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200301 ||| eng |
| 020 |
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|a 9781498302913
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| 100 |
1 |
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|a El Hamiani Khatat, Mariam
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| 245 |
0 |
0 |
|a Liquidity Management under Fixed Exchange Rate with Open Capital Account
|c Mariam El Hamiani Khatat, Romain Veyrune
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 57 pages
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| 651 |
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4 |
|a Hong Kong Special Administrative Region, People's Republic of China
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| 653 |
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|a Money market
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Exchange rate arrangements
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Short-term Capital Movements
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| 653 |
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|a Banks and banking
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Policy Designs and Consistency
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| 653 |
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|a Current Account Adjustment
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Asset and liability management
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| 653 |
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|a Mortgages
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| 653 |
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|a Liquidity; Economics
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Financial markets
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| 653 |
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|a Conventional peg
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| 653 |
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|a Policy Objectives
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| 653 |
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|a Policy Coordination
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Money markets
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| 653 |
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|a Banking
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| 653 |
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|a Liquidity management
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| 653 |
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|a Portfolio Choice
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| 653 |
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|a Finance: General
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Investment Decisions
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| 700 |
1 |
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|a Veyrune, Romain
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| 041 |
0 |
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 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498302913.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2019/058/001.2019.issue-058-en.xml?cid=46667-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
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