Has Globalisation Reduced Monetary Policy Independence?

Topics:
Investment and Capital Markets
Tags:
Bank For International Settlements,
Currency & Foreign Exchange,
Exchange Rate,
Finance,
Financial Accounting,
Financial Integration,
Foreign-exchange,
Free Trade
Source:
Bank for International Settlements

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Overview: Growing global financial integration has influenced monetary policy in important ways. Developments have shown, however, that, while many countries have adopted more flexible exchange rate regimes, they often intervene to dampen exchange rate movements. Such developments raise several questions. The paper addresses these questions. It discusses the choice of exchange rate regime in the context of greater global financial integration. It reviews the movements of exchange rates and addresses the reasons why the authorities might wish to resist such movements and explores the implications for monetary policy. The paper discusses the role of foreign exchange intervention, and also focuses on capital account policies.

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Format: PDF | Size: 248KB | Date: Jun 2005 | Pages: 42

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