Monetary policy and exchange market pressure: The case of the Philippines
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Amartya Lahiri & Carlos A. Vegh, 2000. "Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises," NBER Working Papers 7734, National Bureau of Economic Research, Inc.
- Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999.
"What caused the Asian currency and financial crisis?,"
Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
- Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis?," Temi di discussione (Economic working papers) 343, Bank of Italy, Economic Research and International Relations Area.
- Maria Socorro Gochoco-Bautista, 2001. "What Drives Monetary Policy?," UP School of Economics Discussion Papers 200105, University of the Philippines School of Economics.
- Mr. Evan C Tanner, 2002. "Exchange Market Pressure, Currency Crises, and Monetary Policy: Additional Evidence From Emerging Markets," IMF Working Papers 2002/014, International Monetary Fund.
- Flood, Robert P. & Jeanne, Olivier, 2005.
"An interest rate defense of a fixed exchange rate?,"
Journal of International Economics, Elsevier, vol. 66(2), pages 471-484, July.
- Flood, Robert P & Jeanne, Olivier, 2000. "An Interest Rate Defence of a Fixed Exchange Rate?," CEPR Discussion Papers 2507, C.E.P.R. Discussion Papers.
- Mr. Olivier D Jeanne & Mr. Robert P Flood, 2000. "An Interest Rate Defense of a Fixed Exchange Rate?," IMF Working Papers 2000/159, International Monetary Fund.
- Amartya Lahiri & Carlos A. Végh, 2002.
"Living with the Fear of Floating: An Optimal Policy Perspective,"
NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 663-704,
National Bureau of Economic Research, Inc.
- Amartya Lahiri & Carlos A. Vegh, 2001. "Living with the Fear of Floating: An Optimal Policy Perspective," NBER Working Papers 8391, National Bureau of Economic Research, Inc.
- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate," NBER Working Papers 6834, National Bureau of Economic Research, Inc.
- Taimur Baig & Ilan Goldfajn, 2002.
"Monetary Policy in the Aftermath of Currency Crises: The Case of Asia,"
Review of International Economics, Wiley Blackwell, vol. 10(1), pages 92-112, February.
- Mr. Taimur Baig & Mr. Ilan Goldfajn, 1998. "Monetary Policy in the Aftermath of Currency Crises: The Case of Asia," IMF Working Papers 1998/170, International Monetary Fund.
- Ilan Goldfajn & Taimur Baig, 1999. "Monetary policy in the aftermath of currency crisis: the case of Asia," Textos para discussão 399, Department of Economics PUC-Rio (Brazil).
- Kraay, Aart, 2003.
"Do high interest rates defend currencies during speculative attacks?,"
Journal of International Economics, Elsevier, vol. 59(2), pages 297-321, March.
- Kraay, Aart, 2000. "Do high interest rates defend currencies during speculative attacks ?," Policy Research Working Paper Series 2267, The World Bank.
- Boorman, Jack & Lane, Timothy & Schulze-Ghattas, Marianne & Bulir, Ales & Ghosh, Atish R. & Hamann, Javier & Mourmouras, Alex & Phillips, Steven, 2000.
"Managing financial crises: the experience in East Asia,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 1-67, December.
- Mr. Timothy D. Lane & Mr. A. J Hamann & Mrs. Marianne Schulze-Gattas & Mr. Aleš Bulíř & Mr. Steven T Phillips & Mr. Atish R. Ghosh & Mr. Alex Mourmouras & Mr. Jack Boorman, 2000. "Managing Financial Crises: The Experience in East Asia," IMF Working Papers 2000/107, International Monetary Fund.
- Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
- Ilan Goldfajn & Poonam Gupta, 2003.
"Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?,"
IMF Staff Papers, Palgrave Macmillan, vol. 50(1), pages 1-5.
- Ilan Goldfajn & Poonam Gupta, 1999. "Does monetary policy stabilize the exchange rate following a currency crisis?," Textos para discussão 396, Department of Economics PUC-Rio (Brazil).
- Mr. Ilan Goldfajn & Mrs. Poonam Gupta, 1999. "Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?," IMF Working Papers 1999/042, International Monetary Fund.
- Mr. Timothy D. Lane & Mrs. Marianne Schulze-Gattas & Mr. Tsidi M Tsikata & Mr. Steven T Phillips & Mr. Atish R. Ghosh & Mr. A. J Hamann, 1999. "IMF-Supported Programs in Indonesia, Korea and Thailand," IMF Occasional Papers 1999/006, International Monetary Fund.
- Evan Tanner, 2001. "Exchange Market Pressure and Monetary Policy: Asia and Latin America in the 1990s," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 1-2.
- Pakko, Michael R., 2000.
"Do high interest rates stem capital outflows?,"
Economics Letters, Elsevier, vol. 67(2), pages 187-192, May.
