Exiting from an Exchange Rate Floor in a Small Open Economy: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F22%3A10456304" target="_blank" >RIV/00216208:11230/22:10456304 - isvavai.cz</a>

Výsledek na webu

<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=iH6~e8eYQ4" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=iH6~e8eYQ4</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Exiting from an Exchange Rate Floor in a Small Open Economy: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment

Popis výsledku v původním jazyce

The aim of this paper is to model the situation of a large central bank balance sheet with assets consisting almost exclusively of foreign exchange reserves in the circumstances of a catching-up economy exhibiting an exchange rate appreciation trend. As an illustration, we present projections of the Czech National Bank&apos;s balance sheet after the discontinuation of its exchange rate commitment. Apart from the baseline projection, which suggests a switch from losses to profits in 2026, several scenarios are discussed. Some relate to the exchange rate commitment itself (such as a discussion of its fiscal consequences), while others examine more general central bank balance sheet issues (such as a long-run decline in currency in circulation).

Název v anglickém jazyce

Exiting from an Exchange Rate Floor in a Small Open Economy: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment

Popis výsledku anglicky

The aim of this paper is to model the situation of a large central bank balance sheet with assets consisting almost exclusively of foreign exchange reserves in the circumstances of a catching-up economy exhibiting an exchange rate appreciation trend. As an illustration, we present projections of the Czech National Bank&apos;s balance sheet after the discontinuation of its exchange rate commitment. Apart from the baseline projection, which suggests a switch from losses to profits in 2026, several scenarios are discussed. Some relate to the exchange rate commitment itself (such as a discussion of its fiscal consequences), while others examine more general central bank balance sheet issues (such as a long-run decline in currency in circulation).

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

50201 - Economic Theory

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2022

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

International Journal of Central Banking

ISSN

1815-4654

e-ISSN

1815-7556

Svazek periodika

18

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

55

Strana od-do

51-105

Kód UT WoS článku

000821937100005

EID výsledku v databázi Scopus

2-s2.0-85138628492