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China's Growth, Stability, and Use of International Reserves
Aizenman, Joshua; Marion, Nancy P.; Jinjarak, Yothin - National Bureau of Economic Research (NBER) - 2013
-crisis suggests a structural change. Panel regressions for a sample of almost 100 countries over 1983-2013 confirm that the …
Persistent link: https://www.econbiz.de/10010969460
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Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
Aizenman, Joshua; Pasricha, Gurnain Kaur - National Bureau of Economic Research (NBER) - 2013
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in the recent decades. Liberalization of capital outflow controls can allow emerging market economies (EMEs) to reduce net capital inflow (NKI) pressures, but...
Persistent link: https://www.econbiz.de/10010951123
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Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
Clarida, Richard H. - National Bureau of Economic Research (NBER) - 2013
This paper derives a structural relationship between the nominal exchange rate, national price levels, and observed yields on long maturity inflation - indexed bonds. This relationship can be interpreted as defining the fair value of the exchange rate that will prevail in any model or real world...
Persistent link: https://www.econbiz.de/10010951277
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Country Size, Currency Unions, and International Asset Returns
Hassan, Tarek Alexander - National Bureau of Economic Research (NBER) - 2012
Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: Bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that...
Persistent link: https://www.econbiz.de/10011271408
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The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data
Eichengreen, Barry; Tong, Hui - National Bureau of Economic Research (NBER) - 2011
We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little...
Persistent link: https://www.econbiz.de/10009368130
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International Reserves and the Global Financial Crisis
Dominguez, Kathryn M. E.; Hashimoto, Yuko; Ito, Takatoshi - National Bureau of Economic Research (NBER) - 2011
This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic performance. Our approach focuses not only on the total...
Persistent link: https://www.econbiz.de/10009277245
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Employment versus Wage Adjustment and the US Dollar
Campa, Jose Manuel; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 1998
Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or on...
Persistent link: https://www.econbiz.de/10005710311
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Exchange Rates and Local Labor Markets
Goldberg, Linda S.; Tracy, Joseph - National Bureau of Economic Research (NBER) - 1999
We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment implications in these local labor markets. The importance...
Persistent link: https://www.econbiz.de/10005710325
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The Influence of Actual and Unrequited Interventions
Dominguez, Kathryn M. E.; Panthaki, Freyan - National Bureau of Economic Research (NBER) - 2007
Intervention operations are used by governments to manage their exchange rates but officials rarely confirm their presence in the market, leading inevitably to erroneous reports in the financial press. There are also reports of what we term, unrequited interventions, interventions that the...
Persistent link: https://www.econbiz.de/10005710330
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International Trade and Factor Mobility: An Empirical Investigation
Goldberg, Linda S.; Klein, Michael W. - National Bureau of Economic Research (NBER) - 1999
Foreign Direct Investment (FDI) has been growing rapidly, at a pace far exceeding the growth in international trade …. Thus, a full understanding of the relationship between trade in goods and FDI is important for obtaining a complete picture … of the extent and sources of international linkages. We investigate whether FDI serves as a complement to trade or a …
Persistent link: https://www.econbiz.de/10005714185