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Tight Money in a Post-Crisis Defense of the Exchange Rate: What Have We Learned?

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  • Peter J. Montiel

Abstract

Critics of the tight monetary policies pursued by some of the countries hurt by the 1997 Asian financial crisis have questioned the presumption that tight money can help sustain the value of a currency. The issue is actually an empirical one because theory does not unambiguously predict the effect of tight money on the exchange rate under the circumstances faced by the crisis countries. This article reviews the empirical research and shows that the evidence does not yet support strong statements about post-crisis links between monetary policy and the exchange rate. Proposed deviations from a sustainable medium-term monetary policy stance should thus be viewed with skepticism. Copyright 2003, Oxford University Press.

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Bibliographic Info

Article provided by World Bank Group in its journal The World Bank Research Observer.

Volume (Year): 18 (2003)
Issue (Month): 1 ()
Pages: 1-23

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Handle: RePEc:oup:wbrobs:v:18:y:2003:i:1:p:1-23

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Cited by:
  1. Cordella, Tito & Federico, Pablo & Vegh, Carlos & Vuletin, Guillermo, 2014. "Reserve requirements in the brave new macroprudential world," Policy Research Working Paper Series 6793, The World Bank.
  2. Ramkishen S. Rajan, 2006. "Managing New-Style Currency Crises: The Swan Diagram Approach Revisited," SCAPE Policy Research Working Paper Series 0517, National University of Singapore, Department of Economics, SCAPE.
  3. Sergio Clavijo & Carlos Varela, . "FlotaciĆ³n Cambiaria y EsterilizaciĆ³n Monetaria: La Experiencia de Colombia," Borradores de Economia 256, Banco de la Republica de Colombia.
  4. Luis-Felipe Zanna, 2006. "Fighting against currency depreciation, macroeconomic instability and sudden stops," International Finance Discussion Papers 848, Board of Governors of the Federal Reserve System (U.S.).

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