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Foreign Exchange Intervention For Internal Balance

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  • Kim Kyung Soo
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    Abstract

    This paper is concerned with the optimal combination of sterilization and wage Indexation in a small open economy subject to various disturbances. In most cases the Effects of these policy instruments are interdependent such that they act like a single Instrument. At the optimum, in addition to the well-known substitutability of foreign Exchange intervention and wage indexation , the complementarity of foreign exchange Intervention and sterilization is obtained. The relationship between the degree of Capital mobility and the optimal combination of the policy instruments is also examined. [E52, F4]

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/10168730000000035
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Economic Journal.

    Volume (Year): 14 (2000)
    Issue (Month): 4 ()
    Pages: 59-75

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    Handle: RePEc:taf:intecj:v:14:y:2000:i:4:p:59-75

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    1. Jacob A. Frenkel, 1983. "Monetary Policy: Domestic Targets and International Constraints," NBER Working Papers 1067, National Bureau of Economic Research, Inc.
    2. Rogoff, Kenneth, 1984. "On the effects of sterilized intervention : An analysis of weekly data," Journal of Monetary Economics, Elsevier, vol. 14(2), pages 133-150, September.
    3. Stephen J. Turnovsky, 1983. "Wage Indexation and Exchange Market Interventions in a Small Open Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 16(4), pages 574-92, November.
    4. Dooley, Michael P. & Isard, Peter, 1991. "A note on fiscal policy, investment location decisions, and exchange rates," Journal of International Money and Finance, Elsevier, vol. 10(1), pages 161-168, March.
    5. Genberg, Hans, 1989. " Exchange Rate Management and Macroeconomic Policy: A National Perspective," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 439-69.
    6. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
    7. Boyer, Russell S, 1978. "Optimal Foreign Exchange Market Intervention," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1045-55, December.
    8. Kathryn Dominguez & Jeffrey A. Frankel, 1990. "Does Foreign Exchange Intervention Work?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 16.
    9. Lewis, Karen K., 1988. "Testing the portfolio balance model: A multi-lateral approach," Journal of International Economics, Elsevier, vol. 24(1-2), pages 109-127, February.
    10. Frenkel, Jacob A, 1983. "Monetary Policy: Domestic Targets and International Constraints," American Economic Review, American Economic Association, vol. 73(2), pages 48-53, May.
    11. Kathryn M. Dominguez and Jeffrey A. Frankel., 1992. "Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectations Effects," Center for International and Development Economics Research (CIDER) Working Papers C92-001, University of California at Berkeley.
    12. Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
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