01735cas a2200241 a 4500 AALejournalIMF001015 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451853773 1018-5941 BD-DhAAL BD-DhAAL Tanner, Evan. Exchange Market Pressure and Monetary Policy : Asia and Latin America in the 1990s / Evan Tanner. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (42 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Exchange market pressure (EMP), the sum of exchange rate depreciation and reserve outflows (scaled by base money), summarizes the flow excess supply of money in a managed exchange rate regime. Examining Brazil, Chile, Mexico, Indonesia, Korea, and Thailand, this paper finds that monetary policy affects EMP as generally expected: contractionary monetary policy helps reduce EMP. The monetary policy stance is best measured by domestic credit growth (since interest rates contain both policy- and market-determined elements). In response to higher EMP, monetary authorities boosted domestic credit growth both in Mexico (confirming previous research) and in the Asian countries. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1999/114 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/114/001.1999.issue-114-en.xml IMF e-Library