Managed exchange rate regimes and monetary independence: an empirical appraisal

References

• Abildgren, K. 2005. “Sterilised and Non-Sterilised Intervention in the Foreign-Exchange Market.” Danmarks Nationalbank Monetary Review (1): 61–71.
   Google Scholar
• Aizenman, J., M. D. Chinn, and H. Ito. 2013. “The “Impossible Trinity” Hypothesis in an Era of Global Imbalances: Measurement and Testing.” Review of International Economics 21 (3): 447–458. doi:https://doi.org/10.1111/roie.12047.
   Web of Science ®Google Scholar
• Aizenman, J., and R. Glick. 2009. “Sterilization, Monetary Policy, and Global Financial Integration.” Review of International Economics 17 (4): 777–801. doi:https://doi.org/10.1111/j.1467-9396.2009.00848.x.
   Web of Science ®Google Scholar
• Al-Jassar, S., and I. A. Moosa. 2020. “Empirical Evidence on International Capital Immobility: A Consumption-based Approach.” International Review of Applied Economics 34 (2): 1–18. doi:https://doi.org/10.1080/02692171.2019.1707788.
   Web of Science ®Google Scholar
• Aziz, N. A. 2013. “Foreign Exchange Intervention in Malaysia.” BIS Papers No. 73.
   Google Scholar
• Bank of Canada. 2016. “Bank of Canada’s Framework for Market Operations and Liquidity Provision.” https://www.bankofcanada.ca/wp-content/uploads/2015/12/framework-market-operations.pdf
   Google Scholar
• Bank of International Settlements. 2019. “Reserve Management and FX Intervention.” BIS Papers No. 104.
   Google Scholar
• Bank of Thailand. 2013. “Foreign Exchange Policy and Intervention under Inflation Targeting in Thailand.” BIS Papers No 73: 325–333.
   Google Scholar
• Bank of Thailand. 2019. “Reserves Management and FX Intervention in Thailand.” BIS Papers No 104, 257–266.
   Google Scholar
• Becker, C., and M. Sinclair 2004. “Profitability of Reserve Bank Foreign Exchange Operations: Twenty Years after the Float.” Reserve Bank of Australia, Research Discussion Paper 2004-06.
   Google Scholar
• Beckmann, J., E. Ademmer, A. Belke, and R. Schweickert. 2017. “The Political Economy of the Impossible Trinity.” European Journal of Political Economy 47: 103–123. doi:https://doi.org/10.1016/j.ejpoleco.2016.10.010.
   Web of Science ®Google Scholar
• Berdiev, A. N., Y. Kim, and C. P. Chang. 2012. “The Political Economy of Exchange Rate Regimes in Developed and Developing Countries.” European Journal of Political Economy 28 (1): 38–53. doi:https://doi.org/10.1016/j.ejpoleco.2011.06.007.
   Web of Science ®Google Scholar
• Bindseil, U. 2016. “Evaluating Monetary Policy Operational Frameworks.” In Jackson Hole Kansas Fed Symposium. Jackson Hole.
   Google Scholar
• Bindseil, U., and P. J. König. 2013. “Basil J. Moore’s Horizontalists and Verticalists: An Appraisal 25 Years Later.” Review of Keynesian Economics 1 (4): 383–390. doi:https://doi.org/10.4337/roke.2013.04.01.
   Web of Science ®Google Scholar
• Borio, C., and P. Disyatat. 2010. “Unconventional Monetary Policies: An Appraisal.” The Manchester School 78: 53–89. doi:https://doi.org/10.1111/j.1467-9957.2010.02199.x.
   Web of Science ®Google Scholar
• Borio, C. E. 2019. “On Money, Debt, Trust and Central Banking.” BIS Working Paper No. 763.
   Google Scholar
• Cunha, A. M., A. E. F. Haines, and P. P. Da Silva. 2019. “Global Financial Cycle and Brazil’s Financial Integration.” International Review of Applied Economics 33 (6): 829–851. doi:https://doi.org/10.1080/02692171.2019.1620701.
