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New Estimation of China's Exchange Rate Regime
Frankel, Jeffrey A. - 2009
The paper updates the answer to the question: what precisely is the exchange rate regime that China has put into place …
Persistent link: https://www.econbiz.de/10012463947
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Global Business and Financial Cycles : A Tale of Two Capital Account Regimes
Acalin, Julien - 2020
, as well as in South Korea and China--two countries on different sides of the trilemma triangle of international finance …. We document that global financial shocks in both China and South Korea explain a substantial share of equity return … than 10 percent in Korea and negligible in the case of China). We also find that the combination of a closer capital …
Persistent link: https://www.econbiz.de/10012481287
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Dollar Rivals
Frankel, Jeffrey A. - National Bureau of Economic Research - 2023
Written on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers to the dollar; (3) network externalities; and (4) the plausibility of gold...
Persistent link: https://www.econbiz.de/10014322863
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The Macroeconomic Consequences of Exchange Rate Depreciations
Fukui, Masao; Nakamura, Emi; Jón Steinsson - National Bureau of Economic Research - 2023
We study the consequences of "regime-induced" exchange rate depreciations by comparing outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation. Pegger currencies depreciate relative to floater currencies and these depreciations are strongly expansionary. The...
Persistent link: https://www.econbiz.de/10014287380
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Exchange-Rate Policy After a Decade of "Floating"
Branson, William H. - 1982
This paper integrates exchange-rate policy into a model of exchange- rate behavior, and examines the data econometrically to infer hypotheses about policy behavior in the 1970s. The model shows how unanticipated movements in money, the current account, and relative price levels will cause first...
Persistent link: https://www.econbiz.de/10012478199
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Wages, Relative Prices, and the Choice between Fixed and Flexible Exchange Rates
Marston, Richard C. - 1981
This paper reexamines the choice between fixed and flexible rates to take into account wage indexation and flexible prices. The model employed is of a small open economy faced by monetary and aggregate demand disturbances originating at ham and abroad. Aggregate supply behavior in this &el...
Persistent link: https://www.econbiz.de/10012478320
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Four Observations on Modern International Commercial Policy under Floating Exchange Rates
Richardson, J. David - 1981
This paper describes the essential similarity between "modern" commercial policy, with its rent-like revenues, and capital transfers. Import barriers are shown to have consequently ambiguous effects on nominal and real exchange rates. The paper also examines some important supply-side welfare...
Persistent link: https://www.econbiz.de/10012478400
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International Transmission under Pegged and Floating Exchange Rates : An Empirical Comparison
Darby, Michael R. - 1980
This paper continues the investigation of the surprisingly slow and weak international transmission of inflation indicated by the Mark III International Transmission Model. The Mark IV Simulation Model is presented. This is a simplified version of the Mark III Model which retains the...
Persistent link: https://www.econbiz.de/10012478540
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Flexible Exchange Rates in the 1970's
Frenkel, Jacob A. - 1980
The 1970's witnessed the dramatic evolution of the international monetary system from a regime of pegged exchange rates into a regime of flexible rates. This paper surveys the key issues and lessons from the experience with floating rates during the1970's. The main orientation is empirical and...
Persistent link: https://www.econbiz.de/10012478695
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Monetary Policy Under Exchange Rate Flexibility
Dornbusch, Rudiger - 1979
The continuing depreciation of the dollar stands out as one of the big policy issues. It has started to impinge on U.S. monetary policy; it influences the chances for international commercial diplomacy, and it is enhancing the move toward European monetary integration. Above all it leaves most...
Persistent link: https://www.econbiz.de/10012478838