Using quarterly data from 2006q3 to 2017q4, this paper employed sign restrictions with rejection method in a Vector Autoregression to estimate the pass-through of exchange rate dynamics to domestic prices in Ghana. The priors of the model belongs to the flat Normal inverted-Wishart family....

One of the most serious problems that a central bank in an emerging market economy can face is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In...

One of the most serious problems that a central bank in an emerging market economy can face, is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In...

This is the 2007 Edition of the only book in print in the world about the Single Global Currency, and is the only book in the world priced in 143 currencies (down from 147 in the 2006 edition.).This number is significant, as it's the number of currencies required among the 192 U.N. members to...

Most Western economists and policymakers agree that the Yuan is significantly undervalued and push for its quick nominal revaluation. This paper defends that many domestic and foreign factors could be responsible for the Yuan’s undervaluation, and the People’s bank of China (PBC) cannot...

Most Western economists and policy makers agree that the Yuan is significantly undervalued and push the Chinese government for a large nominal revaluation of the Yuan. This paper, while surveying recent research on Chinese exchange rate policy, gives some new insights into this issue. Notably,...

This paper studies the design of optimal monetary policy rules for emerging economies confronted to sharp capital outflows and speculative attacks. We extend Taylor type monetary policy rules by allowing the central bank to give some weight to the level of precautionary foreign reserve balances...

In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to...

In this paper, we test the differential effects of monetary policy shock on aspects of banks' balance sheets (deposits, loans, securities) across bank categories (aggregate banks, state banks, non-state banks) as well as on macroeconomic variables (output, consumer price index, exports, imports,...