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Reverse Causality in Global Current Accounts
Schnabl, Gunther - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10013142986
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Inflation Trends in Asia : Implications for Central Banks
Garcia, Juan A. - 2019
Trend inflation estimates for 12 of the largest Asian economies over 1995-2018 offer important insights on inflation dynamics and inflation expectations. The disinflationary shocks that hit the region since 2014 were partly transitory, but their effects have been different depending on the...
Persistent link: https://www.econbiz.de/10012858259
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - 2011
is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the region … the RMB has become a key driver of currency movements in emerging Asia since the mid-2000s, and even more so since the … affected by those in the rest of Asia. …
Persistent link: https://www.econbiz.de/10011605438
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Do China and Oil Exporters Influence Major Currency Configurations?
Fratzscher, Marcel - 2015
This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...
Persistent link: https://www.econbiz.de/10012749953
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The International Dimension of an Incomplete Emu
Ioannou, Demosthenes - 2020
This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion shocks based on a combination of sign, magnitude and...
Persistent link: https://www.econbiz.de/10012824791
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Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery
Schnabl, Gunther - 2008
Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...
Persistent link: https://www.econbiz.de/10012773503
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China's Dominance Hypothesis and the Emergence of a Tri-Polar Global Currency System
Fratzscher, Marcel - 2011
is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the region … the RMB has become a key driver of currency movements in emerging Asia since the mid-2000s, and even more so since the … affected by those in the rest of Asia …
Persistent link: https://www.econbiz.de/10013119934
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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
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Global Roles of Currencies
Thimann, Christian - 2021
This paper presents a new concept - the global roles of currencies. The concept combines the domestic and international (cross-border) use of currencies and therefore captures the overall importance of different currencies in a globalised economy. The measure of a currency's global role is based...
Persistent link: https://www.econbiz.de/10013316395
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Has Emerging Asia Decoupled? An Analysis of Production and Trade Linkages Using the Asian International Input-Output Table
Pula, Gabor - 2009
dependence of emerging Asia on external demand. This paper analyses, using an update of the Asian International Input-Output (AIO … linkages. According to the results, we do not find evidence of the decoupling of emerging Asia from the rest of the world. On … indicates that emerging Asia's dependence on exports is only about one-third of its GDP, i.e. well below the 50% exposure …
Persistent link: https://www.econbiz.de/10012765710