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History, Gravity and International Finance

Chitu, Livia - 2012

We analyze persistence in patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US...

Persistent link: https://www.econbiz.de/10013101190

When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence From the Bond Markets

Chitu, Livia - 2012

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...

Persistent link: https://www.econbiz.de/10013107004

Mars or Mercury Redux : The Geopolitics of Bilateral Trade Agreements

Eichengreen, Barry - 2019

We analyze the role of economic and security considerations in bilateral trade agreements. We use the pre-World War I …

Persistent link: https://www.econbiz.de/10012891795

Cables, Sharks and Servers : Technology and the Geography of the Foreign Exchange Market

Eichengreen, Barry - 2016

connections on the share of offshore foreign exchange transactions. Cable connections between local markets and matching servers … in the major financial centers lower the fixed costs of trading currencies and increase the share of currency trades … occurring onshore. At the same time, however, they attenuate the effect of standard spatial frictions such as distance, local …

Persistent link: https://www.econbiz.de/10012993792

Stability or Upheaval? The Currency Composition of International Reserves in the Long Run

Eichengreen, Barry - 2015

forward in time to test whether there was a shift in the determinants of reserve currency shares around the breakdown of …

Persistent link: https://www.econbiz.de/10013033055

Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model

Dees, Stephane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2021

This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...

Persistent link: https://www.econbiz.de/10013316169

Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market

Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud - 2016

Persistent link: https://www.econbiz.de/10011605934

Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate

Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia; … - 2014

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

Persistent link: https://www.econbiz.de/10011605731