haku: @indexterm Debt management / yhteensä: 289
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| Tekijä: | Nobay, A. Michael, P. |
| Otsikko: | Interest arbitrage and debt management in the U.K. under fixed exchange rates |
| Lehti: | Oxford Economic Papers
1993 : OCT, VOL. 45:4, p. 605-617 |
| Asiasana: | UNITED KINGDOM ARBITRAGE DEBT MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the consequences of interest rate policy and debt management within a model of endogenous policy for the UK under fixed exchange rates. The authors' empirical results exploit the framework of cointegration. They show that the stylized fact of effective sterilization of reserve flows is not supported by the data, and estimate that the authorities supported the gilt-edged market by an intervention of around 593 million pounds for a one basis point (policy induced) differential in domestic and US interest rates. |
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