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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings

Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - 2023

This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...

Persistent link: https://www.econbiz.de/10014257932

Global Banks' Dollar Funding : A Source of Financial Vulnerability

Barajas, Adolfo - 2020

Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems' resilience, US dollar funding remains a...

Persistent link: https://www.econbiz.de/10012827587

ECB Euro Liquidity Lines

Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023

Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback effects. The announcement of an ECB euro liquidity...

Persistent link: https://www.econbiz.de/10014354526

Issuance of Central Bank Securities : International Experiences and Guidelines

Gray, Simon - 2015

The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some...

Persistent link: https://www.econbiz.de/10013021444

Global Bonding : Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?

Bayoumi, Tamim A. - 2013

reverberate around the world much more strongly than shocks from other regions, including the Euro area, while inward spillovers …

Persistent link: https://www.econbiz.de/10013084151

What Happens If Central Banks Misdiagnose a Slowdown in Potential Output

Bakker, Bas Berend - 2019

In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a decline in potential output growth (which has shifted the Okun curve to the left). We...

Persistent link: https://www.econbiz.de/10012859859

Sovereign Debt Sustainability and Central Bank Credibility

Willems, Tim; Zettelmeyer, Jeromin - 2022

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an “accounting based” view of debt sustainability, evaluated using government borrowing rates, to a “model based” view...

Persistent link: https://www.econbiz.de/10013295141

Deposit Insurance, Remittances, and Dollarization : Survey-Based Evidence from a Top Remittance-Receiving Country

Grigorian, David A. - 2017

The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the use of formal channels for transmitting remittances and reduces dollarization....

Persistent link: https://www.econbiz.de/10012950418

Global Trade and the Dollar

Gopinath, Gita - 2018

.S. dollar is a key predictor of rest-of-world aggregate trade volume and consumer/producer price inflation. A 1 percent U ….S. dollar appreciation against all other currencies in the world predicts a 0.6-0.8 percent decline within a year in the volume … of total trade between countries in the rest of the world, controlling for the global business cycle. 4) Using a novel …

Persistent link: https://www.econbiz.de/10012928628

Revisiting the Concept of Dollarization : The Global Financial Crisis and Dollarization in Low-Income Countries

Mwase, Nkunde - 2015

The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in...

Persistent link: https://www.econbiz.de/10013027669