increases in home currency foreign bond issuance was larger in countries with stable inflation and lower government debt, and in … financial crisis could have a persistent impact on home currency bond issuance. Firms that issue for the first time in their … remain lower after conditions return to normal, due to the increased depth of the home currency market. Empirically, we show …

-maturity, domestic-currency bond market. Bond holders are exposed to capital losses through inflation and therefore represent a potential … similar effect for short-term or foreign-currency bonds. …

A currency crisis is a speculative attack on the foreign exchange value of a currency, resulting in a sharp … depreciation or forcing the authorities to sell foreign exchange reserves and raise domestic interest rates to defend the currency …. This article discusses analytical models of the causes of currency and associated crises, presents basic measures of the …

correlations, derived from options on the exchange rates in a currency trio, are useful in forecasting the observed correlations …. We compare the forecast performance of the implied correlations from two currency trios with markedly different … characteristics against correlation forecasts based on historical, time-series data. For the correlations in the USD/DEM/JPY currency …

Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set … covering 217 countries from 1948 through 1997. During this sample a large number of countries left currency unions; they … symmetry, we estimate that a pair of countries that starts to use a common currency experiences a near doubling in bilateral …

denominate their assets and liabilities either in domestic or in foreign currency. The monetary authority optimally chooses to … float or to fix the currency, after portfolios have been chosen. We identify conditions under which both fixing and floating …