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Asset Market and Balance of Payments Characteristics : An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen

MacDonald, Ronald - 1995

In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S. dollar for the recent experience with floating exchange rates. Our approach may...

Persistent link: https://www.econbiz.de/10014398230

Dollar invoicing, global value chains, and the business cycle dynamics of international trade

Cook, David; Patel, Nikhil - 2022

Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy,...

Persistent link: https://www.econbiz.de/10013170273

Exchange rate elasticities of international tourism and the role of dominant currency pricing

Ding, Ding; Timmer, Yannick - 2022

We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an important driver of tourism flows and pricing. The...

Persistent link: https://www.econbiz.de/10013170287

Predictable Movements in Yen/DM Exchange Rates

Kongsamut, Qingying - 2000

This paper examines the relevance of PPP, the adjustment channel of real exchange rate and the predictability of the movement in nominal exchange rate by studying the behavior of yen/DM exchange rate, using cointegration method. Results support PPP and find that the real exchange rate is...

Persistent link: https://www.econbiz.de/10014399967

Liberalized Markets Have More Stable Exchange Rates : Short-Run Evidence From Four Transition Countries

Bulir, Ales - 2004

The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This ""endogenous liquidity"" hypothesis suggests that opening financial...

Persistent link: https://www.econbiz.de/10014404080

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 … without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency … mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the …

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

Long-Run Purchasing Power Parity and the Dollar-Sterling Exchange Rate in the 1920's

Taylor, Mark P. - 1990

This paper replies to Ahking’s (1990) re-examination of Taylor and McMahon’s (1988) analysis of long-run purchasing power parity in the 1920s. We demonstrate that Ahking’s conclusions are only partially correct and reestablish our conclusion that, a form of long-run purchasing-power parity...

Persistent link: https://www.econbiz.de/10014395859

Dollarization in Lebanon

Mueller, Johannes - 1994

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

Persistent link: https://www.econbiz.de/10014395981

U.S. dollar dynamics : how important are policy divergence and FX risk premiums?

Balakrishnan, Ravi; Laséen, Stefan; Pescatori, Andrea - 2016

the Canadian USD and the Euro; (iii) oil price shocks play a particularly important role for the Canadian USD (an oil …

Persistent link: https://www.econbiz.de/10011711595

Impact of remittances on natural rate of dollarization : trends in Caucasus and Central Asia

Gondo, Rocio; Aidarova, Altynai; Kumar, Manmohan S. - 2020

This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is conceptually linked to the currency allocation in a portfolio of deposits to maximize...

Persistent link: https://www.econbiz.de/10012302051