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Assessing the Emerging Global Financial Architecture : Measuring the Trilemma's Configurations over Time

Aizenman, Joshua - 2008

We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...

Persistent link: https://www.econbiz.de/10012464115

A Decomposition of Global Linkages in Financial Markets Over Time

Forbes, Kristin J. - 2003

This paper tests if real and financial linkages between countries can explain why movements in the world's largest … between the world's 5 largest economies and about 40 other markets to decompose the cross-country factor loadings into: direct … to be the most important determinant of how movements in the world's largest markets affect financial markets around the …

Persistent link: https://www.econbiz.de/10012469145

Balance Sheet Effects on Monetary and Financial Spillovers : The East Asian Crisis Plus 20

Aizenman, Joshua - 2016

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other countries over the period 1986 through 2015. Our methodology relies upon a two-step approach. We focus on five possible linkages between the center economies (CEs) and the non-Center...

Persistent link: https://www.econbiz.de/10012455943

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment

Chinn, Menzie D. - 2006

We examine the relative predictive power of the sticky price monetary model, uncovered interest parity, and a transformation of net exports and net foreign assets. In addition to bringing Gourinchas and Rey's new approach and more recent data to bear, we implement the Clark and West...

Persistent link: https://www.econbiz.de/10012466184

Are Chinese Trade Flows Different?

Cheung, Yin-Wong - 2012

We find that Chinese trade flows respond to economic activity and relative prices - as represented by a trade weighted exchange rate - but the relationships are not always precisely or robustly estimated. Chinese exports are generally well-behaved, rising with foreign GDP and decreasing as the...

Persistent link: https://www.econbiz.de/10012460784

Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma

Aizenman, Joshua - 2010

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...

Persistent link: https://www.econbiz.de/10012462774

Pitfalls in Measuring Exchange Rate Misalignment : The Yuan and Other Currencies

Cheung, Yin-Wong - 2008

We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...

Persistent link: https://www.econbiz.de/10012464479

China's Current Account and Exchange Rate

Cheung, Yin-Wong - 2009

predicted by estimates based upon a cross-country sample, when using the 2006 vintage of the World Development Indicators. The …

Persistent link: https://www.econbiz.de/10012463974

A Faith-based Initiative : Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Chinn, Menzie D. - 2008

The assertion that a flexible exchange rate regime would facilitate current account adjustment is often repeated in policy circles. In this paper, we compile a data set encompassing data for over 170 countries are included, over the 1971-2005 period, and examine whether the rate of current...

Persistent link: https://www.econbiz.de/10012464227

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency

Chinn, Menzie D. - 2008

major currencies in the reserve holdings of the world's central banks. Significant factors include: size of the home country …

Persistent link: https://www.econbiz.de/10012464738