haku: @author Rose, A. / yhteensä: 12
viite: 7 / 12
| Tekijä: | Rose, A. |
| Otsikko: | Explaining exchange rate volatility: an empirical analysis of "the Holy Trinity" of monetary independence, fixed exchange rates, and capital mobility |
| Lehti: | Journal of International Money and Finance
1996 : DEC, VOL. 15:6, p. 925-946 |
| Asiasana: | MONEY FINANCE INTERNATIONAL |
| Kieli: | eng |
| Tiivistelmä: | This paper uses a panel of data from twenty-two countries between 1967 and 1992 to explain exchange rate volatility , focusing on potential tradeoffs between fixed exchange rates, independent monetary policy, and capital mobility. The author uses monetary models to parametrize monetary divergence and the degree of capital mobility. Exchange rate volatility is loosely linked to both monetary divergence and the degree of capital mobility. Interestingly, exchange rate volatility is significantly correlated with the width of the explicitly declared exchange rate band, even after taking monetary divergence and capital mobility into account. |
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