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Jens Forssbaeck

Docent, Programchef - Masterprogram i finans

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On the link between exchange-rate regimes, capital controls and monetary policy autonomy in small European countries, 1979-2000

Författare

  • Jens Forssbaeck
  • Lars Oxelheim

Summary, in English

We investigate international monetary-policy transmission under different exchange-rate and capital-account regimes in eleven small, open economies during the 1980s and 1990s. We find no systematic link between ex-post monetary-policy autonomy and exchange-rate regimes. Capital controls appear to have provided a degree of temporal insulation from foreign monetary policy shocks, though not strict autonomy. The results are consistent both with short-term autonomy for small countries even under fixed exchange rates and an open capital account, and with long-term dependence under flexible exchange rates and an independent stability target. Results also indicate that euro-area market interest rates are significantly more responsive to the development of the corresponding US rate than were the previous national rates.

Avdelning/ar

  • Institutet för Ekonomisk forskning

Publiceringsår

2006

Språk

Engelska

Sidor

341-368

Publikation/Tidskrift/Serie

World Economy

Volym

29

Issue

3

Dokumenttyp

Artikel i tidskrift

Förlag

Wiley-Blackwell

Ämne

  • Economics and Business

Aktiv

Published

ISBN/ISSN/Övrigt

  • ISSN: 1467-9701