FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W330644239> ?p ?o ?g. }

• W330644239 abstract "Author(s): Jeasakul, Phakawa | Advisor(s): Obstfeld, Maurice | Abstract: This dissertation addresses a number of important monetary policy issues in emerging markets, which are primarily related to capital flows and exchange rate movements and largely motivated by Thailand's experience. Thus, Chapter 1 reviews background information on Thailand's macroeconomic developments in the context of large and rapid exchange rate appreciation during 2006-2008.Chapter 2 develops a micro-founded macroeconomic model in which sterilized foreign-exchange (FX) interventions are effective in influencing currency movements as well as real allocations. The effectiveness of FX interventions rests on the existence of liquidity benefits from holding financial assets. The analysis shows that such sterilized FX interventions can affect the domestic interest rate relevant for the consumption-saving decision through the change in the financial system's liquidity condition even when the policy interest rate is held constant. Simulation exercises based on the calibration aiming to capture the Thai economy suggest that the reliance on sterilized FX interventions to deal with capital flows can be welfare-improving, mainly due to liquidity benefits. However, the effect of liquidity-based sterilized FX interventions on the exchange rate dynamics is small. Furthermore, an accommodative interest rate policy appears essential for sterilized FX interventions to be fully effective.Chapter 3 examines the viability of capital controls on inflows following Thailand's experience which experienced a stock market crash in consequence of the introduction of the unremunerated reserve requirement measure in December 2006. Both theoretical analysis and empirical evidence suggest that the predominant factor for the stock market crash was the punitive implicit tax rate that made any new foreign investment in the domestic stock market unprofitable. Occurring as a result of limited foreign participation, a revaluation of systematic risks relevant for idiosyncratic risk pricing as well as a reduction in stocks' liquidity led to a sharp increase in the equity premium. Consequently, share prices declined substantially. The importance of these two channels in triggering the stock market crash was largely supported by the findings that difference in covariances and trading frequency appear as the most important explanatory variables for changes in share prices across firms during the stock market collapse and rebound. In short, capital controls should remain a viable policy option provided that they are well-designed.Chapter 4 illustrates how to apply the methodology developed by Obstfeld and Rogoff (2005) and (2007) to estimate the magnitude of exchange rate fluctuations required for absorbing changes in financial flows in addition to facilitating adjustments of the current account towards its medium-term position, with a particular focus on analyzing Thailand's exchange rate fluctuations in the past two decades. The simulation-based analysis points out that the Thai baht has been heavily influenced by the development of capital flows, and also suggests that some exchange rate misalignments were evident over certain time periods. Specifically, the Thai baht seemed relatively weak during 1999-2001, consistent with the export-led growth model propelled by a competitive exchange rate value, but it then appeared justifiably strong in 2006 when the Bank of Thailand seriously concerned about large and rapid currency appreciation. Nevertheless, the dynamics of the Thai baht over the past year has become more aligned with underlying factors that drive exchange rate movements." @default.
• W330644239 created "2016-06-24" @default.
• W330644239 creator A5005103384 @default.
• W330644239 date "2011-01-01" @default.
• W330644239 modified "2023-09-27" @default.
• W330644239 title "Essays on Monetary Policy in Emerging Market Economies" @default.
• W330644239 hasPublicationYear "2011" @default.
• W330644239 type Work @default.
• W330644239 sameAs 330644239 @default.
• W330644239 citedByCount "0" @default.
• W330644239 crossrefType "journal-article" @default.
• W330644239 hasAuthorship W330644239A5005103384 @default.
• W330644239 hasConcept C100243477 @default.
• W330644239 hasConcept C118552586 @default.
• W330644239 hasConcept C126285488 @default.
• W330644239 hasConcept C141121606 @default.
• W330644239 hasConcept C151730666 @default.
• W330644239 hasConcept C15744967 @default.
• W330644239 hasConcept C162324750 @default.
• W330644239 hasConcept C175025494 @default.
• W330644239 hasConcept C183582576 @default.
• W330644239 hasConcept C27415008 @default.
• W330644239 hasConcept C2776988154 @default.
• W330644239 hasConcept C2779343474 @default.
• W330644239 hasConcept C2780569737 @default.
• W330644239 hasConcept C34447519 @default.
• W330644239 hasConcept C536366893 @default.
• W330644239 hasConcept C556758197 @default.
• W330644239 hasConcept C86803240 @default.
• W330644239 hasConceptScore W330644239C100243477 @default.
• W330644239 hasConceptScore W330644239C118552586 @default.
• W330644239 hasConceptScore W330644239C126285488 @default.
• W330644239 hasConceptScore W330644239C141121606 @default.
• W330644239 hasConceptScore W330644239C151730666 @default.
• W330644239 hasConceptScore W330644239C15744967 @default.
• W330644239 hasConceptScore W330644239C162324750 @default.
• W330644239 hasConceptScore W330644239C175025494 @default.
• W330644239 hasConceptScore W330644239C183582576 @default.
• W330644239 hasConceptScore W330644239C27415008 @default.
• W330644239 hasConceptScore W330644239C2776988154 @default.
• W330644239 hasConceptScore W330644239C2779343474 @default.
• W330644239 hasConceptScore W330644239C2780569737 @default.
• W330644239 hasConceptScore W330644239C34447519 @default.
• W330644239 hasConceptScore W330644239C536366893 @default.
• W330644239 hasConceptScore W330644239C556758197 @default.
• W330644239 hasConceptScore W330644239C86803240 @default.
• W330644239 hasLocation W3306442391 @default.
• W330644239 hasOpenAccess W330644239 @default.
• W330644239 hasPrimaryLocation W3306442391 @default.
• W330644239 hasRelatedWork W2124181509 @default.
• W330644239 hasRelatedWork W2161907221 @default.
• W330644239 hasRelatedWork W2220390451 @default.
• W330644239 hasRelatedWork W2495927443 @default.
• W330644239 hasRelatedWork W2501186401 @default.
• W330644239 hasRelatedWork W2738797092 @default.
• W330644239 hasRelatedWork W2891277000 @default.
• W330644239 hasRelatedWork W2946631683 @default.
• W330644239 hasRelatedWork W2951578152 @default.
• W330644239 hasRelatedWork W3008971213 @default.
• W330644239 hasRelatedWork W3096239897 @default.
• W330644239 hasRelatedWork W3121487626 @default.
• W330644239 hasRelatedWork W3122366521 @default.
• W330644239 hasRelatedWork W3122466873 @default.
• W330644239 hasRelatedWork W3124012572 @default.
• W330644239 hasRelatedWork W3125055320 @default.
• W330644239 hasRelatedWork W3136681307 @default.
• W330644239 hasRelatedWork W3148924511 @default.
• W330644239 hasRelatedWork W3154493541 @default.
• W330644239 hasRelatedWork W3198331662 @default.
• W330644239 isParatext "false" @default.
• W330644239 isRetracted "false" @default.
• W330644239 magId "330644239" @default.
• W330644239 workType "article" @default.