- Michael R. Pakko, 1999. "Do high interest rates stem capital outflows?," Working Papers 1999-002, Federal Reserve Bank of St. Louis.
- Graciela L. Kaminsky & Carmen M. Reinhart, 2001.
"Bank Lending and Contagion: Evidence from the Asian Crisis,"
NBER Chapters, in: Regional and Global Capital Flows: Macroeconomic Causes and Consequences, pages 73-99,
National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Kaminsky, Graciela, 2001. "Bank Lending and Contagion: Evidence from the Asian Crisis," MPRA Paper 7580, University Library of Munich, Germany.
- Ms. G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 1998/039, International Monetary Fund.
- Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-548, September.
- Mr. Evan C Tanner, 1999. "Exchange Market Pressure and Monetary Policy: Asia and Latin America in the 1990s," IMF Working Papers 1999/114, International Monetary Fund.
- Mr. Francisco d Nadal De Simone & Weshah Razzak, 1999. "Nominal Exchange Rates and Nominal Interest Rate Differentials," IMF Working Papers 1999/141, International Monetary Fund.
- David M. Gould & Steven B. Kamin, 1999.
"The impact of monetary policy on exchange rates during financial crises,"
Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
- David M. Gould & Steven B. Kamin, 2000. "The impact of monetary policy on exchange rates during financial crises," International Finance Discussion Papers 669, Board of Governors of the Federal Reserve System (U.S.).
- Mr. Atish R. Ghosh & Ms. Gabriela Basurto, 2000. "The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries," IMF Working Papers 2000/019, International Monetary Fund.
- Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
- Chang-Jin Kim & Charles R. Nelson, 1999. "State-Space Models with Regime Switching: Classical and Gibbs-Sampling Approaches with Applications," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262112388, April.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Maria Socorro Gochoco-Bautista, 2006.
"An Assessment of the Usefulness of Money for Policy in the Philippines,"
Asian Economic Papers, MIT Press, vol. 5(1), pages 142-176, Winter.
- Maria Socorro Gochoco-Bautista, 2005. "An Assessment of the Usefulness of Money for Policy in the Philippines," UP School of Economics Discussion Papers 200508, University of the Philippines School of Economics.
- M. Idrees Khawaja, 2007.
"Exchange Market Pressure and Monetary Policy: Evidence from Pakistan,"
Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 12(2), pages 83-114, Jul-Dec.
- M. Idrees Khawaja, 1970. "Exchange Market Pressure and Monetary Policy : Evidence from Pakistan," Macroeconomics Working Papers 22208, East Asian Bureau of Economic Research.
- M. Idrees Khawaja, 2007. "Exchange Market Pressure and Monetary Policy: Evidence from Pakistan," PIDE-Working Papers 2007:31, Pakistan Institute of Development Economics.
- Augustine A. Boakye & Hassan Molana, 2007. "Fluctuation in the International Currency Reserves of Less Developed Countries: HIPC vs Non-HIPC," Dundee Discussion Papers in Economics 203, Economic Studies, University of Dundee.
- Aleksandr V. Gevorkyan, 2019. "Exchange market pressure and primary commodity – exporting emerging markets," Applied Economics, Taylor & Francis Journals, vol. 51(22), pages 2390-2412, May.
- Ifedolapo Olabisi Olanipekun & Hasan Güngör & Godwin Olasehinde-Williams, 2019. "Unraveling the Causal Relationship Between Economic Policy Uncertainty and Exchange Market Pressure in BRIC Countries: Evidence From Bootstrap Panel Granger Causality," SAGE Open, , vol. 9(2), pages 21582440198, June.
- Stavarek, Daniel, 2007. "Comparative analysis of the exchange market pressure in Central European countries with the Eurozone membership perspective," MPRA Paper 3906, University Library of Munich, Germany.
- Panday, Anjan, 2015. "Impact of monetary policy on exchange market pressure: The case of Nepal," Journal of Asian Economics, Elsevier, vol. 37(C), pages 59-71.
- Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
- Chin, Lee & Habibullah, Muzafar Shah & Sheik Kyin, Tey, 2013. "Monetary Policy and Exchange Market Pressure in Malaysia," MPRA Paper 96862, University Library of Munich, Germany.
- Ratnasari, Anggraeni & Widodo, Tri, 2017. "Exchange Market Pressure and Monetary Policies in ASEAN5," MPRA Paper 81543, University Library of Munich, Germany.
- Ahmed M. Khalid, 2006. "Is Inflation Targeting the Best Policy Choice for Emerging Economies? A Survey of Emerging Market Experiences and Lessons for Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 145-165.
