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Fear of Appreciation and Current Account Adjustment
Bergin, Paul R.; Kim, Kyunghun; Pyun, Ju Hyun - National Bureau of Economic Research - 2022
This paper finds that limited exchange rate flexibility in the form of "fear of appreciation" significantly slows adjustment of current account imbalances, providing novel support for Friedman's conjecture regarding exchange-rate flexibility. We present a new stylized fact: floaters have faster...
Persistent link: https://www.econbiz.de/10013334498
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G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change
Clarida, Richard H. - 1999
central banks in the absence of any formal arrangements among their governments to limit exchange rate volatility. The … advocates of the proposals for change have made their assessment of the global costs of exchange rate volatility and (their …
Persistent link: https://www.econbiz.de/10012471348
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Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics
Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023
We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following assumptions. First, the government faces a scarcity of...
Persistent link: https://www.econbiz.de/10014421188
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Non-Fundamental Flows and Foreign Exchange Rates
Aldunate, Felipe E.; Da, Zhi; Larrain, Borja; Sialm, Clemens - National Bureau of Economic Research - 2022
Frequent, yet uninformed, fund flows in Chilean pension plans generate substantial trading in currency markets due to the high allocation to international securities. These non-fundamental flows have a significant impact on the Chilean peso, which is estimated to have a relatively low price...
Persistent link: https://www.econbiz.de/10013477245
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Intraday Yen/Dollar Exchange Rate Movements : News or Noise?
Ito, Takatoshi - 1988
Intraday movements in the yen/dollar rate are examined over the 1980-86 period using opening and closing quotes in the … and U.S. stock prices suggests that intraday yen/dollar rate movements do contain at least some relevant information …
Persistent link: https://www.econbiz.de/10012476358
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Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate : High-Resolution Picture
Hashimoto, Yuko - 2009
Market impacts of Japanese macroeconomic announcements within minutes on the dollar/yen foreign exchange are analyzed …-term business survey conducted by Bank of Japan), GDP, industrial production (preliminary), PPI, CPI (Tokyo area), the unemployment … components have return impacts also have impacts on deals and volatility. The announcement itself, in addition to the magnitude …
Persistent link: https://www.econbiz.de/10012463629
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The Term Structure of Forward Exchange Premia and the Forecastibility of Spot Exchange Rates : Correcting the Errors
Clarida, Richard H. - 1993
We present theory and evidence that challenges the view that forward premia contain little information regarding subsequent spot rate movements. Using weekly dollar-mark and dollar sterling data, we find that spot and forward exchange rates together are well represented by a vector error...
Persistent link: https://www.econbiz.de/10012474508
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Is Foreign Exchange Intervention Effective? : The Japanese Experiences in the 1990s
Ito, Takatoshi - 2002
official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125 …, while all the yen-purchasing (dollar-selling) interventions were carried out when the yen/dollar was above 125. The Japanese …. Profits amounted to 9 trillion yen (2% of GDP) in 10 years. Interventions are found to be effective in the second half of the …
Persistent link: https://www.econbiz.de/10012469800
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The Global Dollar Cycle
Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023
The U.S. dollar's nominal effective exchange rate closely tracks global financial conditions, which themselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth, especially influencing the fortunes of emerging and...
Persistent link: https://www.econbiz.de/10014247924
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Understanding the Strength of the Dollar
Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022
We link the sustained appreciation of the U.S. dollar from 2011 to 2019 to international capital flows driven by primitive economic factors. We show that increases in foreign investors' net savings, increases in U.S. monetary policy rates relative to the rest of the world, and shifts in investor...
Persistent link: https://www.econbiz.de/10013435120