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NCCR Publications
The Case for an Intermediate Exchange Rate Regime: An Empirical Study of Brazil
Written by Anina Kaltenbrunner and Machiko Nissanke   
Set in the context of the recent theoretical and policy debates on appropriate exchange rate regimes for emerging market economies in a world of free capital mobility, the primary objectives of this paper are: i) to present the case for an intermediate exchange rate regime, drawing on recent theoretical and empirical literatures on behavioural finance and currency market structures; and ii) to examine empirically the experiences and evolution of the foreign exchange market in Brazil.


Modelling monetary policy for Bank of Zambia: how effective is inflation targeting?
Written by Elva Bova   
This paper constructs a model representative of Bank of Zambia monetary policy and assesses its effectiveness on liquidity management. Inline with the New Normative Macroeconomics literature (Taylor 1993, 2000; Clarida, Gali & Gertler 1998; 2001, Batini & Turnboll 2003) we develop a short term policy response function, which we believe is the one adopted by Bank of Zambia: a slightly managed float with an inflation stabilising target. Econometric estimates are used to detect the main targets of foreign exchange intervention and to assess the effectiveness of the instruments used with respect the objectives.

A proposal for an exchange rate arrangement for commodity dependent countries: preliminary draft
Written by Elva Bova   
This study illustrates a proposal for an exchange rate arrangement which could de link commodity dependent countries from the commodity price cycle and could promote long term development through export diversification. It highlights the trade off of exchange rate intervention in the commodity business cycle and emphasises the complexity of the management under a boom rather than under a burst. In the light of the management of the Zambian copper boom, this paper sets a taxonomy of objectives to be considered in formulating a band for the exchange rate and simulates different scenarios.

Research Outline - Presentation April 2007
Written by Bova Elva   
ElvaBova presentation.pdf

EB PhD Outline (1 page)
Written by Bova Elva   
Elva_Bova_PhD_Overview_IP12.pdf

Financial Innovations, Crises, Exchange Rate Management
Written by Marney Richard   


Exchange Rate Management
Written by Comparet Marianne   


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