Showing 1 - 10 of 62
Before the crisis of 1997/98, the East Asian economies - except for Japan but including China - pegged their currencies to the US dollar. To avoid further turmoil, the IMF argues that these currencies should float more freely. However, the authors' econometric estimations show that the dollar's...
Persistent link: https://www.econbiz.de/10014070350
Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...
Persistent link: https://www.econbiz.de/10012729302
The pressure on the Chinese government to appreciate the Chinese yuan is large. Since the start of the dollar's sustained depreciation in early 2002 the western industrialized countries including Japan argue that China's fixed peg is equivalent to a mercantilist trade policy. From the Chinese...
Persistent link: https://www.econbiz.de/10002620539
In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an …
Persistent link: https://www.econbiz.de/10013094029
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....
Persistent link: https://www.econbiz.de/10002620541
Die chinesische Währungspolitik steht weltweit in der Kritik. Die Dollarbindung des Yuan hat sich jedoch als Stabilitätsanker für die ostasiatische Region bewährt. Der globale Handel profitiert von der stabilen Wirtschaftsentwicklung in dieser Region. Allerdings führt das Festhalten an...
Persistent link: https://www.econbiz.de/10010293608
Der Druck auf die chinesische Regierung, die Wechselkursbindung des chinesischen Yuan an den US Dollar aufzugeben, ist groß. Seitdem der Dollar unter kontinuierlichem Abwertungsdruck steht, wird in den westlichen Industriestaaten Chinas Festkurs einer merkantilistischen Handelspolitik...
Persistent link: https://www.econbiz.de/10010296338
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan's monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....
Persistent link: https://www.econbiz.de/10014084106
During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a stabilizer for East Asia and the world. The paper stresses the crucial role of the dollar peg for macroeconomic stability in China. The paper explores the current role of China's...
Persistent link: https://www.econbiz.de/10013136815
Persistent link: https://www.econbiz.de/10009232831