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Foreign Currency for Long-Term Investors

Campbell, John Y; Viceira, Luis M; White, Josh S. - C.E.P.R. Discussion Papers - 2002

Conventional wisdom holds that conservative investors should avoid exposure to foreign currency risk. Even if they hold foreign equities, they should hedge the currency exposure of these positions and should hold only domestic Treasury bills. This Paper argues that the conventional wisdom may be...

Persistent link: https://www.econbiz.de/10005124354

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar …, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into …. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

Persistent link: https://www.econbiz.de/10009293988

The Euro and International Capital Markets

Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

bond and note issuance it experienced significant growth in 1999 even slightly overtaking the US dollar in the second half …

Persistent link: https://www.econbiz.de/10005123910

The Dollar and its Discontents

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2012

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international …

Persistent link: https://www.econbiz.de/10011084062

The Empirics of International Currencies: Historical Evidence

Flandreau, Marc; Jobst, Clemens - C.E.P.R. Discussion Papers - 2006

Using a new database for the late 19th century, when the pound sterling circulated all over the world, this paper provides the first review of critical empirical issues in the economics of international currencies. First, we report evidence in favor of the search-theoretic approach to...

Persistent link: https://www.econbiz.de/10005791461

Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard 1874-1913

Canjels, Eugene; Prakash-Canjels, Gauri; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

A major question in the literature on the classical gold standard concerns the efficiency of international arbitrage. Authors have examined efficiency by looking at the spread of the gold points, gold point violations, the flow of gold, or by tests of various asset market criteria, including...

Persistent link: https://www.econbiz.de/10005791868

Using Export Market Performance to Evaluate Regional Preferential Policies in China

Schminke, Annette; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2011

We apply program evaluation methods to analyze the effectiveness of two types of preferential regional policy programs in China's manufacturing sector. Economic and Technological Development Zones (ETDZs) aim to facilitate firms' internationalization strategies. Science and Technology Industrial...

Persistent link: https://www.econbiz.de/10009385770

Industrial Localization. An Empirical Test for Marshallian Localization Economies

Hammond, George; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1994

This paper presents empirical tests of the hypothesis that firms cluster geographically due to Marshallian localization economies. The hypothesis implies that changes in employment in localized industries should be more closely related within the regions than across regions. We develop an...

Persistent link: https://www.econbiz.de/10005136723

On the Spatial Economic Impact of Global Warming

Desmet, Klaus; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2012

We propose a dynamic spatial theory to analyze the geographic impact of climate change. Agricultural and manufacturing firms locate on a hemisphere. Trade across locations is costly, firms innovate, and technology diffuses over space. Energy used in production leads to emissions that contribute...

Persistent link: https://www.econbiz.de/10011083729

Public investment and regional growth and convergence: Evidence from Greece

Psycharis, Yannis; Rodriguez-Pose, Andres; Tselios, Vassilis - C.E.P.R. Discussion Papers - 2012

This paper estimates the impact of public investment on regional economic growth and convergence at the NUTS III level in Greece. Using a new database of public expenditure per region for the period 1978-2007, it proposes a model which captures not just the impact of public investment in Greek...

Persistent link: https://www.econbiz.de/10011084166