Balance of payments anti-crises /

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Bibliographic Details
Author / Creator:Kumhof, Michael, author.
Imprint:[Washington, D.C.] : International Monetary Fund, ©2009.
Description:1 online resource (21 pages) : illustrations
Language:English
Series:IMF working paper ; WP/09/134
IMF working paper ; WP/09/134.
Subject:Balance of payments.
Foreign exchange administration.
Inflation (Finance)
Balance of payments.
Foreign exchange administration.
Inflation (Finance)
Electronic books.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12494989
Hidden Bibliographic Details
Other authors / contributors:Yan, Isabel K., author.
International Monetary Fund. Research Department.
Digital file characteristics:data file
Notes:Includes bibliographical references (page 15).
Print version record.
Summary:Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation.
Other form:Print version: Kumhof, Michael. Balance of payments anti-crises. [Washington, D.C.] : International Monetary Fund, Research Dept., 2009