We argue that the government should continue to be an important participant in the foreign exchange market but not attempt to establish a level for the exchange rate. Our proposal will involve intervention that is triggered by exchange rate volatility but constrained by an announced target for the government's overall net foreign asset position. The objective of this regime is to allow the government to participate in the foreign exchange market in a way that contributes to economic stability and promotes the development of the private sector's participation in foreign exchange and financial markets.
II. Policy Challenges
1. The Current Account, Net Debt and Capital Flows
4. The Optimal Stock of Gross Reserves
5. A Safety Valve, Concerted Intervention
III Inflation Targeting
2. Credibility and Inflation Targeting
IV Alternative Intermediate Regimes
V. The Currency Board Arrangement
2. Traditional Challenges
3. The Gains from Currency Unions and Boards
4. A Currency Board for Korea?
VI. Recent Experience in Korea and other Emerging Markets
1. Intervention and Policy Objectives
VII. Concluding Remarks
같은 주제의 보고서
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