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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
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Covered Interest Parity Deviations : Macrofinancial Determinants
Cerutti, Eugenio - 2019
For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely-even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macro...
Persistent link: https://www.econbiz.de/10012892902
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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
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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
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Facing the Global Financial Cycle : What Role for Policy
Batini, Nicoletta; Durand, Luigi - 2021
Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
Persistent link: https://www.econbiz.de/10013243053
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Global Bonding : Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?
Bayoumi, Tamim - 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
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Deciding to Enter a Monetary Union : Therole of Trade and Financial Linkages
Lama, Ruy - 2012
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....
Persistent link: https://www.econbiz.de/10013098569
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A New Wave of Ecb's Unconventional Monetary Policies : Domestic Impact and Spillovers
Varghese, Richard - 2018
ECB President Draghi's Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to...
Persistent link: https://www.econbiz.de/10012928015
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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
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The Stealth Erosion of Dollar Dominance : Active Diversifiers and the Rise of Nontraditional Reserve Currencies
Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima - 2022
We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small...
Persistent link: https://www.econbiz.de/10013292745