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China's Exchange Rate and Financial Repression : The Conflicted Emergence of the Renminbi as an International Currency

McKinnon, Ronald - 2014

China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls — reinforced by financial repression in domestic interest rates — to avoid an...

Persistent link: https://www.econbiz.de/10013057253

The Signaling Channel of Central Bank Interventions : Modelling the Yen/US Dollar Exchange Rate

Chen, Yu-Fu - 2013

the yen/US dollar dynamics …

Persistent link: https://www.econbiz.de/10013092279

Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate : A Simultaneous Equations Approach Using Realized Volatility

Hillebrand, Eric T.; Schnabl, Gunther; Ulu, Yasemin - 2021

We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate … successful interventions, both in depreciating the yen and in reducing exchange rate volatility …

Persistent link: https://www.econbiz.de/10013317518

Foreign Currency Denominated Assets and International Shock Absorption in Switzerland and Japan

Schnabl, Gunther - 2015

the Swiss franc and Japanese yen are under a persistent appreciation pressure, what restricts the degree of freedom in the …

Persistent link: https://www.econbiz.de/10013009766

The International Monetary Fund : 70 Years of Reinvention

Reinhart, Carmen - 2016

A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of crisis...

Persistent link: https://www.econbiz.de/10013000216

Pulling Up the Tarnished Anchor : The End of Silver As a Global Unit of Account

Fernholz, Ricardo T. - 2017

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

Persistent link: https://www.econbiz.de/10012955754

Pegxit Pressure : Evidence from the Classical Gold Standard

Mitchener, Kris James - 2017

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...

Persistent link: https://www.econbiz.de/10012965714

Shooting on a Moving Target : Explaining European Bank Rates during the Interwar Period

Wandschneider, Kirsten - 2013

This paper describes the monetary policy response of countries during the inter-war period. How did central banks react to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy pressures? What was the optimal level of international policy...

Persistent link: https://www.econbiz.de/10013095799

Carry Funding and Safe Haven Currencies : A Threshold Regression Approach

Hossfeld, Oliver - 2015

currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not …

Persistent link: https://www.econbiz.de/10013030487

Net Foreign Asset Positions and Appreciation Expectations on the Swiss Franc and the Japanese Yen

Latsos, Sophia - 2015

-currency denominated assets, such as the Swiss franc and the Japanese yen, are under persistent appreciation pressure, particularly when … the centres of the world monetary system follow expansionary monetary policies. This limits the choice of exchange rate … rates of international creditor countries at the periphery of the world monetary system …

Persistent link: https://www.econbiz.de/10013014984

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