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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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  • Wen-ya Chang & Ching-chong Lai, 1998. "The dynamic unsubstitutability of sterilization operations and neutral-intervention operations under dual exchange rates," Journal of Economics, Springer, vol. 68(3), pages 235-253, October.
    • Handle: RePEc:kap:jeczfn:v:68:y:1998:i:3:p:235-253
    DOI: 10.1007/BF01237194
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    References listed on IDEAS

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    1. 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.
    2. O'Connell, Joan, 1983. "Complete sterilization and perfect capital mobility," Economics Letters, Elsevier, vol. 12(1), pages 69-72.
    3. 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.
    4. 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 235-247, September.
    5. Thornton, Daniel L., 1984. "The government budget constraint with endogenous money," Journal of Macroeconomics, Elsevier, vol. 6(1), pages 57-67.
    6. Pertti J. Haaparanta, 1988. "Dual Exchange Markets and Intervention," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 814-825, November.
    7. 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.
    8. 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.
    9. 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 617-625, June.
    10. Cumby, Robert E., 1984. "Monetary policy under dual exchange rates," Journal of International Money and Finance, Elsevier, vol. 3(2), pages 195-208, August.
    11. 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.
    12. 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.
    13. Robert P. Flood & Nancy Peregrim Marion, 1982. "The Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexing," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(1), pages 43-66.
    14. Richard C. Marston, 1983. "Stabilization Policies in Open Economies," NBER Working Papers 1117, National Bureau of Economic Research, Inc.
    15. 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.
    16. 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.
    17. Dornbusch, Rudiger, 1976. " The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 78(2), pages 255-275.
    18. Aizenman, Joshua, 1985. "Adjustment to monetary policy and devaluation under two-tier and fixed exchange rate regimes," Journal of Development Economics, Elsevier, vol. 18(1), pages 153-169.
    19. Pablo E. Guidotti, 1988. "Insulation Properties under Dual Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 799-813, November.
    20. 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.
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    More about this item

    Keywords

    dual exchange rates; neutral-intervention operations; sterilization operations; F31; F32; F41;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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