Exchange Rate Arrangements and Monetary Policy

International Monetary Fund

No 1988/014, IMF Working Papers from International Monetary Fund

Abstract: This paper examines the relationship between monetary and exchange rate policies by considering the factors that have led the authorities in developed and developing countries in Asia to alter their use of monetary policy instruments and exchange rate arrangements since the mid-1970s. There is first consideration of the extent to which real and monetary shocks, country size, and the degree of goods and capital market integration can explain the evolution of exchange rate arrangements. There is then an examination of the factors influencing the choice of money and credit policy instruments. Finally, there is a discussion of integrating monetary and exchange policies with extensive trade and financial market reforms.

Keywords: WP; exchange rate; market; exchange rate arrangement; monetary policy; policy instrument; goods market integration; exchange market intervention; intervention rule; exchange rate depreciation; Exchange rate arrangements; Exchange rate policy; Exchange rate flexibility; Credit; Monetary policy instruments; Australia and New Zealand (search for similar items in EconPapers)
Pages: 44
Date: 1988-01-01
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Citations: View citations in EconPapers (2)

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