The sustainability of monetary sterilization policies

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cepal.bibLevelSección o Parte de un Documento
cepal.callNumberX/C 22(93/2007)
cepal.docTypeRevistas
cepal.idSade32790
dc.contributor.authorFrenkel, Roberto
dc.coverage.spatialEngARGENTINA
dc.coverage.spatialSpaARGENTINA
dc.date.accessioned2014-01-02T18:44:26Z
dc.date.available2014-01-02T18:44:26Z
dc.date.issued2007-12
dc.descriptionIncludes bibliography
dc.description.abstractThe focus of this paper is on policies that set out simultaneously tocontrol the exchange rate and monetary conditions (an instrument interestrate, for example); in situations where capital mobility is unrestricted, thereis an excess supply of international currency and the central bank setstargets for the exchange rate and interest rate. The paper calculates howhigh the local interest rate can go at any time without rendering monetarysterilization policy unsustainable, defines the degree of monetary autonomyas the difference between this rate on the one hand and the sum of theinternational interest rate and the rate of increase in the exchange rate onthe other, and analyses how the degree of autonomy evolves. Numericalexamples using data from Argentina and elsewhere suggest that sterilizationpolicy is sustainable and that a considerable degree of monetary autonomyexists in contexts that are by no means unusual in many developingeconomies.
dc.formatTexto
dc.format.extentpáginas. 29-36
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/G.2347-P
dc.identifier.urihttps://hdl.handle.net/11362/11230
dc.language.isoeng
dc.physicalDescriptionp. 29-36
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo93
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.translationLanguagespa
dc.relation.translationRecordLa sostenibilidad de la política de esterilización monetaria
dc.relation.translationUrihttps://hdl.handle.net/11362/11221
dc.rights.coarDisponible
dc.subject.unbisEngCAPITAL MOVEMENTS
dc.subject.unbisEngCAPITAL
dc.subject.unbisEngCENTRAL BANKS
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngINTEREST RATES
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisSpaBANCOS CENTRALES
dc.subject.unbisSpaCAPITAL
dc.subject.unbisSpaMOVIMIENTOS DE CAPITAL
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaTASAS DE INTERES
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.titleThe sustainability of monetary sterilization policies
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublication42ddff86-9b15-4798-8ef3-b5492308cc39
relation.isAuthorOfPublication.latestForDiscovery42ddff86-9b15-4798-8ef3-b5492308cc39
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