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The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system : A simple multi-layers network model with simultaneous reg...
Bordo, Michael D.; Bastidon, Cécile - National Bureau of Economic Research - 2023
The evolution of the IMS and IFS in the past several hundred years can be viewed through the lens of the Copernican heliocentric system developed over 500 years ago. We trace out the evolution across regimes of the IMS and IFS in terms of network representations of the Copernican system. We...
Persistent link: https://www.econbiz.de/10014372472
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Liquidity, Debt Denomination, and Currency Dominance
Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi - National Bureau of Economic Research - 2023
We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt contracts. Firms need to trade their revenue streams for the assets required to extinguish their debt obligations. When asset markets are illiquid, as modeled via endogenous...
Persistent link: https://www.econbiz.de/10014226181
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Currency Centrality in Equity Markets, Exchange Rates and Global Financial Cycles
Rey, Hélène; Stavrakeva, Vania; Tang, Jenny - National Bureau of Economic Research - 2024
The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of "equity net currency supplies", i.e. local currency stock market capitalization minus equity holdings, denominated in investors'...
Persistent link: https://www.econbiz.de/10015072944
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It's Baaack : The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve
Benigno, Pierpaolo; Eggertsson, Gauti B. - National Bureau of Economic Research - 2023
This paper proposes a non-linear New Keynesian Phillips curve (Inv-L NK Phillips Curve) to explain the surge of inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing empirical evidence of statistically significant...
Persistent link: https://www.econbiz.de/10014250214
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The international financial system. - 1988. - IX, 400 S. - Enth. 8 Beitr.
Sachs, Jeffrey (ed.)
Persistent link: https://www.econbiz.de/10000771268
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International Finance
Obstfeld, Maurice - 1986
time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …
Persistent link: https://www.econbiz.de/10012476993
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The International Monetary and Financial System
Gourinchas, Pierre-Olivier - 2019
International currencies fulfill different roles in the world economy with important synergies across those roles. We …
Persistent link: https://www.econbiz.de/10012479732
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Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?
Eichengreen, Barry - 2008
Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...
Persistent link: https://www.econbiz.de/10012464545
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Global Imbalances and the Lessons of Bretton Woods
Eichengreen, Barry - 2004
, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same … interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …
Persistent link: https://www.econbiz.de/10012468196
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Was There Really an Earlier Period of International Financial Integration Comparable to Today?
Bordo, Michael D. - 1998
In this paper we reconsider the international market integration, starting at high levels in the late nineteenth century, collapsing between the wars, and recovering gradually after 1945 to reach levels comparable to pre-1914 in the 1990's. The empirical evidence we survey suggests that in some...
Persistent link: https://www.econbiz.de/10012472076