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To bet or not to bet : copper price uncertainty and investment in Chile
Comelli, Fabio; Pérez Ruiz, Esther - 2016
prices' sharp decline and forecast uncertainty since the end of the commodity super-cycle has rekindled the debate on Chile … uncertainty using options contracts. VAR analysis shows that the investment response to an uncertainty shock of average magnitude … alternative definitions for investment, uncertainty, and options' maturing time …
Persistent link: https://www.econbiz.de/10011715577
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Exchange Rate Uncertainty in Money-Based Stabilization Programs
Morales, R. Armando - 1998
uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to … between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental …
Persistent link: https://www.econbiz.de/10014400424
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International Risk Sharing : Through Equity Diversification or Exchange Rate Hedging?
Matsumoto, Akito - 2009
Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk-sharing puzzles are related to another empirical...
Persistent link: https://www.econbiz.de/10014404288
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The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings
Jin, Zhongxia; Wang, Haobin; Zhao, Yue - 2021
Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce...
Persistent link: https://www.econbiz.de/10012613705
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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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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
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FX intervention to stabilize or manipulate the exchange rate? : inference from profitability
Sandri, Damiano - 2020
relative to UIP conditions. We also document that intervention is more aggressive when there is less uncertainty about the …
Persistent link: https://www.econbiz.de/10012251968
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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 renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de...
Persistent link: https://www.econbiz.de/10012009461
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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