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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …

Persistent link: https://www.econbiz.de/10005405989

Oil Prices, Exchange Rates and Asset Prices

Fratzscher, Marcel; Schneider, Daniel; Robays, Ine Van - CESifo - 2013

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10010877722

Taxation, Corruption and the Exchange Rate Regime

Hefeker, Carsten - CESifo - 2009

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

Persistent link: https://www.econbiz.de/10005013051

Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012

Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus liquidity that mainly emanates from past accumulation of...

Persistent link: https://www.econbiz.de/10009649702

An Output Perspective on a Northeast Asia Currency Union

Cheung, Yin-Wong; Yuen, Jude - CESifo - 2004

The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated using output data. After a …

Persistent link: https://www.econbiz.de/10005765748

Does the Chinese Interest Rate Follow the US Interest Rate?

Cheung, Yin-Wong; Tam, Dickson; Yiu, Matthew S. - CESifo - 2007

One argument for floating the Chinese renminbi (RMB) is to insulate China’s monetary policy from the US effect. However … US dollar, China has alternative measures to retain its policy independence and de-link its interest rates from the US … rate. In other words, the argument for a flexible RMB to insulate China’s monetary policy from the US effect is not …

Persistent link: https://www.econbiz.de/10005766107

Exchange Rate Regime and Wage Determination in Central and Eastern Europe

Schnabl, Gunther; Ziegler, Christina - CESifo - 2008

After the eastern enlargement of the European Union due to increasing labor market integration, wage determination and monetary integration in Central and Eastern Europe have become key issues in European economic policy making. Based on the Scandinavian model of wage adjustment by Lindbeck...

Persistent link: https://www.econbiz.de/10005766137

Time-Varying Exchange Rate Basket in China from 2005 to 2009

Fidrmuc, Jarko - CESifo - 2010

We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...

Persistent link: https://www.econbiz.de/10008511600

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - CESifo - 2009

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...

Persistent link: https://www.econbiz.de/10008533979

Effects of U.S. Inflation on Hong Kong and Singapore

Cheung, Yin-Wong; Yuen, Jude - CESifo - 2002

Standard economic models predict that the choice of an exchange rate regime has important implications for the interdependency of national monetary policies, which is sometimes measured by the degree of inflation transmission across borders. In this paper, we examine how inflation rates in two...

Persistent link: https://www.econbiz.de/10005051562