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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

renminbi is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the …, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … that the RMB has become a key driver of currency movements in emerging Asia since the mid-2000s, and even more so since the …

Persistent link: https://www.econbiz.de/10009371469

The Renminbi's Dollar Peg at the Crossroads

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2006

In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic conflict between internal and external balance under its dollar currency peg. Over the longer term, China’s large, modernizing, and diverse economy will need exchange rate...

Persistent link: https://www.econbiz.de/10005497979

Assessing China’s Exchange Rate Regime

Frankel, Jeffrey A; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2007

This paper examines two related issues: (a) the implicit methodology used by the U.S. Treasury in determining whether China and its other trading partners manipulate their exchange rates, and (b) the nature of the Chinese exchange rate regime since July 2005. On the first issue, we investigate...

Persistent link: https://www.econbiz.de/10005114394

The Future of International Liquidity and the Role of China

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013

This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system …

Persistent link: https://www.econbiz.de/10011084193

The Financial Crisis and the Geography of Wealth Transfers

Gourinchas, Pierre-Olivier; Rey, Hélène; Truempler, … - C.E.P.R. Discussion Papers - 2011

This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure....

Persistent link: https://www.econbiz.de/10009293659

The International Monetary System: Living with Asymmetry

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...

Persistent link: https://www.econbiz.de/10009385766

Lenders of Last Resort in a Globalized World

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2009

The recent financial crisis teaches important lessons regarding the lender-of-last resort function. Large swap lines extended in 2007-08 from the Federal Reserve to other central banks show that the classic concept of a national last-resort lender fails to address key vulnerabilities in a...

Persistent link: https://www.econbiz.de/10004969129

The Euro and International Capital Markets

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

This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for international financing as well as for international...

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

Monetary Geography Before the Industrial Revolution

Flandreau, Marc; Galimard, Christophe; Jobst, Clemens; … - C.E.P.R. Discussion Papers - 2009

In this article, we study Europe's monetary geography on the eve of the Industrial Revolution. Our unit of analysis is the city and we explore inter-city linkages. Important findings include a considerable degree of integration and multilateralism with monetary centers having already emerged as...

Persistent link: https://www.econbiz.de/10005136423

The Geography of the Gold Standard

Eichengreen, Barry; Flandreau, Marc - C.E.P.R. Discussion Papers - 1994

In this paper we chart the geography of the gold standard. We highlight the late date of the move to gold and the variety of transition strategies. Whether a country with a currency convertible into specie operated a gold, silver or bimetallic standard at mid-century depended not so much on...

Persistent link: https://www.econbiz.de/10005114362