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Determinants of currency composition of reserves : a portfolio theory approach with an application to RMB

Lu, Yinqiu; Wang, Yilin - 2019

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for those with adequate reserves. Incorporating reserve tranching, we have developed in...

Persistent link: https://www.econbiz.de/10012009483

Development of the renminbi market in Hong Kong SAR : assessing onshore-offshore market integration

Craig, Richard Sean; Hua, Changchun; Ng, Philip; Yuen, … - 2013

Persistent link: https://www.econbiz.de/10010389804

Development of the Renminbi Market in Hong Kong SAR : Assessing Onshore-Offshore Market Integration

Craig, R. Sean - 2013

Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its … currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi … integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are …

Persistent link: https://www.econbiz.de/10014411281

Spillover Effects of Exchange Rates : A Study of the Renminbi

Subramanian, Arvind - 2012

This paper estimates the impact of China''s exchange rate changes on exports of competitor countries in third markets, which we call the ""spillover effect"". We use recent theory to develop an identification strategy in which competition between China and its developing country competitors in...

Persistent link: https://www.econbiz.de/10014396835

Do old habits die hard? : central banks and the Bretton Woods gold puzzle

Monnet, Eric; Puy, Damien - 2019

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...

Persistent link: https://www.econbiz.de/10012102163

Destabilizing the global monetary system : Germany's adoption of the gold standard in the early 1870s

Wiegand, Johannes - 2019

In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, id est, a near-universal fixed exchange...

Persistent link: https://www.econbiz.de/10012009318

Reserve currency blocs : a changing international monetary system?

Tovar, Camilo Ernesto; Mohd Nor, Tania - 2018

the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi …-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is … estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent …

Persistent link: https://www.econbiz.de/10011799270

The international monetary system : where are we and where do we need to go?

Mohan, Rakesh; Patra, Michael Debabrata; Kapur, Muneesh - 2013

Persistent link: https://www.econbiz.de/10010389956

Financial Sector Surveillance and the IMF

Gola, Carlo - 2009

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund''s activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a...

Persistent link: https://www.econbiz.de/10014402231

The Role of IMF Support in Crisis Prevention

Ramakrishnan, Uma - 2006

This paper examines the role of IMF-supported programs in crisis prevention; specifically, whether, conditional on an episode of intense market pressures, IMF financial support helps prevent a capital account crisis from developing and, if so, through what channels. In doing so, the paper...

Persistent link: https://www.econbiz.de/10014402294