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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - European Central Bank - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi … is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the region … 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/10009367477
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Bond markets and long-term interest rates in non-euro area member states of the European Union and in accession states
European Central Bank - 2004
The ECB has an obligation to provide statistical information of the highest quality to the public and this third edition of the publication u0093Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countriesu0094 serves to contribute to...
Persistent link: https://www.econbiz.de/10009636827
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Konvergenzbericht
European Monetary Institute; European Central Bank - Frankfurt, M. : EZB - 1998; 2000 -
Persistent link: https://www.econbiz.de/10004328881
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Information guide for credit institutions using target
2000
Persistent link: https://www.econbiz.de/10004612073
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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...
Persistent link: https://www.econbiz.de/10005866574
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The sustainability of China's exchange rate policy and capital account liberalisation.
Cappiello, Lorenzo; Ferrucci, Gianluigi - European Central Bank - 2008
This paper deals with two related issues: the sustainability of China’s exchange rate regime and the opening up of its … capital account. The exchange rate discussion deliberately passes over the issue of the “equilibrium” value of the renminbi … the renminbi exchange rate should be increasingly determined by market forces and that administrative controls should be …
Persistent link: https://www.econbiz.de/10005222252
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - European Central Bank - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10008568194
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485