U.S. investors' emerging market equity portfolios: a security-level analysis
In: International finance discussion papers 771
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In: International finance discussion papers 771
In: IMF working paper 03/236
In: International finance discussion papers 665
"Recently proposals for introducing greater exchange rate fixity into the behavior of key exchange rates have become fashionable. One proposal, for example, suggests that a target zone arrangement for the dollar, mark and yen would represent a desirable reform of the international monetary system. The question we seek to address in this paper is how much monetary independence is likely to be conferred on a country participating in such an arrangement. Recent research for the Classical gold standard has suggested that even with a rigidly fixed exchange rate system there is still some scope for monetary independence. Here we examine the extent of monetary independence conferred by a target zone using data from the recent ERM experience. Amongst our findings is the result that countries which had a credible commitment to the target zone had more independence in the operation of their monetary policy than countries with a lesser commitment. It turns out that the monetary independence for a credible participant in a target zone arrangement is longer than that conferred by participation in a regime of rigidly fixed exchange rates, such as the Classical gold standard"--Federal Reserve Board web site
In: IMF Working Papers, S. 1-31
SSRN
In: Journal of international economics, Band 27, Heft 3-4, S. 390-393
ISSN: 0022-1996
In: The Manchester School, Band 54, Heft 4, S. 403-419
ISSN: 1467-9957
In: Special papers in international economics 18
World Affairs Online
In: Journal of Monetary Economics, Band 31, Heft 2, S. 165-187
In: International journal of forecasting, Band 3, Heft 1, S. 81-96
ISSN: 0169-2070
In: Journal of economic dynamics & control, Band 10, Heft 1-2, S. 201-204
ISSN: 0165-1889
In: NBER Working Paper No. w12589
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Working paper
In: IMF Working Paper, S. 1-43
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In: IMF Working Paper, S. 1-32
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In: IMF Working Paper, S. 1-33
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In: IMF Working Paper No. 18/151
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