31; F32; F41;

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References

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  1. Marston, Richard C., 1985. "Stabilization policies in open economies," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 17, pages 859-916 Elsevier.
  2. Dornbusch, Rudiger, 1976. " The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 78(2), pages 255-75.
  3. Cumby, Robert E., 1984. "Monetary policy under dual exchange rates," Journal of International Money and Finance, Elsevier, vol. 3(2), pages 195-208, August.
  4. Kiguel, Miguel A., 1987. "The non-dynamic equivalence of monetary and exchange rate rules under imperfect capital mobility and rational expectations," Journal of International Money and Finance, Elsevier, vol. 6(2), pages 207-214, June.
  5. Lai, Ching-chong & Chang, Wen-ya, 1987. "Dynamic stability under a dual exchange rate regime with neutral intervention operations," Economics Letters, Elsevier, vol. 25(1), pages 67-70.
  6. Joshua Aizenman, 1985. "Adjustment to Monetary Policy and Devaluation Under Two-Tier and Fixed Exchange Rate Regimes," NBER Working Papers 1107, National Bureau of Economic Research, Inc.
  7. Richard C. Marston, 1985. "Stabilization Policies in Open Economies," NBER Working Papers 1117, National Bureau of Economic Research, Inc.
  8. Marion, Nancy Peregrim, 1981. "Insulation Properties of a Two-Tier Exchange Market in a Portfolio Balance Model," Economica, London School of Economics and Political Science, vol. 48(189), pages 61-70, February.
  9. Dornbusch, Rudiger & Helmers, F. Leslie C. H. (ed.), 1988. "The Open Economy: Tools for Policymakers in Developing Countries," OUP Catalogue, Oxford University Press, number 9780195207095.
  10. Robert P. Flood & Nancy Peregrim Marion, 1980. "The Transmission of Disturbances under Alternative Exchange-Rate Regimeswith Optimal Indexing," NBER Working Papers 0500, National Bureau of Economic Research, Inc.
  11. Delbecque, Bernard, 1993. "Dual exchange rates under pegged interest rate and balance-of-payments crisis," Journal of International Money and Finance, Elsevier, vol. 12(2), pages 170-181, April.
  12. Lai, Ching-Chong & Chu, Yun-Peng & Chang, Wen-Ya, 1989. "Exchange Rate Dynamics under Dual Exchange Rates: The Case of Neutral Intervention Policy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(3), pages 235-47, September.
  13. Thornton, Daniel L., 1984. "The government budget constraint with endogenous money," Journal of Macroeconomics, Elsevier, vol. 6(1), pages 57-67.
  14. Boyer, Russel S., 1979. "Sterilization and the monetary approach to balance of payments analysis," Journal of Monetary Economics, Elsevier, vol. 5(2), pages 295-300, April.
  15. Turnovsky, Stephen J., 1976. "The dynamics of fiscal policy in an open economy," Journal of International Economics, Elsevier, vol. 6(2), pages 115-142, May.
  16. Calvo, Guillermo A & Rodriguez, Carlos Alfredo, 1977. "A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 617-25, June.
  17. Daniel Gros, 1988. "Dual Exchange Rates in the Presence of Incomplete Market Separation: Long-Run Effectiveness and Policy Implications," IMF Staff Papers, Palgrave Macmillan, vol. 35(3), pages 437-460, September.
  18. Pablo E. Guidotti, 1988. "Insulation Properties under Dual Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 799-813, November.
  19. Pertti J. Haaparanta, 1988. "Dual Exchange Markets and Intervention," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 814-25, November.
  20. O'Connell, Joan, 1983. "Complete sterilization and perfect capital mobility," Economics Letters, Elsevier, vol. 12(1), pages 69-72.
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