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The Euro and the International Financial System
Portes, Richard - 2002
This paper analyses the issues raised by EMU for the relationships between the euro area and the international … financial system. The depreciation of the euro exchange rate since the beginning of EMU has attracted most attention. The paper … that the authorities should take a more active policy stance. The paper assesses the role of the euro as an international …
Persistent link: https://www.econbiz.de/10014123552
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When is US bank lending to emerging markets volatile?
Goldberg, Linda S. - 2001
Using bank-specific data on U.S. bank claims on individual foreign countries since the mid-1980s, this paper 1) characterizes the size and portfolio diversification patterns of the U.S. banks engaging in foreign lending, and 2) econometrically explores the determinants of fluctuations in U.S....
Persistent link: https://www.econbiz.de/10010283397
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Exchange rate pass-through to import prices in the euro area
Campa, José Manuel; Goldberg, Linda S.; … - 2005
countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of … introduction of the euro caused a structural change in exchange rate pass-through. Although some estimated point elasticities have … manufacturing industries. And since the euro was introduced, industries producing differentiated goods have been more likely to …
Persistent link: https://www.econbiz.de/10010283307
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Trade invoicing in the accession countries: Are they suited to the euro?
Goldberg, Linda S. - 2005
Countries aspiring to join the euro area—the so-called accession countries—are increasingly binding their economic … activity, external and internal, to the euro-area countries. This phenomenon is observed in the currency invoicing of … degree of euro-denominated invoicing of exports. I find that the exporters in some accession countries might be pricing too …
Persistent link: https://www.econbiz.de/10010283347
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Exchange Rate Pass-Through to Import Prices in the Euro Area
Goldberg, Linda S.; Campa, José Manuel; Gonzalez … - 2006
countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of … introduction of the euro caused a structural change in exchange rate pass-through. Although some estimated point elasticities have … manufacturing industries. And since the euro was introduced, industries producing differentiated goods have been more likely to …
Persistent link: https://www.econbiz.de/10014062124
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Exchange rate pass-through into import prices: A macro or micro phenomenon?
Campa, José Manuel; Goldberg, Linda S. - 2002
Exchange rate regime optimality, as well as monetary policy effectiveness, depends on the tightness of the link between exchange rate movements and import prices. Recent debates hinge on whether producer-currency-pricing (PCP) or local currency pricing (LCP) of imports is more prevalent, and on...
Persistent link: https://www.econbiz.de/10010283348
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Distribution margins, imported inputs, and the sensitivity of the CPI to exchange rates
Campa, José Manuel; Goldberg, Linda S. - 2006
Border prices of traded goods are highly sensitive to exchange rates; however, the consumer price index (CPI) and the retail prices of goods that make up the CPI are more stable. This paper decomposes the sources of this price stability for twenty-one OECD (Organisation for Economic Co-operation...
Persistent link: https://www.econbiz.de/10010283380
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Does foreign ownership contribute to sounder banks in emerging markets? The Latin American experience
Crystal, Jennifer S.; Dages, B.Gerard; Goldberg, Linda S. - 2001
Foreign bank entrants into emerging markets are usually thought to improve the condition and performance of acquired institutions, and more generally to enhance local financial stability. We use bank-specific data for a range of Latin American countries since the mid-1990s to address elements of...
Persistent link: https://www.econbiz.de/10010283406
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Pass-through of exchange rates to consumption prices: What has changed and why
Campa, José Manuel; Goldberg, Linda S. - 2006
In this paper, we use cross-country and time-series evidence to argue that retail price sensitivity to exchange rates may have increased over the past decade. This finding applies to traded goods as well as to non-traded goods. We highlight three reasons for the change in pass-through into the...
Persistent link: https://www.econbiz.de/10010283438
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Vehicle currency use in international trade
Goldberg, Linda S.; Tille, Cédric - 2005
Although currency invoicing in international trade transactions is central to the transmission of monetary policy, the forces motivating the choice of currency have long been debated. We introduce a model wherein agents involved in international trade can invoice in the exporter's currency, the...
Persistent link: https://www.econbiz.de/10010283454