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1、INTERNATIONALJOURNALOFFINANCEANDECONOMICSInt.J.Fin.Econ.7:63–78(2002)PublishedonlineinWileyInterScience(www.interscience.wiley.com).DOI:10.1002/ijfe.171AUNIFYINGFRAMEWORKFORANALYSINGOFFSETTINGCAPITALFLOWSANDSTERILIZATION:GERMANYANDTHEERMab,cSOPHOCLESN.BRISSIMIS,HEATHE
2、RD.GIBSON*,andEUCLIDTSAKALOTOSaBankofGreeceandDepartmentofEconomics,UniversityofPiraeus,GreecebBankofGreece,Athens,GreececDepartmentofInternationalandEuropeanEconomicStudies,AthensUniversityofEconomicsandBusiness,GreeceABSTRACTThispaperprovidesaunifyingframeworkinwhic
3、hidenti?edo?setandsterilizationequationscanbederivedandestimated.Thetheoreticalmodelsuggeststhat,inthecasewherethecentralbankcaresaboutbothexternalandinternalgoalsandcapitalislessthanperfectlymobile,therewillbesomeo?settingcapital?owsandthecentralbankwillsterilize.Sev
4、eralresultsfromtheliteratureareencompassedasspecialcases.TheequationsareestimatedfortheGermanexperienceofthe1980sandtheresultspointtoactivesterilizationbytheBundesbankduringthisperiod.Copyright#2002JohnWiley&Sons,Ltd.KEYWORDS:Foreignexchangemarketintervention;steriliz
5、ation;ERM;capitalmobilityJELCODE:E58;F31.INTRODUCTIONTheextenttowhichmonetarypolicychangesareneutralizedbyo?settingcapital?ows(whichchangethecentralbank’sforeignexchangereserves)andtheextenttowhichthese?owscanbesterilizedareissueswhichhavelongbeenofinteresttocentralba
6、nksandpolicy-makersconcernedabouttheirabilitytoconductanindependentmonetarypolicy.Moreover,theproblemhasbecomepotentiallymoreacutewiththeremovalofcapitalcontrols,growing?nancialintegrationandtheadoptionofexchangeratetargetsbyanumberofindustrial(particularlyEuropean)an
7、ddevelopingcountries.Existingworkontheo?setandsterilizationcoe?cientscanbeseparatedintotwomaingroups.The?rstseekstocalculatetheo?setcoe?cientfromstructuralestimatesofassetdemandfunctionsandcapital?owequations.Theextentof1sterilizationisthenestablishedbyestimatingacent
8、ralbankreactionfunction.Thesecondgrouptakesanexplicitlyreduced-formapproach;papersofthisgenreusuallyfocusonestimatingeithert
