Essays on monetary policy in emerging markets
This thesis consists of three papers that analyse the conduct of monetary policy in emerging markets, highlighting firstly the implications of government liability dollarisation and secondly the existence of excess liquidity in the commercial banking system. In the first two papers, the impact of fo...
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University of Oxford
2006
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ndltd-bl.uk-oai-ethos.bl.uk-4910732015-03-20T06:27:54ZEssays on monetary policy in emerging marketsSaxegaard, Magnus2006This thesis consists of three papers that analyse the conduct of monetary policy in emerging markets, highlighting firstly the implications of government liability dollarisation and secondly the existence of excess liquidity in the commercial banking system. In the first two papers, the impact of foreign currency government debt on the welfare implications of alternative monetary policy rules is analysed using a small open-economy general equilibrium model. In a version of this model calibrated to represent a typical emerging market economy we find that even in the presence of significant liability dollarisation, CPI inflation targeting welfare dominates an exchange rate peg.332.46University of Oxfordhttp://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491073Electronic Thesis or Dissertation |
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332.46 |
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332.46 Saxegaard, Magnus Essays on monetary policy in emerging markets |
| description |
This thesis consists of three papers that analyse the conduct of monetary policy in emerging markets, highlighting firstly the implications of government liability dollarisation and secondly the existence of excess liquidity in the commercial banking system. In the first two papers, the impact of foreign currency government debt on the welfare implications of alternative monetary policy rules is analysed using a small open-economy general equilibrium model. In a version of this model calibrated to represent a typical emerging market economy we find that even in the presence of significant liability dollarisation, CPI inflation targeting welfare dominates an exchange rate peg. |
| author |
Saxegaard, Magnus |
| author_facet |
Saxegaard, Magnus |
| author_sort |
Saxegaard, Magnus |
| title |
Essays on monetary policy in emerging markets |
| title_short |
Essays on monetary policy in emerging markets |
| title_full |
Essays on monetary policy in emerging markets |
| title_fullStr |
Essays on monetary policy in emerging markets |
| title_full_unstemmed |
Essays on monetary policy in emerging markets |
| title_sort |
essays on monetary policy in emerging markets |
| publisher |
University of Oxford |
| publishDate |
2006 |
| url |
http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491073 |
| work_keys_str_mv |
AT saxegaardmagnus essaysonmonetarypolicyinemergingmarkets |
| _version_ |
1716796769369587712 |