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Global Imbalances and the Financial Crisis: Products of Common Causes
Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009
rate and other economic policies followed by emerging markets such as China contributed to the United States’ ability to …
Persistent link: https://www.econbiz.de/10008557008
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Financial Stability, the Trilemma, and International Reserves
Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008
The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....
Persistent link: https://www.econbiz.de/10005661901
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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
, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … renminbi is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the …
Persistent link: https://www.econbiz.de/10009371469
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Can Central Banks Go Broke?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008
Central banks can go broke and have done so, although mainly in developing countries. The conventional balance sheet of the central bank is uninformative about the financial resources it has at its disposal and about its ability to act as an effective lender of last resort and market marker of...
Persistent link: https://www.econbiz.de/10005656271
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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International Liquidity and Exchange Rate Dynamics
Gabaix, Xavier; Maggiori, Matteo - C.E.P.R. Discussion Papers - 2014
We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...
Persistent link: https://www.econbiz.de/10011083240
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Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries
Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002
The Paper considers alternative exchange rate regimes for the 10 East European accession candidates, both prior to EU accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of view, EMU membership should be as early as...
Persistent link: https://www.econbiz.de/10005661669
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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 the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009293988
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Asset Prices, Exchange Rates and the Current Account
Fratzscher, Marcel; Juvenal, Luciana; Sarno, Lucio - C.E.P.R. Discussion Papers - 2009
This paper analyses the role of asset prices in comparison to other factors, in particular exchange rates, as a driver of the US trade balance. It employs a Bayesian structural VAR model that requires imposing only a minimum of economically meaningful sign restrictions. We find that equity...
Persistent link: https://www.econbiz.de/10008502576
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Bilateral Financial Linkages and Global Imbalances: A View on The Eve of the Financial Crisis
Milesi-Ferretti, Gian Maria; Strobbe, Francesco; … - C.E.P.R. Discussion Papers - 2010
We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence...
Persistent link: https://www.econbiz.de/10008784730