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A Small Foreign Exchange Market with a Long-Term Peg
Roland CraigwellTravis MitchellMr.Rupert Worrell
其他書名
Barbados
出版International Monetary Fund, 2006-10-01
主題Business & Economics / Finance / GeneralBusiness & Economics / Foreign ExchangeBusiness & Economics / Money & Monetary Policy
ISBN14518650589781451865059
URLhttp://books.google.com.hk/books?id=jHoYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper is a first analysis of daily transactions in the foreign exchange market of Barbados, a small open economy that has had an unchanged peg to the U.S. dollar for over 30 years. As a result of the credibility of the peg, we expect that capital flows will respond to differentials between U.S. and comparable Barbadian interest rates and that this will result in uncovered interest parity, when allowance is made for market frictions and large discrete events. The results are consistent with this hypothesis about the motivation for foreign exchange transactions.