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|z 9781451841879
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Morales, R.
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|a Exchange Rate Uncertainty in Money-Based Stabilization Programs /
|c R. Morales.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (18 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: 'parity-guessers,' who expect a jump to a reference parity level, and 'money-followers,' who expect nominal depreciation equal to the monetary rule.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1998/003
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/003/001.1998.issue-003-en.xml
|z IMF e-Library
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