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Currency Mismatches, Debt Intolerance and Original Sin : Why They are Not the Same and Why it Matters

Eichengreen, Barry; Hausmann, Ricardo; Panizza, Ugo - 2021

Recent years have seen the development of a large literature on balance sheet factors in emerging-market financial crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt intolerance' seek to explain the same phenomenon, namely, the...

Persistent link: https://www.econbiz.de/10013225038

The Breakup of the Euro Area

Eichengreen, Barry - 2010

The possibility that the euro area might break up was being raised even before the single currency existed. These … scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various … unlikely, I argue here, that one or more members of the euro area will leave in the next ten years; total disintegration of the …

Persistent link: https://www.econbiz.de/10012759842

Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis

Bayoumi, Tamim; Eichengreen, Barry - 2021

We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...

Persistent link: https://www.econbiz.de/10013226928

When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence from the Bond Markets

Chitu, Livia - 2012

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...

Persistent link: https://www.econbiz.de/10013106301

The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?

Eichengreen, Barry - 2010

our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies …

Persistent link: https://www.econbiz.de/10012758607

Sterling'S Past, Dollar'S Future : Historical Perspectives on Reserve Currency Competition

Eichengreen, Barry - 2021

it even more likely that they will do so in the future. It suggests that the dollar and the euro are likely to share this …

Persistent link: https://www.econbiz.de/10013222319

Contagious Currency Crises

Eichengreen, Barry; Rose, Andrew Kenan; Wyplosz, Charles - 2010

This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of...

Persistent link: https://www.econbiz.de/10014076135

Lending Booms, Reserves, and the Sustainability of Short-Term Debt : Inferences from the Pricing of Syndicated Bank Loans

Eichengreen, Barry - 2000

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan-extension and pricing decisions as jointly determined. Compared to the bond market, our findings highlight the role of international banks in providing credit to smaller borrowers...

Persistent link: https://www.econbiz.de/10012788956

Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - 2010

Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...

Persistent link: https://www.econbiz.de/10012759200

International Financial Crises and the Multilateral Response : What the Historical Record Shows

Barkbu, Bergljot - 2013

We review the modern history of financial crises, providing a context for analyses of the world's recent bout of financial instability. Along with indicators of economic performance in the subject countries, we present a comprehensive description of multilateral rescue efforts spanning the last...

Persistent link: https://www.econbiz.de/10013092488