Resource Shocks, Real Exchange Rate Appreciation and the Independence of Monetary Policy in Developing Oil-Exporting Countries

Nyatepe-Coo, Akorlie A.

doi:10.1080/10168739500080031

Cited by 5 publications

(2 citation statements)

References 15 publications

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“…However, the modified framework cannot be applied directly to China which maintained a fixed peg to the US dollar until July 2005. Nevertheless, the vector of controls we use in the simultaneous model is informed by the modified BGT model and from existing empirical work in this area (for instance, see Celasun et al, 1999;Fry, 1993;Kim, 1995;Nyatepe-Coo, 1995;Sarjito, 1996;Rooskareni, 1998).…”

Section: Specification Of the Simultaneous Equation Modelmentioning

confidence: 99%

China as a reserve sink: The evidence from offset and sterilization coefficients

Ouyang

Rajan

Willett

2010

Journal of International Money and Finance

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a b s t r a c tChina has been stockpiling international reserves at an extremely rapid pace since the late 1990s and has surpassed Japan to become the largest reserve holder in the world. This paper undertakes an empirical investigation to assess the extent of de facto sterilization and capital mobility using monthly data between mid 2000 and late 2008. We find that China has been able to successfully sterilize a large portion of these reserve increases thus making it a reserve sink such as Germany was under the Bretton Wood system.

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Section: Specification Of the Simultaneous Equation Modelmentioning

confidence: 99%

China as a reserve sink: The evidence from offset and sterilization coefficients

Ouyang

Rajan

Willett

2010

Journal of International Money and Finance

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“…10 We discuss definitional details of NFA and NDA later in the paper. 11 For instance, see Celasun et al (1999), Fry (1993, Kim (1995), Nyatepe and Coo (1995), Sarjito (1996), Rooskareni (1998) and Brissimis et al (2002). 12 For instance in the case of Thailand the central bank has noted: Since 2 July 1997, Thailand has adopted a managed-float exchange rate regime, replacing the basket-peg regime which had been in operation since 1984.…”

Section: Discussionmentioning

confidence: 96%

Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia

Ouyang

Rajan

Willett

2008

Global Economic Review

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The huge increase in international reserve holdings by Asian countries since the 1997 crisis has been one of the most important recent developments on the international financial scene. These buildups have contributed substantially to concerns about the creation of excessive global liquidity. How justified these concerns are depends heavily on the extent to which the reserve accumulating countries have been able to sterilize the effects on their domestic monetary aggregates. We use a unified theoretical framework to undertake dynamic estimations of the magnitude of sterilization and offset coefficients (which measure the degree of capital mobility) for a large set of Asian economies. We find that despite substantial capital mobility there has been a high degree of effective sterilization to date.Asia, balance of payments function, capital mobility, monetary reaction function, reserves, sterilization,

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Managing the Liquidity Effects of Reserve Stockpiling in Emerging Asia

Ouyang¹,

Willett²

2009

Exchange Rates, Currency Crisis and Monetary Cooperation in Asia

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Resource Shocks, Real Exchange Rate Appreciation and the Independence of Monetary Policy in Developing Oil-Exporting Countries

Cited by 5 publications

References 15 publications

China as a reserve sink: The evidence from offset and sterilization coefficients

China as a reserve sink: The evidence from offset and sterilization coefficients

Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia

Managing the Liquidity Effects of Reserve Stockpiling in Emerging Asia

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