تثبیت نرخ ارز واقعی و مدیریت شناور: سیاست نرخ ارز در هند، 2001-1993
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|8534||2003||19 صفحه PDF||سفارش دهید||7650 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Asian Economics, Volume 14, Issue 3, June 2003, Pages 369–387
The paper examines the exchange rate management objectives of the Indian central bank after the shift to a floating exchange rate regime in 1993. It argues that three empirical features of the post-float period, viz. nominal and real exchange rate stability and increase in reserves’ volatility are inter-related. A policy reaction function relates these features and finds that central bank intervention behaviour is characterised by significant effort to lean against the wind during 1993–1999. This is tempered with purchasing power parity considerations. It concludes that the exchange rate was extensively managed to target the real exchange rate.