Can Flexible Exchange Rates Still “Work” in Financially Open Economies?

dc.contributor.authorGINO ABRAHAM OLIVARES LEANDRO
dc.contributor.authorGoldfajn, Ilan
dc.coverage.cidadeNew Yorkpt_BR
dc.coverage.paisEstados Unidospt_BR
dc.creatorGoldfajn, Ilan
dc.date.accessioned2022-12-05T03:20:04Z
dc.date.available2022-12-05T03:20:04Z
dc.date.issued2001
dc.description.notesTexto completopt_BR
dc.description.otherRecent studies have shown that exchange rates in developing countries have limited flexibility. In this paper we review the existing explanations for this stylized fact, using a simple framework of monetary policy in a world where firms face balance sheet effects and the economy has a high pass-through from depreciation to inflation. We estimate a panel regression using quarterly data in the period 1990–1999 for a sample of 46 countries (19 industrial and 27 developing), and find that the use of the exchange rate to buffer external shocks depends crucially on (i) on the degree of integration with capital markets, and (ii) the quality of external financing. We conclude that flexible regimes are viable in financially open economies, provided external financing is not based on very volatile capital. This, of course, is dependent on the establishment of credible macroeconomic policies.pt_BR
dc.format.extent29 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issue8pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4793
dc.language.isoInglêspt_BR
dc.publisherUnited Nationspt_BR
dc.relation.ispartofResearch papers for the Intergovernmental Group of Twenty-Four on International Monetary Affairspt_BR
dc.relation.ispartofseriesG-24 Discussion Paper Seriespt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.titleCan Flexible Exchange Rates Still “Work” in Financially Open Economies?pt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeDiscussion Paperpt_BR
relation.isAuthorOfPublication164bbc8b-a02d-475c-9f6a-2e4cce5ad230
relation.isAuthorOfPublication.latestForDiscovery164bbc8b-a02d-475c-9f6a-2e4cce5ad230
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