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The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets
Aizenman, Joshua - 2019
Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro … zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity …
Persistent link: https://www.econbiz.de/10012868738
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Traders, Market Microstructure and Exchange Rate Dynamics
Cheung, Yin-Wong - 2008
We report findings from a survey of United States foreign exchange traders. Our results indicate that: (i) The share of customer business, versus interbank business, has remained fairly constant; (ii) The channels by which transactions take place have changed, as electronically-brokered...
Persistent link: https://www.econbiz.de/10012774807
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Exchange Rate Prediction Redux : New Models, New Data, New Currencies
Cheung, Yin-Wong - 2017
Previous assessments of nominal exchange rate determination, following Meese and Rogoff (1983) have focused upon a narrow set of models. Cheung et al. (2005) augmented the usual suspects with productivity based models, and "behavioral equilibrium exchange rate" models, and assessed performance...
Persistent link: https://www.econbiz.de/10012960174
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The Interest Rate Effect on Private Saving : Alternative Perspectives
Aizenman, Joshua - 2016
.e., positive) effect. With the baseline estimation, we find that the real interest rate has the substitution effect on private …
Persistent link: https://www.econbiz.de/10012978514
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Estimating Currency Misalignment Using the Penn Effect : It's Not as Simple as it Looks
Cheung, Yin-Wong - 2016
We investigate the strength of the Penn effect in the most recent version of the Penn World Tables (PWTs). We find that the earlier findings of a Penn effect are confirmed, but that there is some evidence for nonlinearity. Developed and developing countries display different types of nonlinear...
Persistent link: https://www.econbiz.de/10012984753