Pick Your Poison [electronic resource] : The Exchange Rate Regime and Capital Account Volatility in Emerging Markets / Shigeru Iwata.
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TextSeries: IMF Working Papers; Working Paper ; No. 03/92Publication details: Washington, D.C. : International Monetary Fund, 2003Description: 1 online resource (28 p.)ISBN: 1451851618 :ISSN: 1018-5941Subject(s): Central Bank | Exchange Rate Regime | Exchange Rate | Exchange Rates | Inflation | International Monetary Arrangements and Institutions | Brazil | Mexico | TurkeyAdditional physical formats: Print Version:: Pick Your Poison : The Exchange Rate Regime and Capital Account Volatility in Emerging MarketsOnline resources: IMF e-Library | IMF Book Store Abstract: We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
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