- Ifedolapo Olabisi Olanipekun & Godwin Olasehinde-Williams & Hasan Güngör, 2019. "Impact of Economic Policy Uncertainty on Exchange Market Pressure," SAGE Open, , vol. 9(3), pages 21582440198, September.
- Aftab, Muhammad & Phylaktis, Kate, 2022. "Economic integration and exchange market pressure in a policy uncertain world," Journal of International Money and Finance, Elsevier, vol. 128(C).
- Abdul Aziz, Muhammad & Widodo, Tri, 2017. "Exchange Market Pressure: Evidences from ASEAN Inflation Targeting Countries," MPRA Paper 80919, University Library of Munich, Germany.
- M. Idrees Khawaja & Musleh-ud Din, 2007. "Instrument of Managing Exchange Market Pressure: Money Supply or Interest Rate," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 381-394.
- Siklar Ilyas & Akca Aysegul, 2020. "Exchange Market Pressure and Monetary Policy: The Turkish Case," Ekonomika (Economics), Sciendo, vol. 99(1), pages 110-130, June.
- Clara GARCÍA & Nuria MALET, 2007. "Exchange Market Pressure, Monetary Policy, And Economic Growth: Argentina, 1993–2004," The Developing Economies, Institute of Developing Economies, vol. 45(3), pages 253-282, September.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Boorman, Jack & Lane, Timothy & Schulze-Ghattas, Marianne & Bulir, Ales & Ghosh, Atish R. & Hamann, Javier & Mourmouras, Alex & Phillips, Steven, 2000.
"Managing financial crises: the experience in East Asia,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 1-67, December.
- Mr. Timothy D. Lane & Mr. A. J Hamann & Mrs. Marianne Schulze-Gattas & Mr. Aleš Bulíř & Mr. Steven T Phillips & Mr. Atish R. Ghosh & Mr. Alex Mourmouras & Mr. Jack Boorman, 2000. "Managing Financial Crises: The Experience in East Asia," IMF Working Papers 2000/107, International Monetary Fund.
- Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2004.
"A corporate balance-sheet approach to currency crises,"
Journal of Economic Theory, Elsevier, vol. 119(1), pages 6-30, November.
- Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2001. "A corporate Balance-Sheet Approach to Currency Crises," Working Papers 01.05, Swiss National Bank, Study Center Gerzensee.
- Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2001. "A Corporate Balance-Sheet Approach to Currency Crises," Cahiers de Recherches Economiques du Département d'économie 01.14, Université de Lausanne, Faculté des HEC, Département d’économie.
- Bacchetta, Philippe & Aghion, Philippe & Banerjee, Abhijit, 2001. "A Corporate Balance Sheet Approach to Currency Crises," CEPR Discussion Papers 3092, C.E.P.R. Discussion Papers.
- Sylvester C. W. Eijffinger & Benedikt Goderis, 2008.
"The Effect of Monetary Policy on Exchange Rates during Currency Crises: the Role of Debt, Institutions, and Financial Openness,"
Review of International Economics, Wiley Blackwell, vol. 16(3), pages 559-575, August.
- Eijffinger, S.C.W. & Goderis, B.V.G., 2007. "The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness," Other publications TiSEM 8d560b2f-4f9a-4aae-b018-e, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Goderis, B.V.G., 2008. "The effect of monetary policy on exchange rates during currency crises : The role of debt, institutions and financial openness," Other publications TiSEM 4302d92e-464e-40f4-b67e-a, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Goderis, B., 2007. "The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness," ERIM Report Series Research in Management ERS-2007-022-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
- Eijffinger, Sylvester & Goderis, Benedikt, 2007. "The Effect of Monetary Policy on Exchange Rates During Currency Crises: The Role of Debt, Institutions and Financial Openness," CEPR Discussion Papers 6217, C.E.P.R. Discussion Papers.
- Eijffinger, S.C.W. & Goderis, B.V.G., 2007. "The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness," Discussion Paper 2007-18, Tilburg University, Center for Economic Research.
- Caporale, Guglielmo Maria & Cipollini, Andrea & Demetriades, Panicos O., 2005.
"Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity,"
Journal of International Money and Finance, Elsevier, vol. 24(1), pages 39-53, February.
- Guglielmo Maria Caporale & Andrea Cipollini & Panicos Demetriades, 2000. "Monetary Policy and the Exchange Rate During the Asian Crisis Identification Through Heteroscedasticity," Discussion Papers in Economics 00/11, Division of Economics, School of Business, University of Leicester, revised Feb 2002.
- Guglielmo Maria Caporale & Andrea Cipollini & Panicos Demetriades, 2003. "Monetary Policy and the Exchange Rate During the Asian Crisis: Identification Through Heteroscedasticity," CEIS Research Paper 23, Tor Vergata University, CEIS.
