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Title: |
Exchange Market Pressure in Costa Rica,
1986-92: An Application of the Girton-Roper Model |
| Author: |
Thornton, John |
| Author
Affiliation: |
IMF and U Wales |
| Source: |
International Economic Journal, Spring 1995, v. 9, no. 1, pp. 67-72 |
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Publication Date: |
Spring 1995 |
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Abstract: |
This paper applies the Girton-Roper (1977)
monetary model of exchange market pressure to the experience of Costa
Rica in the period 1986-92. The results provide strong evidence of a
negative relation between domestic credit creation and exchange market
pressure and indicate that the Central Bank absorbed most of the
exchange market pressure by adjustments in foreign reserves. |
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