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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

The evolution of offshore renminbi trading : 2016 to 2019

Cheung, Yin-Wong; Grimm, Louisa; Westermann, Frank - 2020

, and Japanese yen trading. …

Persistent link: https://www.econbiz.de/10012234514

Japanese foreign exchange intervention and the Yen/Dollar exchange rate : a simultaneous equations approach using realized volatility

Hillebrand, Eric (contributor); Schnabl, Gunther (contributor) - 2006

Persistent link: https://www.econbiz.de/10003364632

The signalling channel of central bank interventions : modelling the yen

Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - 2011

the yen/US dollar dynamics. -- exchange rates ; interventions ; Japan …

Persistent link: https://www.econbiz.de/10009312174

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

The causal effect of the Dollar on trade

Ma, Sai; Schmidt-Eisenlohr, Tim; Zhang, Shaojun - 2020

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/10012319440

The financial channel of the exchange rate and global trade

Ma, Sai; Schmidt-Eisenlohr, Tim - 2023

This paper provides evidence that the U.S. dollar affects countries' exports through the financial channel of the exchange rate (Bruno and Shin (2015)). Using global data on trade between countries whose currency is not the U.S. dollar, it documents a positive relationship between the dollar and...

Persistent link: https://www.econbiz.de/10014293276

Exchange rate elasticities of international tourism and the role of dominant currency pricing

Ding, Ding; Timmer, Yannick - 2022

We estimate exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate, the exchange rate between the tourism origin country vis-à-vis the U.S. dollar is an important driver of tourism flows, indicating a strong role of U.S. dollar pricing. The...

Persistent link: https://www.econbiz.de/10013201620

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

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2023

We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a … pattern Unbalanced Financial Globalization. We then simulate a counterfactual trajectory of the world economy where the RKO … capital allocation, a 2.8% lower world GDP, a 12% rise in the cross-country dispersion of GDP per capita, lower wages in …

Persistent link: https://www.econbiz.de/10014340224