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Author/Editor:
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Iwata, Shigeru ; Tanner, Evan
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Publication Date:
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May 01, 2003
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Electronic Access:
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Free Full text
(PDF file size is 793KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
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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Order a print copy
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Series:
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Working Paper No. 03/92
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Subject(s):
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Exchange rate regimes | Brazil | Mexico | Turkey | Capital account | Emerging markets | Economic models
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Author's Keyword(s):
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Exchange rate regime | capital account | structural vector autoregression |
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English
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Publication Date:
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May 01, 2003
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA0922003
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Pages:
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27
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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