Papua New Guinea's Fear of Floating
Date
2006
Authors
Bowman, Chakriya
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Asia Pacific Press
Abstract
Calvo and Reinhart (2002) found a pervasive 'fear of floating' in emerging economies, and that officially announced currency regimes may diverge from central bank practice. Calvo and Reinhart's method is used to show that currency market intervention appears to be taking place in the kina, which is nominally a free floating currency. Further, some of the contradictions in the analysis are consistent with inflation targeting 'lite' (Stone 2003), and this framework may be useful in describing the strategy being pursued by the central bank.
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Pacific Economic Bulletin, Vol. 21, No. 1, 2006
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Journal article
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Open Access
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