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The Impacts of Crises on the Trilemma Configurations

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022

The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...

Persistent link: https://www.econbiz.de/10013362059

Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves

Mendoza, Enrique G.; Quadrini, Vincenzo - National Bureau of Economic Research - 2024

Research has shown that the unilateral accumulation of international reserves by a country can improve its own macro-financial stability. However, we show that when many countries accumulate reserves, the induced general equilibrium effects weaken financial and macroeconomic stability,...

Persistent link: https://www.econbiz.de/10015056133

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model

Wang, Li - 2007

Given the rapidly growing reserves in Asia (China, Japan, Korea, Taiwan) and the pressures from trading partners to revalue, there is a need to examine commercial policy in more than a pure barter model. Here we evaluate the joint impacts of exchange rate appreciation on trade flows and country...

Persistent link: https://www.econbiz.de/10012465061

Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias - 2006

market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank's desire to hold a sizable …

Persistent link: https://www.econbiz.de/10012466332

The Dollar versus the Euro as International Reserve Currencies

Chinn, Menzie David; Frankel, Jeffrey A.; Itō, Hiro - National Bureau of Economic Research - 2024

We begin by examining determinants of aggregate foreign exchange reserve holdings by central banks (size of issuing country's economy and financial markets, ability of the currency to hold value, and inertia). But understanding the determination of reserve holdings probably requires going beyond...

Persistent link: https://www.econbiz.de/10014528426

Catching Up by "Deglobalizing" : Capital Account Policy and Economic Growth

Bergin, Paul R.; Choi, Woo Jin; Pyun, Ju Hyun - National Bureau of Economic Research - 2023

While substantial empirical research has evaluated the question of whether capital account openness promotes economic growth, this paper finds empirical evidence for cases where the opposite is true--that a policy of capital controls can promote economic growth, when combined with a policy of...

Persistent link: https://www.econbiz.de/10014226141

Interest Rates and World Trade : An 'Austrian' Perspective

Antràs, Pol - National Bureau of Economic Research - 2023

This paper develops a framework to study the interplay between world trade and interest rates. The model incorporates an explicit notion of time and of production length, along the lines of the 'Austrian' tradition of Böhm-Bawerk (1889). Changes in the interest rate affect production lengths,...

Persistent link: https://www.econbiz.de/10013537738

Patterns of Intra- and Inter-State Trade

Wolf, Holger C. - 1997

Recent studies suggest that intranational trade is "excessive' compared to international trade. An intuitive explanation for this home bias is provided by national trade barriers. A dataset of trade between US states, however, reveals that home bias extends to subnational units. The data suggest...

Persistent link: https://www.econbiz.de/10012472885

Trade and Environment Beyond Singapore

Whalley, John - 1996

This paper discusses the likely evolution of the trade and environment issue in the World Trade Organization after the upcoming ministerial meeting in Singapore this December. It makes a number of points. Progress within the GATT/WTO on this issue looks likely to be slow and painfully...

Persistent link: https://www.econbiz.de/10012473066

The Contribution of China, India and Brazil to Narrowing North-South Differences in GDP/capita, World Trade Shares, and Market Capitalization

Wang, Jing - 2011

/capita, shares in world trade and market capitalization attributable both jointly and single to China, India, and Brazil (the three … time. In contrast the North-China gap falls from 57.2 to 13.1 between 1990 and 2009, and India from 70.4 to 38.1 using … market exchange rates and from 23.4 to 5.5 for China and from 20.7 to 11.4 for India using PPP rates. We calculate the …

Persistent link: https://www.econbiz.de/10012460976

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