Debt redemption, reserve accumulation, and exchange-rate regimes
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Author
Contributions
- Kanczuk, Fabio, 1969- author - Contributor
- Harvard Business School - Contributor
Publication
2014 - Harvard Business School, Boston , Massachusetts
Language
English
Word Count
8,500 words, Guess
Page Count
34 pages
Identifiers
- OCLC Control Number884989650
- Open LibraryOL43263530M
Description
Foreign participation in local-currency-bond markets in emerging countries has increased dramatically over the past decade. In light of this trend, we revisit the question of the optimal exchange-rate regime when developing countries can borrow internationally with local-currency-denominated debt. We find that, as local-currency-bond markets develop, a "pseudo-flexible regime," whereby a country accumulates reserves in conjunction with debt, is the policy that most effectively stabilizes fluctuations under real external shocks.
Subjects
Series Statement
- Working paper / Harvard Business School -- 13-074
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