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Exchange Market Pressure, Currency Crises, and Monetary Policy Additional Evidence From Emerging Markets

This paper extends my previous work by examining the relationship between monetary policy and exchange market pressure (EMP) in 32 emerging market countries. EMP is a gauge of the severity of crises, and part of this paper specifically analyzes crisis periods. Two variables gauge the stance of monet...

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Bibliographic Details
Main Author: Tanner, Evan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2002
Series:IMF Working Papers
Subjects:
Finance
Econometrics
International Financial Markets
Monetary Policy, Central Banking, And The Supply Of Money And Credit: General
Monetary Base
Econometric Analysis
Time-series Models
Foreign Exchange
Econometrics & Economic Statistics
Diffusion Processes
Dynamic Quantile Regressions
Exchange Rate Arrangements
Currency Markets
Vector Autoregression
Money And Monetary Policy
Foreign Exchange Market
Credit
Money Supply
Currency
Financial Markets
Finance: General
Money
Dynamic Treatment Effect Models
Monetary Economics
Domestic Credit
Brazil
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper extends my previous work by examining the relationship between monetary policy and exchange market pressure (EMP) in 32 emerging market countries. EMP is a gauge of the severity of crises, and part of this paper specifically analyzes crisis periods. Two variables gauge the stance of monetary policy: the growth of central bank domestic credit and the interest differential (domestic versus U.S. dollar). Evidence suggests that monetary policy plays an important role in currency crises. And, in most countries the shocks to monetary policy affect EMP in the direction predicted by traditional approaches: tighter money reduces EMP.
Physical Description:54 pages
ISBN:9781451843132

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