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The East Asian Dollar Standard, Fear of Floating, and Original Sin

McKinnon, Ronald - 2007

Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...

Persistent link: https://www.econbiz.de/10012729302

The East Asian Dollar Standard, Fear of Floating, and Original Sin

McKinnon, Ronald; Schnabl, Gunther - 2004

Before the crisis of 1997/98, the East Asian economies - except for Japan but including China - pegged their currencies to the US dollar. To avoid further turmoil, the IMF argues that these currencies should float more freely. However, the authors' econometric estimations show that the dollar's...

Persistent link: https://www.econbiz.de/10014070350

Geldpolitisches Kräftemessen

Schnabl, Gunther - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 89 (2009) 8, pp. 498-499

Persistent link: https://www.econbiz.de/10003867638

Der Festkurs als merkantilistische Handelspolitik : Chinas Währungs- und Geldpolitik im Umfeld globaler Ungleichgewichte

Schnabl, Gunther (contributor) - 2005

The pressure on the Chinese government to appreciate the Chinese yuan is large. Since the start of the dollar's sustained depreciation in early 2002 the western industrialized countries including Japan argue that China's fixed peg is equivalent to a mercantilist trade policy. From the Chinese...

Persistent link: https://www.econbiz.de/10002620539

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an … imbalances ; inter-temporal savings ; financial crisis ; euro crisis ; European debt crisis ; theory of optimum currency areas …

Persistent link: https://www.econbiz.de/10008798227

The changing role of the Yen/Dollar exchange rate for Japanese monetary policy

Schnabl, Gunther (contributor); Danne, Christian (contributor) - 2005

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

Persistent link: https://www.econbiz.de/10002620541

Fear of floating in Japan? : a Bank of Japan monetary policy reaction function

Schnabl, Gunther - 2002

Persistent link: https://www.econbiz.de/10013268954

The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy

Schnabl, Gunther - 2005

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan's monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

Persistent link: https://www.econbiz.de/10014084106

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

Optimal monetary policy in a "sudden stop"

Braggion, Fabio; Christiano, Lawrence J.; Roldós, Jorge E. - In: Journal of monetary economics 56 (2009) 4, pp. 582-595

Persistent link: https://www.econbiz.de/10003850606

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