Exchange Rates, Capital Flows and Policy

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Combining thorough scholarship with illuminating real-world examples, this edited collection provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.
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Product Details

Meet the Author

Peter Sinclair is an economist specializing in international and monetary economics at the Bank of England.
Rebecca Driver is research adviser to the external members of the Monetary Policy Committee of the Bank of England
Christoph Thoenissen is a former Bank of England economist who now teaches at the University of St. Andrews.
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Table of Contents

1 Introduction 1
2 Can emerging markets float? : should they inflation target? 10
3 Exchange rates, inflation and monetary policy objectives in open economies : the experience of Chile 39
4 The expenditure switching effect and the choice between fixed and floating exchange rates 58
5 Economic shocks and the choice of currency area : the case of Argentina, 1991-2002 77
6 Concepts of equilibrium exchange rates 98
7 Fundamental equilibrium exchange rates and currency boards : evidence from Argentina and Estonia in the 1990s 149
8 Revisiting the border : an assessment of the law of one price using very disaggregated consumer price data 187
9 An asset market integration test based on observable macroeconomic stochastic discount factors 204
10 Real exchange rates, current accounts and the net foreign asset position 224
11 The macroeconomics of international financial trade 243
12 External adjustment and debt sustainability 262
13 What type of country restricts international capital movements? 301
14 An empirical analysis of the "impossible trinity" : an East Asian perspective 319
15 Sterilized intervention and monetary control : the case of Korea 344
16 Intervention in the foreign exchange market in a model with noise traders 369
17 Exchange rates, capital flows and policy : some concluding observations 407
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