On the sustainability of exchange rate target zones with central parity realignments

被引：1
|
作者：
Martinez-Garcia, Enrique [1 ,2 ]
机构：
[1] Fed Reserve Bank Dallas, Dallas, TX 75201 USA
[2] So Methodist Univ, Dallas, TX 75275 USA
来源：
ECONOMICS LETTERS | 2015年 / 134卷
关键词：
Nominal exchange rate; Target zones; Discrete intervention; Central parity realignment; Imperfect credibility; MONETARY-POLICY;
D O I：
10.1016/j.econlet.2015.06.018
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
I show that parity realignments alone do not suffice to ensure the long-run sustainability of an exchange rate target zone with imperfect credibility due to the gambler's ruin problem. However, low credibility and frequent realignments can destabilize the exchange rate. (C) 2015 Elsevier B.V. All rights reserved.
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页码：86 / 89
页数：4
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