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Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets


Shigeru Iwata


University of Kansas - Department of Economics

Evan Tanner


International Monetary Fund (IMF) - Research Department
May 2003

IMF Working Paper No. 03/92

Abstract:     
We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.

Number of Pages in PDF File: 28

Keywords: exchange rate regime, capital account, structural vector autoregression

JEL Classification: F32, F32, F33

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Date posted: January 29, 2006  

Suggested Citation

Iwata, Shigeru and Tanner, Evan C., Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets (May 2003). IMF Working Paper, Vol. , pp. 1-28, 2003. Available at SSRN: http://ssrn.com/abstract=879168

Contact Information

Shigeru Iwata (Contact Author)
University of Kansas - Department of Economics ( email )
Summerfield Hall 226 L
Lawrence, KS 66049
United States
(785) 864-2867 (Phone)
(785) 864-5270 (Fax)
Evan C. Tanner
International Monetary Fund (IMF) - Research Department ( email )
700 19th Street NW
Washington, DC 20431
United States
Feedback to SSRN (Beta)


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