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The Federal Reserve Engages the World (1970-2000): An Insider’s Narrative of the Transition to Managed Floating and Financial Turbulence

Truman, Edwin M. - Peter G. Peterson Institute for International Economics … - 2014

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

Persistent link: https://www.econbiz.de/10010889808

Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition

Subramanian, Arvind - Peter G. Peterson Institute for International Economics … - 2011

Against the backdrop of the recent financial crisis and the ongoing rapid changes in the world economy, the fate of the dollar as the premier international reserve currency is under scrutiny. This paper attempts to answer whether the Chinese renminbi will eclipse the dollar, what will be the...

Persistent link: https://www.econbiz.de/10009294077

The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?

Subramanian, Arvind; Kessler, Martin - Peter G. Peterson Institute for International Economics … - 2012

A country’s rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies tracking it implicitly or explicitly. For a sample comprising emerging-market economies, we show that in the last three years, the renminbi (RMB) has increasingly...

Persistent link: https://www.econbiz.de/10010686046

Choice and Coercion in East Asian Exchange Rate Regimes

Henning, C. Randall - Peter G. Peterson Institute for International Economics … - 2012

This paper examines the exchange rate regimes of East Asian countries since the initial shift by China to a controlled appreciation in July 2005, testing econometrically the weights of key currencies in the implicit baskets that appear to be targeted by East Asian monetary authorities. It finds,...

Persistent link: https://www.econbiz.de/10010575446

The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention

Henning, C. Randall - Peter G. Peterson Institute for International Economics … - 2006

institutions of exchange rate policymaking bear substantially on the euro area’s role in international monetary conflict and … cooperation. This working paper examines the institutional arrangements for foreign exchange intervention within the euro area and … the policymaking surrounding the market operations of autumn 2000—the only case to date of euro area intervention in …

Persistent link: https://www.econbiz.de/10005627706

The Case for an International Reserve Diversification Standard

Truman, Edwin M.; Wong, Anna - Peter G. Peterson Institute for International Economics … - 2006

Rumors about the actual or potential currency diversification of countries’ foreign exchange holdings out of dollars are not a new phenomenon. This working paper argues that such concerns about reserve diversification are exaggerated. We present evidence that the extent of actual...

Persistent link: https://www.econbiz.de/10005627715

Congress, Treasury, and the Accountability of Exchange Rate Policy: How the 1988 Trade Act Should Be Reformed

Henning, C. Randall - Peter G. Peterson Institute for International Economics … - 2007

The controversy within the United States over Chinese exchange rate policy has generated a series of legislative proposals to restrict the discretion of the Treasury Department in determining currency manipulation and to reform the department’s accountability to Congress. This paper reviews...

Persistent link: https://www.econbiz.de/10005627733

China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity

Goldstein, Morris; Lardy, Nicholas R. - Peter G. Peterson Institute for International Economics … - 2005

This paper argues that the way in which China is portrayed in the revived Bretton Woods thesis (BW2) is not consistent with several important trends in, and features of, the Chinese economy; nor does the strategy in the BW2 seem sensible for China's long-term economic development. Whether it is...

Persistent link: https://www.econbiz.de/10005627742

Home Bias, Transaction Costs, and Prospects for the Euro: A More Detailed Analysis

Mann, Catherine L.; Meade, Ellen E. - Peter G. Peterson Institute for International Economics … - 2002

This paper brings together the literature on determination of home bias in equity holdings and the portfolio balance model of exchange rates to consider whether the dollar might be affected by a change in transactions costs that alters international portfolio allocations. Our empirical findings...

Persistent link: https://www.econbiz.de/10005627712

Has EMU Had Any Impact on the Degree of Wage Restraint?

Posen, Adam S.; Gould, Daniel Popov - Peter G. Peterson Institute for International Economics … - 2006

This working paper investigates the European Monetary Unification’s (EMU) effect on wage restraint—the degree to which … either is unchanged or has increased following EMU in the vast majority of countries. This finding contradicts the … Germany to display the greatest decline in wage restraint post-EMU under these models, but in our time-series analysis we find …

Persistent link: https://www.econbiz.de/10005035525