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Inflation targeting by debtor central banks in emerging market economies

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Persistent link: https://www.econbiz.de/10003994520

Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects

Andreas, Hoffmann; Schnabl, Gunther - 2014

This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...

Persistent link: https://www.econbiz.de/10010337620

Macroeconomic policy making, exchange rate adjustment and current account imbalances in emerging markets

Duarte, Pablo; Schnabl, Gunther - 2014

Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...

Persistent link: https://www.econbiz.de/10010431297

China's exchange rate impasse and the weak U.S. dollar

McKinnon, Ronald Ian (contributor); … - 2008

Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar ….S. dollar, the resulting monetary explosion in China contributes to the worldwide increase in primary commodity priceswith …

Persistent link: https://www.econbiz.de/10003749649

A role model for China? : exchange rate flexibility and monetary policy in Japan

Schnabl, Gunther (contributor); Danne, Christian (contributor) - 2007

Persistent link: https://www.econbiz.de/10003499570

China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency

McKinnon, Ronald I.; Schnabl, Gunther - 2014

China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …

Persistent link: https://www.econbiz.de/10010249643

Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan

Schnabl, Gunther - 2016

constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter …

Persistent link: https://www.econbiz.de/10011475972