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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
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Reserve Currency Blocs : A Changing International Monetary System?
Tovar, Camilo E. - 2018
determine the extent to which nationalcurrencies across the world belong to a reserve currency bloc. We then use these estimates …
Persistent link: https://www.econbiz.de/10012927455
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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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Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Monnet, Eric - 2019
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012864107
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Destabilizing the Global Monetary System : Germany's Adoption of the Gold Standard in the Early 1870s
Wiegand, Johannes - 2019
In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, i.e., a near-universal fixed exchange...
Persistent link: https://www.econbiz.de/10012889160
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Uphill Capital Flows and the International Monetary System
Csonto, Balazs - 2017
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S....
Persistent link: https://www.econbiz.de/10012948528
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Rethinking the Governance of the International Monetary Fund
Mirakhor, Abbas - 2007
This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that justice is the first virtue of social institutions, and we use his theory of justice...
Persistent link: https://www.econbiz.de/10012777959