calibration matching data from the U.S. and G10 currency countries implies that persistent shocks to relative demand, reflected in … persistent interest rate differentials, account for 75% of the variance in the dollar/G10 exchange rate. Shocks to currency …

Frequent, yet uninformed, fund flows in Chilean pension plans generate substantial trading in currency markets due to … pressure to currency forward markets and results in violations of the covered interest rate parity. Using trading data and bank …

-factor model. We identify them as a dollar factor and a euro factor. Exchange rates are thus driven by global, US, and Euro …

zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity … effects induced by Euro/USD exchange rate changes diminish the significance of the GFC in explaining the currency composition …

emphasizes the joint determination of countries' portfolio choices and trading currency. We find that unilateral protectionism on …

borrowing in foreign currency (FX) and lending in domestic currency, largely in the form of trade credit, accumulating currency … more prevalent when foreign currency borrowing is relatively cheaper than local currency borrowing, and it is associated … with expansions in both gross trade credit and sales. Firms that were more active in carry-trades, accumulating currency …

This paper explores the relationship between different funding structures--including the source, instrument, currency …