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China's current account and exchange rate
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - 2009
We examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. We find, first, that the Chinese currency, the renminbi (RMB), is substantially below the value predicted by estimates based upon a cross-country sample,...
Persistent link: https://www.econbiz.de/10010264589
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Hoarding of international reserves: Mrs Machlup's wardrobe and the joneses
Cheung, Yin-Wong; Qian, Xingwang - 2007
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10010276301
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Optimal debt and equilibrium exchange rates in a stochastic environment : an overview
Stein, Jerome L. - 2004
The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both the return on investment and the real rate of interest are stochastic variables. These theoretically based measures are applied empirically to answer the following questions:...
Persistent link: https://www.econbiz.de/10010261108
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Hoarding of International Reserves : Mrs Machlup's Wardrobe and the Joneses
Cheung, Yin-Wong; Qian, Xingwang - 2021
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping-up-with-the-Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10013316903
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Inflation and inflation uncertainty in the Euro Area
Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - 2009
This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly … introduction of the euro and resulting in lower long-run uncertainty. It also appears that the direction of causality has been …
Persistent link: https://www.econbiz.de/10010271965
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Prospects of regional cooperation in trade, investment and finance in Asia: an empirical analysis on BIMSTEC countries and Japan
Bhattacharya, Swapan K.; Bhattacharyay, Biswa N. - 2006
The seven-nation Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC), comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand is emerging as one of the major subregional groups in Asia. Japan is the second largest trading partner for...
Persistent link: https://www.econbiz.de/10010263916
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Trade model with an optimal exchange rate motivated by current discussion of a Chinese Renminbi float
Huang, Hui; Wang, Yi; Wang, Yiming; Whalley, John; … - 2005
We combine a model of combined inter-spatial and inter-temporal trade between countries recently – used by Huang, Whalley and Zhang (2004) to analyze the merits of trade liberalization in services when goods trade is restricted – with a model of foreign exchange rationing due to Clarete and...
Persistent link: https://www.econbiz.de/10010261196
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Exchange Rate and Inflation Under Weak Monetary Policy : Turkey Verifies Theory
Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022
For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...
Persistent link: https://www.econbiz.de/10014083478
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The Causal Effect of the Dollar on Trade
Ma, Sai; Schmidt-Eisenlohr, Tim; Zhang, Shaojun - 2021
This paper establishes a causal link between the dollar exchange rate and international trade flows, employing a new instrument for the U.S. Dollar that is based on domestic U.S. housing activity (Ma and Zhang (2019)). In line with the dominant currency paradigm (Gopinath et al. (2020)), import...
Persistent link: https://www.econbiz.de/10013314884
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Catching-up and credit booms in Central and Eastern European EU member states and acceding countries: an interpretation within the new neoclassical synthesis framework
Backé, Peter; Wójcik, Cezary - 2006
Credit to the private sector has risen rapidly in many Central and Eastern European EU Member States (MS) and acceding countries (AC) in recent years. The lending boom has recently been particularly strong in the segment of loans to households, primarily mortgagebased housing loans, and in those...
Persistent link: https://www.econbiz.de/10010264008