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Exorbitant privilege : a safe-asset view
Jiang, Zhengyang - 2024
I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage...
Persistent link: https://www.econbiz.de/10015048365
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International Financial Crises
Dornbusch, Rudiger; Fischer, Stanley - 2003
Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...
Persistent link: https://www.econbiz.de/10011507825
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The International Monetary Fund : 70 years of reinvention
Reinhart, Carmen M.; Trebesch, Christoph - 2015 - This draft: December 10, 2015
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/10011406766
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Memorable encounters? : own and neighbours' experience with IMF conditionality and IMF stigma
Andone, Irina; Scheubel, Beatrice - 2017
While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries' willingness to ask for an IMF programme - often termed "IMF stigma" - has recently received attention particularly from policy...
Persistent link: https://www.econbiz.de/10011624193
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Pulling up the tarnished anchor : the end of silver as a global unit of account
Fernholz, Ricardo T.; Mitchener, Kris; Weidenmier, Marc D. - 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/10011646314
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The evolution of offshore renminbi trading : 2016 to 2019
Cheung, Yin-Wong; Grimm, Louisa; Westermann, Frank - 2020
We study the evolution of offshore renminbi trading between 2016 and 2019. The diffusion behaviour of offshore renminbi trading during this period is different from the one between 2013 and 2016. The geographical diffusion process displayed in the 2016-2019 period, in addition to the previously...
Persistent link: https://www.econbiz.de/10012234514
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Financial reform and banking crises
Shehzad, Choudhry Tanveer - 2009
We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking … crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to … of financial reform reduce the likelihood of systemic crises. We also show that after a country has reformed, the …
Persistent link: https://www.econbiz.de/10003922715
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Scylla and Charybdis : explaining Europe's exit from gold, January 1928 - December 1936
Wolf, Nikolaus (contributor) - 2008
Persistent link: https://www.econbiz.de/10003674389
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China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency
McKinnon, Ronald I.; Schnabl, Gunther - 2014
China has been provoked into speeding renminbi 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/10010249643
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China and its Dollar exchange rate : a worldwide stabilizing influence?
McKinnon, Ronald I.; Schnabl, Gunther - 2011
We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....
Persistent link: https://www.econbiz.de/10009127709