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A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Chinn, Menzie D.; Wei, Shang-Jin - Hong Kong Institute for Monetary Research (HKIMR), … - 2009

The assertion that a flexible exchange rate regime would facilitate current account adjustment is often repeated in policy circles. In this paper, we compile a data set encompassing data for over 170 countries over the 1971-2005 period, and examine whether the rate of current account reversion...

Persistent link: https://www.econbiz.de/10005738150

Oil prices, exchange rates and asset prices

Fratzscher, Marcel; Schneider, Daniel; Van Robays, Ine - European Central Bank - 2014

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10011067221

Speculative Attacks: A Laboratory Study in Continuous Time

Cheung, Yin-Wong; Friedman, Daniel - Hong Kong Institute for Monetary Research (HKIMR), … - 2009

We examine speculative attacks in a controlled laboratory environment featuring continuous time, size asymmetries, and varying amounts of public information. Attacks succeeded in 233 of 344 possible cases. When speculators have symmetric size and access to information: (a) weaker fundamentals...

Persistent link: https://www.econbiz.de/10005357445

Too Much for Self-Insurance? Asian Foreign Reserves

Hashimoto, Yuko - Hong Kong Institute for Monetary Research (HKIMR), … - 2008

This paper attempts to identify whether the recent foreign reserve accumulation in Asian economies has been too extraordinary to recover the moderate level of reserves which depleted at the time of the currency crisis in 1997-1998. First of all, the level of reserves numerated by various...

Persistent link: https://www.econbiz.de/10005435835

Has the Euro affected the choice of invoicing currency?

Ligthart, Jenny E.; Werner, Sebastian E. V. - European Central Bank - 2012

We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …

Persistent link: https://www.econbiz.de/10010686764

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …

Persistent link: https://www.econbiz.de/10010688313

One currency, one price? Euro changeover-related inflation in Estonia

Meriküll, Jaanika; Rõõm, Tairi - European Central Bank - 2014

This paper studies euro changeover-related inflation using disaggregated price level data. The difference …-in-differences approach is used and the control group for the treatment country, Estonia, is built from 12 euro area countries. The Nielsen … overall inflationary effect of euro adoption was modest, the effects were significantly different across various market …

Persistent link: https://www.econbiz.de/10011067230

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

Persistent link: https://www.econbiz.de/10010693504

Financial Crisis, Unconventional Monetary Policy and International Spillovers

Chen, Qianying; Filardo, Andrew; He, Dong; Zhu, Feng - Hong Kong Institute for Monetary Research (HKIMR), … - 2014

This paper studies the effects of unconventional monetary policies in the major advanced economies. We first examine the cross-border financial market impact of central bank announcements of asset purchase programmes based on event studies. We find marked effects, as expansionary balance sheet...

Persistent link: https://www.econbiz.de/10010938735

Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies

Chiţu, Livia - European Central Bank - 2012

This paper investigates whether, and if so why, the recent ‘Great Recession’ was more severe in unofficially dollarised/euroised economies than in other economies. To that end, the paper builds on a novel dataset on unofficial dollarisation/euroisation to test whether the latter was a...

Persistent link: https://www.econbiz.de/10010686813