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Getting Beyond Carry Trade : What Makes a Safe Haven Currency?

Habib, Maurizio Michael - 2011

There is already a substantial literature documenting the fact that low yield currencies typically appreciate during times of global financial stress and behave as safe havens. The main objective of this paper is to find out what the fundamentals of safe haven currencies are. We analyse a large...

Persistent link: https://www.econbiz.de/10013131638

Balance Sheet Effects on Monetary and Financial Spillovers : The East Asian Crisis Plus 20

Aizenman, Joshua - 2016

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other … euro) makes the response of a financial variable such as the REER and exchange market pressure in the PHs more sensitive to … a change in key variables in the U.S. (or the euro area) such as policy interest rates and the REER. While having more …

Persistent link: https://www.econbiz.de/10012981103

Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies

Beck, Roland - 2008

traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 … reserve ratios, introducing transactions demand has a elatively modest effect. We also find that euro and dollar bonds act as … sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce …

Persistent link: https://www.econbiz.de/10012771394

Taylor Rule Exchange Rate Forecasting During the Financial Crisis

Molodtsova, Tanya - 2012

interest rate in response to inflation and either the output or the unemployment gap, for the euro/dollar exchange rate with …

Persistent link: https://www.econbiz.de/10013101336

Emerging Market Crises : an Asset Markets Perspective

Caballero, Ricardo J. - 2010

Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...

Persistent link: https://www.econbiz.de/10012763359

Currency crashes in emerging markets : an empirical treatment

Frankel, Jeffrey A.; Rose, Andrew - 1996

Persistent link: https://www.econbiz.de/10000930629

Currency Crashes in Emerging Markets : Empirical Indicators

Frankel, Jeffrey A.; Rose, Andrew - 2021

We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency crashes. We define a currency crash as a large change of the nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. We examine...

Persistent link: https://www.econbiz.de/10013228733

Fetters of Gold and Paper

Eichengreen, Barry - 2010

We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these …

Persistent link: https://www.econbiz.de/10013139971

Choice of Currency in Bond Issuance and the International Role of Currencies

Siegfried, Nikolaus A. - 2009

This paper investigates bond issuance of non-financial corporations in advanced economies during the period 1999-2003, attempting to understand motives for issuing in foreign currency, and determinants for the choice of currency. We consider the following influences on the currency choice when...

Persistent link: https://www.econbiz.de/10012766990

Was Unofficial Dollarisation/Euroisation an Amplifier of the 'Great Recession' of 2007-09 in Emerging Economies

Chitu, Livia - 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/10013100826