Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances-most notably the abandonment of the international gold standard-and how political and bureaucratic factors affected this aspect of public policy.

Foreign exchange --- Foreign exchange market --- Law and legislation --- History --- United States --- Economic policy --- international finance, economics, currency, monetary policy, gold standard, law, legislation, history, nonfiction, stabilization fund, foreign exchange, intervention, bretton woods era, early dollar float, volcker greenspan, bank of england, financial flows, macroeconomics, business, trade, markets, inflation, growth, price stability.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Official accumulation of foreign reserves may be perceived as interventions to influence the exchange rate, undermining the credibility of floating exchange rates and inflation targets. This paper develops a theoretical framework to study the interaction between reserve accumulation and monetary policy. The model uncovers a trade-off between the speed of reserve accumulation and anti-inflationary credibility. Under reasonable assumptions, delegation of intervention and monetary policy decisions to separate government agencies allows faster reserve accumulation, while centralization of these decisions results in a more stable economy. The analysis underscores the importance of rather overlooked institutional features of policymaking in open economies.

Foreign exchange rates --- Bank reserves --- Monetary policy --- Econometric models. --- Reserves, Bank --- Security reserve requirements --- Reserves (Accounting) --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Monetary Policy --- Price Level --- Deflation --- Taxation, Subsidies, and Revenue: General --- Monetary economics --- Macroeconomics --- Banking --- Currency --- Foreign exchange --- Public finance & taxation --- Inflation targeting --- Reserves accumulation --- Foreign exchange intervention --- Institutional arrangements for revenue administration --- Prices --- Foreign exchange reserves --- Revenue

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Monetary policy --- Thailand --- Banks and Banking --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Financial Crises --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Monetary Policy --- Economic & financial crises & disasters --- Finance --- Banking --- Currency --- Foreign exchange --- Monetary economics --- Financial crises --- Macroprudential policy --- Inflation --- Foreign exchange intervention --- Financial sector policy and analysis --- Financial sector stability --- Prices --- Global financial crisis of 2008-2009 --- Economic policy --- Banks and banking --- Financial services industry