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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
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China's evolving exchange rate regime
Das, Sonali - 2019
China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The …
Persistent link: https://www.econbiz.de/10012009461
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The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings
Jin, Zhongxia; Wang, Haobin; Zhao, Yue - 2021
, which is not conducive to countering the impact of external shocks. We show that China's macroeconomic responses to external …
Persistent link: https://www.econbiz.de/10012613705
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The external impact of China's exchange rate policy : evidence from firm level data
Eichengreen, Barry; Tong, Hui - 2011
Persistent link: https://www.econbiz.de/10009424815
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The External Impact of China'S Exchange Rate Policy : Evidence From Firm Level Data
Eichengreen, Barry J. - 2011
changes in China’s exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in 44 economies. Stock returns … market sentiment and specific trade effects. Expected renminbi appreciation has a positive effect on firms exporting to China … competing with China in their home market but fall for firms importing Chinese products with large imported-input content. There …
Persistent link: https://www.econbiz.de/10014399195
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Evolution of Exchange Rate Regimes
International Monetary Fund - 1988
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/10014395957
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Recent shifts in capital flow patterns in Korea : an investor base perspective
Hansen, Niels-Jakob Harbo; Krogstrup, Signe - 2019
Koreas cross border capital flows have tended to respond negatively in global risk-off episodes, resulting in volatility in the foreign exchange market and occasional policy responses in the form of foreign exchange interventions. We study the relationship between Korean capital flows and global...
Persistent link: https://www.econbiz.de/10012154900
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Global value chains and external adjustment : do exchange rates still matter?
Adler, Gustavo; Meleshchuk, Sergii; Osorio Buitron, Carolina - 2019
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity...
Persistent link: https://www.econbiz.de/10012155213
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Destabilizing stability? : exchange rate arrangements and foreign currency debt
Csonto, Balazs; Gudmundsson, Tryggvi - 2020
Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...
Persistent link: https://www.econbiz.de/10012301949
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Patterns of foreign exchange intervention under inflation targeting
Adler, Gustavo; Chang, Kyun Suk; Wang, Zijiao - 2020
The paper documents the use of foreign exchange intervention (FXI) across countries and monetary regimes, with special attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market economies, with the former group conducting FXI...
Persistent link: https://www.econbiz.de/10012251394