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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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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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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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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 impact of monetary and commodity fundamentals, macro news and central bank communication on the exchange rate : evidence from South Africa
Égert, Balázs - 2009
This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on...
Persistent link: https://www.econbiz.de/10003831962
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Volatility transmission in emerging European foreign exchange markets
Bubák, Vít; Kočenda, Evžen; Zikes, Filip - 2010
This paper studies the dynamics of volatility transmission between Central European currencies and euro/dollar foreign exchange using model-free estimates of daily exchange rate volatility based on intraday data. We formulate a flexible yet parsimonious parametric model in which the daily...
Persistent link: https://www.econbiz.de/10003969723
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Renminbising China's foreign assets
Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2010
Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...
Persistent link: https://www.econbiz.de/10003956012
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Time-varying exchange rate basket in China from 2005 to 2009
Fidrmuc, Jarko - 2010
We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...
Persistent link: https://www.econbiz.de/10003997605