ဖော်ပြချက်/အကြောင်းအရာ:
Abstract:
"Myanmar maintained a multiple exchange rate system, and the parallel market exchange rate was
left untamed.
In
the last two decades,
the
Myanmar kyat
exchange rate of the parallel market has
exhibited the sharpest fluctuations
among Southeast Asian currencies
in real terms. Since the
move to a managed float regime in April 2012, the question arises of whether exchange rate
policies
will be
effective in
stabilizing
the real exchange rate. This paper investigates the sources
of
fluctuations
in
the
real
effective
exchange rate using
Blanchard and Quah?s
(1989)
structural
vector autoregression model. As nominal shocks can be created by exchange rate policies, a
persistent impact of a nominal shock implies
more
room for exchange rate policies.
Decomposition of the fluctuations into nominal and real shocks indicates that the impact of
nominal shocks is small and quickly diminishes, implying that
complementary
sterilization is
necessary for effective
foreign exchange market interventions"...Keywords:
real and nominal
effective
exchange rates, structural VAR, Myanmar...
JEL classification:
F31, F41, O53
ရင်းမြစ်:
IDE-JETRO Discussion paper No. 388
Date of Publication:
2013-02-00
Date of entry:
2013-07-03
Grouping:
- Individual Documents
အကြောင်းအရာ/အမျိုးအစား:
Language:
English