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U.S. dollar currency premium in corporate bonds

Caramichael, John; Gopinath, Gita; Liao, Gordon Y. - 2021

We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates...

Persistent link: https://www.econbiz.de/10012605639

Spillovers from United States monetary policy on emerging markets : different this time?

Chen, Jiaqian; Mancini Griffoli, Tommaso; Sahay, Ratna - 2014

Persistent link: https://www.econbiz.de/10010479509

What explains movements in the peso/dollar exchange rate?

Wu, Yi - 2013

This paper examines the factors affecting the weekly peso/dollar exchange rate movements between 1999 and 2013 using an error correction model. The model fits the historical data well. While copper price is the most important determinant of the peso exchange rate over the long run, other factors...

Persistent link: https://www.econbiz.de/10012667552

Surprise, surprise : what drives the Rand/U.S. Dollar exchange rate volatility?

Maveé, Nasha; Perrelli, Roberto; Schimmelpfennig, Axel - 2016

This paper investigates possible drivers of volatility in the South African rand since the onset of the global financial crisis. We assess the role played by local and international economic surprises, commodity price volatility, global market risk perceptions, and local political uncertainty....

Persistent link: https://www.econbiz.de/10011715523

The non-U.S. bank demand for U.S. dollar assets

Adrian, Tobias; Xie, Peichu - 2020

The USD asset share of non-U.S. banks captures the demand for dollars by these investors. An instrumental variable strategy identifies a causal link from the USD asset share to the USD exchange rate. Cross-sectional asset pricing tests show that the USD asset share is a highly significant...

Persistent link: https://www.econbiz.de/10012252026

The Impact of Monetary Policyon the Bilateral Exchange Rate : Chile Versus the United States

Zettelmeyer, Jeromin - 2003

This paper examines the reaction of the bilateral Ch$/US$ exchange rate to monetary policy actions in Chile and the United States. The approach is to regress the change in the exchange rate following a policy announcement on changes in market interest rates in response to the same announcement....

Persistent link: https://www.econbiz.de/10014403954

Fundamentals At Odds? : The U.S. Current Account Deficit and the Dollar

Milesi-Ferretti, Gian-Maria - 2008

The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further...

Persistent link: https://www.econbiz.de/10014401990

Trade and Investment Performance Under Floating Exchange Rates : The U.S. Experience

International Monetary Fund - 1988

Contrary to the arguments of several scholars, we have failed to find either a conclusive theoretical case or clear empirical evidence of an effect, harmful or otherwise, of exchange rate variability (as measured by either short-term volatility or long-run misalignment) on overall levels of...

Persistent link: https://www.econbiz.de/10014396337

Japan's foreign assets and liabilities : implications for the external accounts

Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021

The composition of Japan's current account balance has changed over time, with an increasing income balance primarily … reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer … countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is …

Persistent link: https://www.econbiz.de/10012517939

Anatomy of sudden yen appreciations

Han, Fei; Westelius, Niklas J. - 2019

Japan's efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at …

Persistent link: https://www.econbiz.de/10012102082

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