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How strong is the case for dollarization in Costa Rica? : a note on the business cycle comovements with the United States
Lindenberg, Nannette; Westermann, Frank - 2009
We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business … hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization … correlation of shocks. -- dollarization ; business cycle comovement ; serial correlation common feature ; Central America, Costa …
Persistent link: https://www.econbiz.de/10003887163
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Financial dollarization and European Union membership
Neanidis, Kyriakos C. - 2010
We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European … membership and EU entry have a direct impact on deposit and loan dollarization. EU membership reduces deposit dollarization while … it increases loan dollarization. The negative effect on deposit dollarization captures the increased confidence of the …
Persistent link: https://www.econbiz.de/10003979384
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Dollarization of deposits in the short and long run : evidence from CESE countries
Urosevic, Branko; Rajkovic, Ivana - 2016
In this paper, we study the drivers of permanent and transitory deposit dollarization for a sample of CESE countries … permanent dollarization and Minimum Variance Portfolio (MVP) share. This provides an additional empirical validation of the MVP … method as the standard tool for analyzing financial dollarization. In the long run, agents make savings decisions based on …
Persistent link: https://www.econbiz.de/10011421680
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Strategic currency choice in international trade
Sokolova, Maria V. - 2015 - October 12, 2015, First version: December 2013
How exporters choose currency for their exports? Using highly disaggregated data on the population of Russian Federation exporting firms between 2005 and 2009 this paper studies the strategic determinants of currency invoicing decisions. Strategic morives embrace two occurrences in currency...
Persistent link: https://www.econbiz.de/10011374196
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An independent Scotland’s currency options redux : assessing the costs and benefits of currency choice
MacDonald, Ronald - 2014
This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag of an austerity programme to the tune of £40bn. This is due to the need to accumulate foreign exchange reserves. So called Plan A - being part of a formal monetary union - comes...
Persistent link: https://www.econbiz.de/10010404563
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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
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A model of supply chain finance
Hu, Bo; Watanabe, Makoto; Zhang, Jun - 2023
This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. The SCF program pools liquidity from suppliers and meanwhile provides immediate payment to suppliers with pressing liquidity needs. We show that the intermediary optimally selects...
Persistent link: https://www.econbiz.de/10014431335
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The quantity theory of money : an assessment of its real linchpin prediction
Hillinger, Claude; Süßmuth, Bernd - 2010
This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...
Persistent link: https://www.econbiz.de/10003949071
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The quantity theory of money and Friedmanian monetary policy : an empirical investigation
Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012
We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...
Persistent link: https://www.econbiz.de/10009508095
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Time variation in U.S. wage dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...
Persistent link: https://www.econbiz.de/10008806609