- Mr. Evan C Tanner, 2002. "Exchange Market Pressure, Currency Crises, and Monetary Policy: Additional Evidence From Emerging Markets," IMF Working Papers 2002/014, International Monetary Fund.
- Eijffinger, S.C.W. & Goderis, B., 2002.
"Financial crises, monetary policy and financial fragility : A second-generation model of currency crises,"
Other publications TiSEM
d2ccad44-44f6-40d8-9be0-1, Tilburg University, School of Economics and Management.
- Eijffinger, Sylvester & Goderis, Benedikt, 2002. "Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises," CEPR Discussion Papers 3637, C.E.P.R. Discussion Papers.
- Ramkishen S. Rajan, 2007.
"Managing new-style currency crises: the swan diagram approach revisited,"
Journal of International Development, John Wiley & Sons, Ltd., vol. 19(5), pages 583-606.
- Ramkishen S. Rajan, 2005. "Managing New-Style Currency Crises : The Swan Diagram Approach Revisited," Macroeconomics Working Papers 22574, East Asian Bureau of Economic Research.
- Ramkishen S. Rajan, 2006. "Managing New-Style Currency Crises: The Swan Diagram Approach Revisited," SCAPE Policy Research Working Paper Series 0517, National University of Singapore, Department of Economics, SCAPE.
- Inci Gumus, 2002. "Effects of the Interest Rate Defense on Exchange Rates During the 1994 Crisis in Turkey," Working Papers 0214, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
- Cho, Dongchul, 2003. "Monetary Policy During and After the Crisis in Korea," KDI Policy Studies 2003-01, Korea Development Institute (KDI).
- Chen, Shiu-Sheng, 2006.
"Revisiting the interest rate-exchange rate nexus: a Markov-switching approach,"
Journal of Development Economics, Elsevier, vol. 79(1), pages 208-224, February.
- Shiu-Sheng Chen, 2003. "Revisiting the Interest Rate-Exchange Rate Nexus: A Markov Switching Approach," International Finance 0303002, University Library of Munich, Germany, revised 05 Apr 2003.
- Luis-Felipe Zanna, 2006. "Fighting against currency depreciation, macroeconomic instability and sudden stops," International Finance Discussion Papers 848, Board of Governors of the Federal Reserve System (U.S.).
- Vincent Bouvatier, 2007. "Are International Interest Rate Differentials Driven by the Risk Premium? The Case of Asian Countries," Economics Bulletin, AccessEcon, vol. 5(6), pages 1-14.
- repec:ebl:ecbull:v:5:y:2007:i:6:p:1-14 is not listed on IDEAS
- Graham Bird & Ramkishen S. Rajan, 2004. "Does devaluation lead to economic recovery or contraction? Theory and policy with reference to Thailand," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(2), pages 141-156.
- Goderis, Benedikt & Ioannidou, Vasso P., 2008.
"Do high interest rates defend currencies during speculative attacks New evidence,"
Journal of International Economics, Elsevier, vol. 74(1), pages 158-169, January.
- Benedikt Goderis & Vasso P. Ioannidou, 2006. "Do High Interest Rates Defend Currencies During Speculative Attacks? New evidence," CSAE Working Paper Series 2006-11, Centre for the Study of African Economies, University of Oxford.
- Grier, Kevin & Lin, Shu, 2010. "Do high interest rates deter speculative attacks? - Evidence and some theory," Journal of International Money and Finance, Elsevier, vol. 29(5), pages 938-950, September.
- Ramkishen S. Rajan & Chung-Hua Shen, 2002. "Are crisis-induced devaluations contractionary?," Pacific Basin Working Paper Series 2002-06, Federal Reserve Bank of San Francisco.
- Babatunde .Wasiu. ADEOYE & Olufemi Muibi SAIBU, 2014. "Monetary Policy Shocks and Exchange Rate Volatility in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(4), pages 544-562, April.
- M. Idrees Khawaja, 2007.
"Exchange Market Pressure and Monetary Policy: Evidence from Pakistan,"
Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 12(2), pages 83-114, Jul-Dec.
- M. Idrees Khawaja, 1970. "Exchange Market Pressure and Monetary Policy : Evidence from Pakistan," Macroeconomics Working Papers 22208, East Asian Bureau of Economic Research.
- M. Idrees Khawaja, 2007. "Exchange Market Pressure and Monetary Policy: Evidence from Pakistan," PIDE-Working Papers 2007:31, Pakistan Institute of Development Economics.
- Choi, In & Park, Daekeun, 2008. "Causal relation between interest and exchange rates in the Asian currency crisis," Japan and the World Economy, Elsevier, vol. 20(3), pages 435-452, August.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jmacro:v:27:y:2005:i:1:p:153-168. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.elsevier.com/locate/inca/622617 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.