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China’s Exchange Rate and International Adjustment in Wages, Prices, and Interest Rates: Japan Déjà Vu?
McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 2006
China keeps its exchange rate tightly fixed to the dollar. Its productivity growth and trade surplus have been high … reduce China’s trade surplus but could cause serious deflation in China. To show this, we consider international adjustment … between China and the United States from both an asset-market and a labor-market perspective, and compare this to Japan …
Persistent link: https://www.econbiz.de/10005765836
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China and its Dollar Exchange Rate: A Worldwide Stabilizing Influence?
McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 2011
potentially subsidized capital allocation in China the real yuan/dollar rate is undervalued. This has caused—both in China and the …
Persistent link: https://www.econbiz.de/10009019144
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The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate
Benassy-Quere, Agnes; Forouheshfar, Yeganeh - CESifo - 2013
euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …
Persistent link: https://www.econbiz.de/10010877786
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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 … could attract even more hot money inflows, the People’s Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China’s international competitiveness. …
Persistent link: https://www.econbiz.de/10010877868
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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
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Pegging the Renminbi to a Basket - Facts, Prospects and Consequences
Oksanen, Heikki - CESifo - 2010
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 …, the SDR being a strong option for practical implementation. This would also have a positive impact on the EU. China …
Persistent link: https://www.econbiz.de/10008799734
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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
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Has the Euro Affected the Choice of Invoicing Currency?
Ligthart, Jenny; Werner, Sebastian E. V. - CESifo - 2010
We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel...
Persistent link: https://www.econbiz.de/10008533991
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Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate: A Simultaneous Equations Approach Using Realized Volatility
Hillebrand, Eric; Schnabl, Gunther; Ulu, Yasemin - CESifo - 2006
We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility, and interventions without endogeneity bias. We find that...
Persistent link: https://www.econbiz.de/10005181300
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The Trade and FDI Effects of EMU Enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - CESifo - 2007
This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a dataset of unbalanced...
Persistent link: https://www.econbiz.de/10005406034