   Web of Science ®Google Scholar
• Dornbusch, R., P. Bodman, S. Fischer, and R. Startz. 2013. Macroeconomics. Sydney: McGraw-Hill Education Australia.
   Google Scholar
• Eichengreen, B. 1992. Golden Fetters: The Gold Standard and the Great Depression, 1919 1939. Oxford: Oxford University Press.
   Google Scholar
• Eichengreen, B. 2018. The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era. Oxford: Oxford University Press.
   Google Scholar
• Ennis, H. M., and T. Keister. 2008. “Understanding Monetary Policy Implementation.” Federal Reserve Bank of Richmond Economic Quarterly 94 (3): 235–263.
   Google Scholar
• Filardo, A., H. Genberg, and B. Hofmann. 2016. “Monetary Analysis and the Global Financial Cycle: An Asian Central Bank Perspective.” Journal of Asian Economics 46: 1–16. doi:https://doi.org/10.1016/j.asieco.2016.08.002.
   Web of Science ®Google Scholar
• Filardo, A. J., and S. Grenville 2012. “Central Bank Balance Sheets and Foreign Exchange Rate Regimes: Understanding the Nexus in Asia.” BIS Papers No. 66.
   Google Scholar
• Fleming, J. M. 1962. “Domestic Financial Policies under Fixed and under Floating Exchange Rates.” Staff Papers 9 (3): 369–380. doi:https://doi.org/10.2307/3866091.
   Google Scholar
• Glick, R., and M. Hutchison. 2009. “Navigating the Trilemma: Capital Flows and Monetary Policy in China.” Journal of Asian Economics 20 (3): 205–224. doi:https://doi.org/10.1016/j.asieco.2009.02.011.
   Google Scholar
• Goodhart, C. A. 2009. “The Continuing Muddles of Monetary Theory: A Steadfast Refusal to Face Facts.” Economica 76: 821–830. doi:https://doi.org/10.1111/j.1468-0335.2009.00790.x.
   Web of Science ®Google Scholar
• Gopinath, G. 2017. “Rethinking Macroeconomic Policy: International Economy Issues.” In Rethinking Macroeconomic Policy Conference. Washington D.C: Peterson Institute for International Economics, October.
   Google Scholar
• Gray, S., and M. R. Pongsaparn 2015. “Issuance of Central Bank Securities: International Experiences and Guidelines.” International Monetary Fund Working Paper No. 15-106.
   Google Scholar
• Grenville, S. 2008. “Central Banks and Capital Flows.” Asian Development Bank Institute Discussion Papers No. 87.
   Google Scholar
• Hamilton, J. D. 1994. Time Series Analysis. New Jersey: Princeton University Press.
   Google Scholar
• Hill, R. C., W. E. Griffiths, and G. C. Lim. 2011. Principle of Econometrics. 6th ed. New Jersey: John Wiley & Sons.
   Google Scholar
• Ho, C., and R. McCauley 2009. “The Domestic Financial Consequences of Reserve Accumulation: Some Evidence from Asia.” In Exchange Rate, Monetary and Financial Issues and Policies in Asia, 117–153.
   Google Scholar
• Hosny, A. S., N. K. Kishor, and M. Bahmani-Oskooee. 2015. “Understanding the Dynamics of the Macroeconomic Trilemma.” International Review of Applied Economics 29 (1): 32–64. doi:https://doi.org/10.1080/02692171.2014.933788.
   Web of Science ®Google Scholar
• IMF. July 2018. External Sector Report: Tackling Global Imbalances amid Rising Trade Tensions. Washington, DC: International Monetary Fund.
   Google Scholar
• Keynes, J. M. 1923. A Tract on Monetary Reform. London: Macmillan.
   Google Scholar
• Keynes, J. M. 1930. A Treatise on Money, Volume II. London: Macmillan.
   Google Scholar
• Kripfganz, S., and D. C. Schneider 2018. “Ardl: Estimating Autoregressive Distributed Lag and Equilibrium Correction Models.” In Proceedings of the 2018 London Stata Conference, London.
