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Commodity Price Volatility, Democracy and Economic Growth
Arezki, Rabah; Gylfason, Thorvaldur - CESifo - 2011
We use a new dataset on non-resource GDP to examine the impact of commodity price volatility on economic growth in a … panel of up to 158 countries during the period 1970-2007. Our main finding is that commodity price volatility leads to a … result, we show that increased commodity price volatility leads to a statistically significant and quantitatively large …
Persistent link: https://www.econbiz.de/10009352227
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The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate: Evidence from South Africa
Egert, Balazs - CESifo - 2009
This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on...
Persistent link: https://www.econbiz.de/10005000381
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The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate
Benassy-Quere, Agnes; Forouheshfar, Yeganeh - CESifo - 2013
We study the implication of a multipolarization of the international monetary system on cross-currency volatility. More …
Persistent link: https://www.econbiz.de/10010877786
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - CESifo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010877801
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On the Inclusion of the Chinese Renminbi in the SDR Basket
Benassy-Quere, Agnes; Capelle, Damien - CESifo - 2012
volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much …
Persistent link: https://www.econbiz.de/10010877819
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Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - CESifo - 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10010877847
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China's Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency
McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 2014
China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls—reinforced by financial repression in domestic interest rates—to avoid an...
Persistent link: https://www.econbiz.de/10010877868
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Optimal Conservatism and Collective Monetary Policymaking under Uncertainty
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2014
(MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated …
Persistent link: https://www.econbiz.de/10010888452
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Management of the External Value of the Renminbi
Oksanen, Heikki - CESifo - 2015
Pegging the renminbi (RMB) to the US dollar since 1994 has characterised China’s exchange rate policy, under either a fixed peg or appreciating crawling peg. The current policy, announced in June 2010, of ‘floating with reference to a basket’ has now in April 2015 made the RMB 19 per cent...
Persistent link: https://www.econbiz.de/10011272624
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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