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The dominant currency financing channel of external adjustment

Casas, Camila; Meleshchuk, Sergii; Timmer, Yannick - 2023

We propose a new channel through which exchange rates affect trade. Exploiting the heterogeneity in firms' foreign currency debt maturity structure around a large depreciation in Colombia, we show that debt revaluation compresses imports due to higher delinquencies and interest rates, while...

Persistent link: https://www.econbiz.de/10014304470

Capital controls and exchange rate regimes : an empirical investigation

Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - 2001

It is often argued that deregulation of international transactions and its effects on the globalization of financial markets is behind the decline in the attractiveness of fixed exchange rate regimes. We argue that, instead, much of the recently observed decrease in the level of capital controls...

Persistent link: https://www.econbiz.de/10011398048

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/10013201664

Exchange-rate adjustment and macroeconomic interdependence between stagnant and fully employed countries

Ono, Yoshiyasu - 2014

This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...

Persistent link: https://www.econbiz.de/10010250169

Can time-varying currency risk hedging explain exchange rates?

Bräuer, Leonie; Hau, Harald - 2022

Over the last decade foreign bond portfolio positions in US dollar assets have risen above the reciprocal US investor positions in foreign currencies. In periods of increased economic uncertainty, institutional investors hedge their international bond positions, which creates a net hedging...

Persistent link: https://www.econbiz.de/10013440410

On the effects of monetary policy shocks on exchange rates

Binder, Michael; Chen, Qianying; Zhang, Xuan - 2010

overshooting of the exchange rate as well as persistent deviations from uncovered interest parity. We specify an empirical model … policy shock, and that there is no delay in the overshooting of the U.S. Dollar. Furthermore, there is no persistent … to capture simultaneous multi-country adjustments to shocks. -- monetary policy ; exchange rate overshooting ; forward …

Persistent link: https://www.econbiz.de/10008696775

The behavioural zloty/euro equilibrium exchange rate

Beza-Bojanowska, Joanna; MacDonald, Ronald - 2009

Poland is obligated to adopt the euro after the fulfilment, inter alia, of the exchange rate criterion which requires entering the Exchange Rate Mechanism II (ERM II). The European Central Bank recommends that the ERM II central rate should reflect the best possible assessment of the equilibrium...

Persistent link: https://www.econbiz.de/10003813605

China's capital controls : through the prism of covered interest differentials

Cheung, Yin-Wong; Herrala, Risto - 2013 - This Version: August 2013

We study the renminbi (RMB) covered interest differential - an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global financial crisis than before. That is, capital controls in China are still...

Persistent link: https://www.econbiz.de/10009786004

International portfolio flows and exchange rate volatility for emerging markets

Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio - 2015

This paper investigates the effects of equity and bond portfolio in.ows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over...

Persistent link: https://www.econbiz.de/10011387464

Exchange rate uncertainty and international portfolio flows

Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - 2013

This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean...

Persistent link: https://www.econbiz.de/10009743845

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