Showing 1 - 10 of 11
The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not stem from a systematic shift in currency preferences...
Persistent link: https://www.econbiz.de/10014501124
This paper studies how the maturity structure of external debt is affected by international reserves and how they reinforce financial stability through a more crisis-resilient maturity structure. We show in an illustrative theoretical model that reserves lengthen the maturity of external debt...
Persistent link: https://www.econbiz.de/10011440479
We develop a simple measure of international ownership linkages and show that this measure is of similar importance as the traditional effects coming from country and industry fundamentals. International ownership linkages are not explained by omitted country/industry variations, wealth effects...
Persistent link: https://www.econbiz.de/10012905706
We develop a simple measure of international ownership linkages and show that this measure is of similar importance as the traditional effects coming from country and industry fundamentals. International ownership linkages are not explained by omitted country/industry variations, wealth effects...
Persistent link: https://www.econbiz.de/10012905761
We develop a simple measure of international ownership linkages and show that this measure is of similar importance as the traditional effects coming from country and industry fundamentals. International ownership linkages are not explained by omitted country/industry variations, wealth effects...
Persistent link: https://www.econbiz.de/10012905920
We develop a simple measure of international ownership linkages and show that this measure is of similar importance as the traditional effects coming from country and industry fundamentals. International ownership linkages are not explained by omitted country/industry variations, wealth effects...
Persistent link: https://www.econbiz.de/10012906111
This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in three stylized facts: (1) Since the outbreak of the...
Persistent link: https://www.econbiz.de/10010248841
This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridge-financing. It is mindful of the legal issues that this will raise and that such a suggestion will be highly controversial....
Persistent link: https://www.econbiz.de/10010255196
Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new...
Persistent link: https://www.econbiz.de/10012625891
We investigate the effects of Central Bank interventions which are designed to smooth exchange rate volatility but are not aimed at a particular trend level. We present a model in which the intervention flow is a non-linear mapping of the market order flow. Simulations show that small daily...
Persistent link: https://www.econbiz.de/10012848812