 | Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework Author/Editor: Romain Lafarguette, Romain M Veyrune. Release Date:February, 2021 This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the more...
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| Autonomous Factor Forecast Quality: The Case of the Eurosystem Author/Editor: Romain M Veyrune, Shaoyu Guo. Release Date:December, 2019 The publication of liquidity forecasts can be understood as part of central banks’ push toward greater transparency regarding monetary policy implementation. However, the advantages of transparency more...
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| Liquidity Management under Fixed Exchange Rate with Open Capital Account Author/Editor: Mariam El Hamiani Khatat, Romain M Veyrune. Release Date:March, 2019 This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that more...
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| Relationship Between Short-Term Interest Rates and Excess Reserves : A Logistic Approach Author/Editor: Romain M Veyrune, Guido della Valle, Shaoyu Guo. Release Date:April, 2018 This paper models the relationship between short-term rates and excess reserves in an interest rate corridor as a logistic function estimated for the Eurosystem. The estimate helps to identify more...
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| The Effective Lower Bound for the Policy Rate in Euroized Economies—An Application to the Case of Albania Author/Editor: Guido della Valle, Erald Themeli, Romain M Veyrune, Ezequiel Cabezon, Shaoyu Guo. Release Date:March, 2018 Based on the experience of the Bank of Albania, the paper proposes a framework to
estimate the interest rate lower bound in small, open, and euroized economies. The paper
introduces a more...
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| Euroization Drivers and Effective Policy Response: An Application to the case of Albania Author/Editor: Guido della Valle, Vasilika Kota, Romain M Veyrune, Ezequiel Cabezon, Shaoyu Guo. Release Date:January, 2018 This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to more...
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| Dedollarization Author/Editor: Annamaria Kokenyne, Jeremy Ley, Romain Veyrune. Release Date:August, 2010 This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on more...
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| Revised System for the Classification of Exchange Rate Arrangements Author/Editor: Annamaria Kokenyne, Romain Veyrune, Karl Friedrich Habermeier, Harald Anderson. Release Date:September, 2009 Since 1998, the staff of the International Monetary Fund has published a classification of countries' de facto exchange rate arrangements. Experience in operating this classification system has more...
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| Fixed Exchange Rates and the Autonomy of Monetary Policy : The Franc Zone Case Author/Editor: Romain Veyrune. Release Date:February, 2007 This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency more...
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