   Google Scholar
• Krugman, P., M. Melitz, and M. Obstfeld. 2012. International Economics: Theory and Policy, Global Edition. Sydney: Pearson.
   Google Scholar
• Lavoie, M., and P. Wang. 2012. “The ‘Compensation’ Thesis, as Exemplified by the Case of the Chinese Central Bank.” International Review of Applied Economics 26 (3): 287–301. doi:https://doi.org/10.1080/02692171.2011.587108.
   Google Scholar
• Lilley, A., and K. Rogoff 2019. “The Case for Implementing Effective Negative Interest Rate Policy.” Conference draft for presentation at Strategies For Monetary Policy: A Policy Conference, Hoover Institution, Stanford University, US, May 4, 2019.
   Google Scholar
• Lowe, P. 2019. “The Year Ahead”, Address to the National Press Club of Australia, February 6. https://www.rba.gov.au/speeches/2019/pdf/sp-gov-2019-02-06.pdf
   Google Scholar
• Mehrotra, A. N. 2012. “On the Use of Sterilisation Bonds in Emerging Asia.” BIS Working Paper No. 66.
   Google Scholar
• Mundell, R. A. 1963. “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.” Canadian Journal of Economics and Political Science 29 (4): 475–485. doi:https://doi.org/10.2307/139336.
   Web of Science ®Google Scholar
• Nkoro, E., and A. K. Uko. 2016. “Autoregressive Distributed Lag (ARDL) Cointegration Technique: Application and Interpretation.” Journal of Statistical and Econometric Methods 5 (4): 63–91.
   Google Scholar
• Obstfeld, M. 2013. “The International Monetary System: Living with Asymmetry.” In Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-first Century, 301–336. Chicago: University of Chicago Press.
   Google Scholar
• Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. 2005. “The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility.” Review of Economics and Statistics 87 (3): 423–438. doi:https://doi.org/10.1162/0034653054638300.
   Web of Science ®Google Scholar
• Pesaran, M. H., Y. Shin, and R. J. Smith. 2001. “Bounds Testing Approaches to the Analysis of Level Relationships.” Journal of Applied Econometrics 16 (3): 289–326. doi:https://doi.org/10.1002/jae.616.
   Web of Science ®Google Scholar
• Ponomarenko, A. 2019. “Do Sterilized Foreign Exchange Interventions Create Money?” Journal of Asian Economics 62: 1–16. doi:https://doi.org/10.1016/j.asieco.2019.03.001.
   Web of Science ®Google Scholar
• Rey, H. 2015. “Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence.” National Bureau of Economic Research Working Paper No. 21162.
   Google Scholar
• Rey, H. 2016. “International Channels of Transmission of Monetary Policy and the Mundellian Trilemma.” IMF Economic Review 64 (1): 6–35. doi:https://doi.org/10.1057/imfer.2016.4.
   Web of Science ®Google Scholar
• Robertson, B. 2017. “Structural Liquidity and Domestic Market Operations.” Reserve Bank of Australia Bulletin, September Quarter 2017: 35–44.
   Google Scholar
• Rule, G. 2011. “Issuing Central Bank Securities.” In Bank of England Handbooks. London: Bank of England, Centre of Banking Studies.
   Google Scholar
• Rule, G. 2015. “Understanding the Central Bank Balance Sheet.” In Bank of England Handbooks. London: Bank of England, Centre of Banking Studies.
   Google Scholar
• Ryoo, S., T. Kwon, and H. Lee 2013. “Foreign Exchange Market Developments and Intervention in Korea.” BIS Paper No. 73.
   Google Scholar
• Taguchi, H., G. Nataraj, and P. Sahoo. 2011. “Monetary Autonomy in Selected Asian Economies: The Role of International Reserves.” Journal of Asian Economics 22 (6): 471–482. doi:https://doi.org/10.1016/j.asieco.2011.08.008.
   Google Scholar
• Triffin, R. 1960. “Gold and the Dollar Crisis: Yesterday and Tomorrow.” Princeton essays in International Finance No. 132.
   Google Scholar