What Makes a Currency Procyclical? (Record no. 27281)

000 -LEADER
fixed length control field 02107cam a22003374a 4500
001 - CONTROL NUMBER
control field 7113
003 - CONTROL NUMBER IDENTIFIER
control field The World Bank
006 - FIXED-LENGTH DATA ELEMENTS--ADDITIONAL MATERIAL CHARACTERISTICS--GENERAL INFORMATION
fixed length control field m d
007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION
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008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 020129s2014 dcu i001 0 eng
024 8# - OTHER STANDARD IDENTIFIER
Standard number or code 10.1596/1813-9450-7113
035 ## - SYSTEM CONTROL NUMBER
System control number (The World Bank)7113
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Cordella, Tito
245 10 - TITLE STATEMENT
Title What Makes a Currency Procyclical?
Medium [electronic resource] :
Remainder of title An Empirical Investigation /
Statement of responsibility, etc Cordella, Tito
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT)
Place of publication, distribution, etc Washington, D.C.,
Name of publisher, distributor, etc The World Bank,
Date of publication, distribution, etc 2014
300 ## - PHYSICAL DESCRIPTION
Extent 1 online resource (32 p.)
520 3# - SUMMARY, ETC.
Summary, etc This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times, countercyclical if they appreciate in bad times, and acyclical otherwise. With this classification, the paper shows that: (i) the countries that are commodity exporters and experience procyclical capital flows tend to have procyclical currencies; (ii) countries with procyclical currencies tend to restrict their capital accounts, perhaps as an attempt to reduce the degree of procyclicality; (iii) countries with procyclical currencies pursue procyclical monetary policy; (iv) however, in the last decade, there is a disconnect between the cyclicality of currency and monetary policy; and (v) the disconnect may reflect a decline in the fear of floating, which can be partially attributed to an improvement in countries' net foreign asset positions.
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Countercyclical Currencies
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Currency Cyclicality
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Exchange Rate
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Fear Of Floating
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Foreign Asset Position
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Monetary Policy
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Procyclical Currencies
650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Trilemma
700 1# - ADDED ENTRY--PERSONAL NAME
Personal name Cordella, Tito
700 1# - ADDED ENTRY--PERSONAL NAME
Personal name Gupta, Poonam
776 18 - ADDITIONAL PHYSICAL FORM ENTRY
Main entry heading Print version:
Display text Cordella, Tito
Title What Makes a Currency Procyclical?.
Place, publisher, and date of publication Washington, D.C. : The World Bank, 2014
830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE
Uniform title Policy research working papers.
830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE
Uniform title World Bank e-Library.
856 40 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-7113">http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-7113</a>

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