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China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System
Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011
This paper assesses whether the international monetary system is already tri-polar and centred around the US dollar …, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …
Persistent link: https://www.econbiz.de/10009371469
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10011084186
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The Ties that Divide. A Network Analysis of the International Monetary System
Flandreau, Marc; Jobst, Clemens - C.E.P.R. Discussion Papers - 2005
This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index … of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling …) we produce a formal ranking of currencies according to their degree of international circulation. The resulting indices …
Persistent link: https://www.econbiz.de/10005662382
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Monetary Policy Rules in an Interdependent World
Kollmann, Robert - C.E.P.R. Discussion Papers - 2003
This Paper analyses the welfare effects of monetary policy rules in a quantitative business cycle model of a two-country world. The model features staggered price setting, and shocks to productivity and to the uncovered interest rate parity (UIP) condition. UIP shocks have a sizable negative...
Persistent link: https://www.econbiz.de/10005498126
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Global Monetary Policy Under a Dollar Standard
Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004
For the past four or five decades, the international monetary system has operated on a ’dollar standard’. Popular … an international currency. Even though US preferences dominate world monetary policy, the absence of exchange rate pass …
Persistent link: https://www.econbiz.de/10005123745
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Leverage Across Firms, Banks and Countries
Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yesiltas, Sevcan - C.E.P.R. Discussion Papers - 2011
We present new stylized facts on bank and firm leverage for 2000-2009 using extensive internationally comparable micro level data from several countries. The main result is that there was very little buildup in leverage for the average non-financial firm and commercial bank before the crisis,...
Persistent link: https://www.econbiz.de/10009283393
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Do WTO Members have More Liberal Trade Policy?
Rose, Andrew K - C.E.P.R. Discussion Papers - 2002
This Paper uses 67 measures of trade policy and trade liberalization to ask if membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) is associated with more liberal trade policy. Almost no measures of trade policy are significantly...
Persistent link: https://www.econbiz.de/10005662054
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Does a Currency Union Affect Trade? The Time Series Evidence
Glick, Reuven; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001
Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set …
Persistent link: https://www.econbiz.de/10005666714
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Does the WTO Make Trade More Stable?
Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
I examine the hypothesis that membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) has increased the stability and predictability of trade flows. I use a large dataset covering annual bilateral trade flows between over 175...
Persistent link: https://www.econbiz.de/10005789132
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The Foreign Service and Foreign Trade: Embassies as Export Promotion
Rose, Andrew K - C.E.P.R. Discussion Papers - 2005
As communication costs fall, foreign embassies and consulates have lost much of their role in decision-making and information-gathering. Accordingly, foreign services are increasingly marketing themselves as agents of export promotion. I investigate whether exports are in fact systematically...
Persistent link: https://www.econbiz.de/10005791718