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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 … suitable intermediary exchange rate regime for China as the risks of jumping to free floating are still great. Diversifying …

Persistent link: https://www.econbiz.de/10011272624

The Undisclosed Renminbi Basket: Are the Markets Telling us something about where the Renminbi – US Dollar Exchange Rate is Going?

Funke, Michael; Gronwald, Marc - CESifo - 2008

On 21 July 2005 China adopted an undisclosed basket exchange rate regime. We formally assess and envisage the gradual … evolution of the renminbi over time. We utilize nonlinear dependencies in the renminbi exchange rate and describe the smooth … transition of the renminbi/U.S. dollar (RMB/USD) exchange rate using the family of time-varying autoregressive (TV-AR) models …

Persistent link: https://www.econbiz.de/10005765921

Pegging the Renminbi to a Basket - Facts, Prospects and Consequences

Oksanen, Heikki - CESifo - 2010

On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency … Seoul Summit on 11-12 November 2010, China committed to further reform the RMB exchange rate regime. We discuss here what a … genuine basket peg could mean for China, with the view that the weight for the EUR should obviously be significantly increased …

Persistent link: https://www.econbiz.de/10008799734

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

On the Inclusion of the Chinese Renminbi in the SDR Basket

Benassy-Quere, Agnes; Capelle, Damien - CESifo - 2012

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...

Persistent link: https://www.econbiz.de/10010877819

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