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• W2245061344 abstract "In developing countries, committing to a stable real exchange rate during a resource boom allows the central bank to build a de-facto sovereign wealth fund if the government fails to do so. Governments should optimally save resource revenues in a sovereign wealth fund, though this often fails due to corruption, political expediency or fear of raiding. If private agents have limited access to international capital markets, then the central bank controls net saving in the economy. During the boom the central bank will stabilize the real exchange rate below the equilibrium level by accumulating foreign reserves, which can support permanently higher consumption. Doing so replaces a sharp, temporary appreciation with a modest, permanent one; improves welfare relative to no intervention or an open capital account; and prevents raiding which would involve abandoning a very visible peg. This may explain why seventyfive per cent of resource-dependent economies peg their currency, despite the obvious short-run advantages of floating exchange rates for stabilizing commodity shocks." @default.
• W2245061344 created "2016-06-24" @default.
• W2245061344 creator A5021495373 @default.
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• W2245061344 date "2014-01-01" @default.
• W2245061344 modified "2023-09-23" @default.
• W2245061344 title "Why do so Many Oil Exporters Peg Their Currency? Foreign Reserves as a De-facto Sovereign Wealth Fund" @default.
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• W2245061344 hasPublicationYear "2014" @default.
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