The sustainability of monetary sterilization policies

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cepal.bibLevelSección o Parte de un Documentoes
cepal.callNumberX/C 22(93/2007)es
cepal.docTypeRevistases
cepal.idSade32790es
dc.contributor.authorFrenkel, Roberto
dc.coverage.spatialEngARGENTINAes
dc.coverage.spatialSpaARGENTINAes
dc.date.accessioned2014-01-02T18:44:26Zes
dc.date.available2014-01-02T18:44:26Zes
dc.date.issued2007-12es
dc.descriptionIncludes bibliographyes
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.es
dc.formatTextoes
dc.format.extentpáginas. 29-36es
dc.format.mimetypeapplication/pdfes
dc.identifier.unSymbolLC/G.2347-Pes
dc.identifier.urihttps://hdl.handle.net/11362/11230es
dc.language.isoenges
dc.physicalDescriptionp. 29-36es
dc.relation.isPartOfCEPAL Reviewes
dc.relation.isPartOfNo93es
dc.relation.isPartOfSeriesCEPAL Reviewes
dc.relation.translationLanguagespaes
dc.relation.translationRecordLa sostenibilidad de la política de esterilización monetariaes
dc.relation.translationUrihttps://hdl.handle.net/11362/11221es
dc.rights.coarDisponiblees
dc.subject.unbisEngCAPITAL MOVEMENTSes
dc.subject.unbisEngCAPITALes
dc.subject.unbisEngCENTRAL BANKSes
dc.subject.unbisEngFOREIGN EXCHANGE RATESes
dc.subject.unbisEngINTEREST RATESes
dc.subject.unbisEngMONETARY POLICYes
dc.subject.unbisSpaBANCOS CENTRALESes
dc.subject.unbisSpaCAPITALes
dc.subject.unbisSpaMOVIMIENTOS DE CAPITALes
dc.subject.unbisSpaPOLITICA MONETARIAes
dc.subject.unbisSpaTASAS DE INTERESes
dc.subject.unbisSpaTIPOS DE CAMBIOes
dc.titleThe sustainability of monetary sterilization policieses
dc.type.coarrevistaes
dspace.entity.typePublicationes
relation.isAuthorOfPublication42ddff86-9b15-4798-8ef3-b5492308cc39
relation.isAuthorOfPublication.latestForDiscovery42ddff86-9b15-4798-8ef3-b5492308cc39
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