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150128 ||| eng |
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|a 9781451869576
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| 100 |
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|a Gonçalves, Fernando M.
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| 245 |
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|a Accumulating Foreign Reserves Under Floating Exchange Rates
|c Fernando M. Gonçalves
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2008
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| 300 |
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|a 41 pages
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| 653 |
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|a Price Level
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| 653 |
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|a Revenue
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Reserves accumulation
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Inflation
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Deflation
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Monetary policy
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| 653 |
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|a Institutional arrangements for revenue administration
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| 653 |
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|a Monetary economics
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| 653 |
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|a Currency
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| 653 |
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|a Foreign exchange reserves
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| 653 |
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|a Foreign exchange intervention
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| 653 |
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|a Taxation, Subsidies, and Revenue: General
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| 653 |
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|a Inflation targeting
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| 653 |
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|a Public Finance
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Foreign Exchange
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2008/096/001.2008.issue-096-en.xml?cid=21849-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a 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
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