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Monetary Policy Rules for Russia
Esanov, Akram; Merkl, Christian; Vinhas de Souza, Lúcio - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2004
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...
Persistent link: https://www.econbiz.de/10005190674
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The RMB's global role as an anchor currency: No evidence
Heimonen, Kari; Rönkkö, Risto - 2024
exchange rate policy for the currencies of 63 advanced and emerging economy currencies, we account for potential drivers of the … and yen anchor choices are strongly interlinked. A change in the anchor weight of any of these three currencies results in … the developed countries currencies USD, euro and yen. Heightened geopolitical uncertainty only increases the weights of …
Persistent link: https://www.econbiz.de/10014520282
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Optimum currency area theory: A selective review
Horvath, Julius - 2003
The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory.The author focuses on the main classical contributions, then considers modern treatment of OCA theory.The second part considers empirical literature on the types of...
Persistent link: https://www.econbiz.de/10012148460
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Bi-currency versus single-currency targeting: lessons from the Russian experience
Sokolov, Vladimir - 2010
recent global liquidity crisis. I present evidence that the Russian MosIBOR rate was negatively related to the US dollar … LIBOR rate and positively related to the synthetic USD-EUR rate during the "decoupling" stage of the crisis. Even with the …
Persistent link: https://www.econbiz.de/10012148606
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Currency blocs in the 21st century
Fischer, Christoph - 2012
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...
Persistent link: https://www.econbiz.de/10012148679
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Convertibility restriction in China s foreign exchange market and its impact on forward pricing
Wang, Yi David - 2012
In contrast to the well established markets such as the dollar-euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by con-version restrictions in the spot market rather than by changes in credit risk and/or liquidity constraint. This paper...
Persistent link: https://www.econbiz.de/10012148683
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Business cycle convergence or decoupling? Economic adjustment in CESEE during the crisis
Gächter, Simon; Riedl, Alesandra; … - 2013
from the euro area (EA) during the financial crisis in terms of both cyclical dispersion (i.e. the deviation of output gaps … trend growth rates between EA and CESEE until the onset of the financial crises. Since the beginning of the crisis, trend …
Persistent link: https://www.econbiz.de/10012148689
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China's RMB bilateral swap agreements: What explains the choice of countries?
Garcia-Herrero, Alicia; Xia, Le - 2013
This paper analyzes empirically what determines the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country size and distance from China) but so is the trade motif, in terms of both exports to China and...
Persistent link: https://www.econbiz.de/10012148698
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The offshore renminbi exchange rate: Microstructure and links to the onshore market
Cheung, Yin-Wong; Rime, Dagfinn - 2014
The offshore renminbi (CNH) exchange rate is the exchange rate of the Chinese currency transacted outside China. We study the CNH exchange rate dynamics and its links with onshore exchange rates. Using a specialized microstructure dataset, we find that CNH is significantly affected by its order...
Persistent link: https://www.econbiz.de/10012148734
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The geographic distribution of international currencies and RMB internationalization
He, Qing; Korhonen, Iikka; Guo, Junjie; Liu, Fangge - 2015
The paper investigates the determinants of geographical distribution of international currencies in global financial …
Persistent link: https://www.econbiz.de/10012148761