Showing 1 - 10 of 1,514
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
Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter's currency. We then study the relationship between invoicing currency choices and...
Persistent link: https://www.econbiz.de/10012029070
economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …
Persistent link: https://www.econbiz.de/10011541166
the relative volatilities of inflation and nominal depreciation rates and do not take into account the interest rate … de-dollarization it is critical to reduce the volatility of inflation compared to the volatility of exchange rate …
Persistent link: https://www.econbiz.de/10011421680
This paper analyses the impact of exchange rate uncertainty upon the pattern of investment in different exchange rate regimes (very hard pegs, intermediate regimes, and floats) by means of a unified approach. The comparison of different exchange rate regimes indicates that currency volatility...
Persistent link: https://www.econbiz.de/10011400788
Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the...
Persistent link: https://www.econbiz.de/10009707558
In this paper, we analyze which currencies can be regarded as safe haven currencies. Our empirical approach allows us to distinguish between a low- and high stress regime, and to control for the impact of carry trade reversals and other fundamental determinants. We therefore address the question...
Persistent link: https://www.econbiz.de/10010462763
Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This paper analyses their monetary policy effects from three perspectives. First, from the perspective of the central banks, it shows that the swap line mimics discount-window credit...
Persistent link: https://www.econbiz.de/10011867130
This paper analyses co-movement between Bitcoin exchanges in 34 major countries around the world and the US (the global …
Persistent link: https://www.econbiz.de/10012158101
, inflation targeting remains robustly optimal in non-U.S. economies. The implementation of this non-cooperative policy results in … inflation targeting to take advantage of its effects on global product and asset markets, generating negative spillovers on the … rest of the world. International cooperation benefits other countries by improving global demand for dollar-invoiced goods …
Persistent link: https://www.econbiz.de/10012213072