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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
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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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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
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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
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RMB Internationalization : Onshore/Offshore Links
Maziad, Samar - 2012
Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China …
Persistent link: https://www.econbiz.de/10014396567
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Renminbi
Maziad, Samar; Kang, Joong Shik - 2012
Persistent link: https://www.econbiz.de/10009615561
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The re-emerging privilege of euro area membership
Wiegand, Johannes - 2017
When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived quality of euro denominated assets that would increase...
Persistent link: https://www.econbiz.de/10011705308
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Global trade and the dollar
Boz, Emine; Gopinath, Gita; Plagborg-Møller, Mikkel - 2017
We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs, we establish the following facts: 1) The dollar exchange rate quantitatively dominates the bilateral...
Persistent link: https://www.econbiz.de/10011763554
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Euroization drivers and effective policy response : an application to the case of Albania
Della Valle, Guido; Kota, Vasilika; Veyrune, Romain; … - 2018
This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empirical measure of the optimal level of euroization. The results indicate that...
Persistent link: https://www.econbiz.de/10011799246
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International Reserve Currencies
International Monetary Fund - 1989
We study the composition of central bank holdings of foreign reserves when the level of currency riskiness is endogenously determined by economic structure and policymaker preferences in reserve issuing countries. Examination of the behavior of official foreign reserves of the industrial and...
Persistent link: https://www.econbiz.de/10014396457