Peculiarities of Exchange Rate Policy under the Floating Exchange Rate Regime in Developing Countries

Особенности курсовой политики в рамках режима плавающего валютного курса в развивающихся странах

Anna Kiyutsevskaya, Vyacheslav Morgunov and Pavel Trunin

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Study of features and specifics of formation of exchange rates in the developing countries within the floating regimes allow us to determine the objective backgrounds of monetary authorities' failure to support fixed exchange rate and the conditions requiring not only to manage the demand/supply on the internal currency market but to conduct foreign interventions too. As results of investigation show, de-facto the most of inflation targeting central banks of developing countries conduct operations of currency refinancing and realize operations on foreign currency market. The results indicate that the distinctive feature of exchange rate policy implemented by them is the absence of any objective in the level or change the trajectory of the exchange rate. Essential for understanding the permissible degree of participation of the monetary authorities, are targeted inflation rate formation in the process have the methodological aspects of the classification of de facto implemented exchange rate policy, which have been modified only in 2009.

Pages: 88 pages
Date: 2017-03
New Economics Papers: this item is included in nep-dcm and nep-mon
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