Patrick Honohan | Trinity College Dublin (original) (raw)
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Papers by Patrick Honohan
Irish Economic and Social History
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In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, ... more In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, spend a disproportionate amount of time near the edges of the fluctuation band. The major application of this theory has been to the European Monetary System (EMS), with several authors reporting that exchange rate data for the EMS do not display this feature, but in contrast cluster towards the middle of the band. We show that such findings result from neglect of the multi-currency nature of the EMS and are overturned when account is taken of the full set of intervention obligations.
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Papers, 1994
With increasing monetary integration in Europe, Ireland's Banking system has become increasi... more With increasing monetary integration in Europe, Ireland's Banking system has become increasingly influenced by monetary policy actions in other EMS countries. The purpose of this paper is to review the mechanisms adopted by the Bundesbank and various other central banks in influencing interest rates. We explain why the toolbox used by central banks is so complex and highlight a number of current issues, such as the role of reserve requirements and the discount rate, and central bank secrecy about policy. We conclude by noting a couple issues which could become increasingly important for the Irish banking sector especially in the context of an EC-wide implementation of monetary policy under EMU, namely, the high dependence on floating rate banking assets and liabilities, and a potential lack of access for the Irish institutions to the core money market of the EMU.
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... repression (unremunerated reserve requirements or administrative limits on interest rates on ... more ... repression (unremunerated reserve requirements or administrative limits on interest rates on local currency deposits should depress local currency intermediation, particularly under an inflationary environment; see Ize and Levy Yeyati, 1998, and Catao and Terrones, 2001). ...
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Journal of Banking and Finance, 2002
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Understanding Ireland’s Economic Growth, 1999
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Moneta E Credito, Apr 19, 2012
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... Jane Kelly, Siobhán Kenny and Alan Wall provided able research assistance. Thanks also to Ala... more ... Jane Kelly, Siobhán Kenny and Alan Wall provided able research assistance. Thanks also to Alan Gray, ... 1The review was carried out by the author and Eoin O'Malley, with a contribution by Philip O'Connell and the assistance of Jane Kelly, Siobhan Kenny and Alan Wall. Page 6. ...
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Quarterly Economic Commentary Special Articles, 1984
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Policy Research Working Paper Series, 1990
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Irish Economic and Social History
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In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, ... more In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, spend a disproportionate amount of time near the edges of the fluctuation band. The major application of this theory has been to the European Monetary System (EMS), with several authors reporting that exchange rate data for the EMS do not display this feature, but in contrast cluster towards the middle of the band. We show that such findings result from neglect of the multi-currency nature of the EMS and are overturned when account is taken of the full set of intervention obligations.
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
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Papers, 1994
With increasing monetary integration in Europe, Ireland's Banking system has become increasi... more With increasing monetary integration in Europe, Ireland's Banking system has become increasingly influenced by monetary policy actions in other EMS countries. The purpose of this paper is to review the mechanisms adopted by the Bundesbank and various other central banks in influencing interest rates. We explain why the toolbox used by central banks is so complex and highlight a number of current issues, such as the role of reserve requirements and the discount rate, and central bank secrecy about policy. We conclude by noting a couple issues which could become increasingly important for the Irish banking sector especially in the context of an EC-wide implementation of monetary policy under EMU, namely, the high dependence on floating rate banking assets and liabilities, and a potential lack of access for the Irish institutions to the core money market of the EMU.
Bookmarks Related papers MentionsView impact
... repression (unremunerated reserve requirements or administrative limits on interest rates on ... more ... repression (unremunerated reserve requirements or administrative limits on interest rates on local currency deposits should depress local currency intermediation, particularly under an inflationary environment; see Ize and Levy Yeyati, 1998, and Catao and Terrones, 2001). ...
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Journal of Banking and Finance, 2002
Bookmarks Related papers MentionsView impact
Understanding Ireland’s Economic Growth, 1999
Bookmarks Related papers MentionsView impact
Moneta E Credito, Apr 19, 2012
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Bookmarks Related papers MentionsView impact
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... Jane Kelly, Siobhán Kenny and Alan Wall provided able research assistance. Thanks also to Ala... more ... Jane Kelly, Siobhán Kenny and Alan Wall provided able research assistance. Thanks also to Alan Gray, ... 1The review was carried out by the author and Eoin O'Malley, with a contribution by Philip O'Connell and the assistance of Jane Kelly, Siobhan Kenny and Alan Wall. Page 6. ...
Bookmarks Related papers MentionsView impact
Quarterly Economic Commentary Special Articles, 1984
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Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Policy Research Working Paper Series, 1990
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