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The behavior of currencies during risk-off episodes
De Bock, Reinout; Carvalho Filho, Irineu de - 2013
2007. During these episodes, currency markets exhibit recurrent patterns, as the Japanese yen, Swiss franc, and U.S. dollar …
Persistent link: https://www.econbiz.de/10012671010
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Carry trade vs. deposit-driven euroization
Geng, Nan; Scutaru, Tiberiu; Wiegand, Johannes - 2018
Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of euroization need to be distinguished, which have different causes, economic...
Persistent link: https://www.econbiz.de/10011848140
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Anatomy of sudden yen appreciations
Han, Fei; Westelius, Niklas J. - 2019
The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable … Japan's efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at … underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important …
Persistent link: https://www.econbiz.de/10012102082
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Global banks' dollar funding : a source of financial vulnerability
Barajas, Adolfo; Deghi, Andrea; Raddatz, Claudio E.; … - 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/10012252271
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Mexico'S Currency Risk Premia in 1992-1994 : A Closer Look At the Interest Rate Differentials
Werner, Alejandro M. - 1996
This paper studies the behavior of interest rate differentials in Mexico during the 1992-94 period. It shows that the currency risk premia is positively related to the share of peso denominated debt in total debt and that the magnitude of this effect is considerable. For every 1 percentage point...
Persistent link: https://www.econbiz.de/10014398127
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The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period
Nagayasu, Jun - 2003
-structure relationship is also weakened by the Bank of Japan''s use of interest rate smoothing …
Persistent link: https://www.econbiz.de/10014403996
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Fix vs. float : evaluating the transition to a sustainable equilibrium in Bolivia
González, Andrés; Jafarov, Etibar; Rodríguez, Diego; … - 2022
Bolivia has achieved noteworthy success over the past 15 years in raising incomes, reducing poverty, and maintaining macroeconomic stability by deploying commodity revenues to finance transfers, public investment, and state-led development, using an exchange rate peg as a policy anchor. However,...
Persistent link: https://www.econbiz.de/10013170086
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International bank lending channel of monetary policy
Albrizio, Silvia; Choi, Sangyup; Furceri, Davide; Yoon, … - 2019
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S.,...
Persistent link: https://www.econbiz.de/10012154603
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Monetary policy is not always systematic and data-driven : evidence from the yield curve
Bulíř, Aleš; Vlček, Jan - 2020
Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve movements, do react to macroeconomic innovations and these reactions reflect the...
Persistent link: https://www.econbiz.de/10012170089
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Crossing the credit channel : credit spreads and firm heterogeneity
Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2020
Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced...
Persistent link: https://www.econbiz.de/10012485947