the Canadian $ and the Euro; (iii) oil price shocks play a particularly important role for the Canadian $ (an oil exporter …); and (iv) risk appetite shocks (e.g., VIX shocks) generally lead to U.S. dollar appreciation. The importance of risk …

countries, central bank holdings of dollar reserves are significantly correlated with the dollar-denominated bank borrowing of … stockpile of dollar reserves that allow it to serve as an ex post dollar lender of last resort. The model highlights a novel … externality: individual central banks may tend to over-accumulate dollar reserves, relative to what a global planner would choose …

of them have been tracking either the euro or the US dollar in recent years. Eight countries, all of them current or … aspiring EU members, track the euro. Of the five countries keying on the US dollar in various degrees, all but one belong to … the Commonwealth of Independent States. The paper shows that the extent to which each country's currency tracks the euro …

effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …

from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on …

from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on …