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International exchange rate systems: Where do we stand?
Siebert, Horst - 2006
This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are...
Persistent link: https://www.econbiz.de/10010273093
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Stöhr, Tobias - 2020
, interest rates tend to fall in response to sales of the domestic currency, whereas stock prices of large (exporting) firms … increase after devaluation of the domestic currency. …
Persistent link: https://www.econbiz.de/10012180926
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Foreign exchange intervention: A new database
Fratzscher, Marcel; Heidland, Tobias; Menkhoff, Lukas; … - 2020
We construct a novel database of monthly foreign exchange interventions for 49 countries over up to 22 years. We build on a text classification approach that extracts information about interventions from news articles and calibrate our procedure to data about actual interventions. Our new...
Persistent link: https://www.econbiz.de/10012315605
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The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan
Frenkel, Michael; Pierdzioch, Christian; Stadtmann, Georg - 2002
This paper presents evidence on the accuracy of press reports regarding the foreign exchange market interventions conducted by the Bank of Japan (BoJ) between January 1995 and December 1999. We find that the reports of interventions in the financial press are a relatively inaccurate indicator...
Persistent link: https://www.econbiz.de/10010260509
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The effectiveness of the interventions of the Swiss National Bank: an event-study analysis
Pierdzioch, Christian; Stadtmann, Georg - 2003
We use the event-study methodology to analyze the effectiveness of the foreign exchange market interventions conducted by the Swiss National Bank (SNB) during the period from 1986 through 1995. We find some evidence that the interventions of the SNB had an impact on exchange rate dynamics. The...
Persistent link: https://www.econbiz.de/10010260620
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The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility
Frenkel, Michael; Pierdzioch, Christian; Stadtmann, Georg - 2003
Previous studies have mainly used reports in the financial press to analyze the link between the interventions of the Bank of Japan (BoJ) and exchange rate volatility. We use official intervention data for the period 1993-2000 that were released only recently by the BoJ and find that the...
Persistent link: https://www.econbiz.de/10010260629
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A bargaining theory of trade invoicing and pricing
Goldberg, Linda; Tille, Cédric - 2013
the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency …-importer transactions, but also for aggregate variables such as the average price, the average choice of invoicing currency, and the … correlation between invoicing currency and the size of trade transactions. …
Persistent link: https://www.econbiz.de/10010294944
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Monetary union and macroeconomic stabilization
Groll, Dominik - 2014
It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...
Persistent link: https://www.econbiz.de/10011416458
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Monetary union and macroeconomic stabilization
Groll, Dominik - 2013
It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...
Persistent link: https://www.econbiz.de/10010326829
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An international rule system to avoid financial instability
Siebert, Horst - 2008
In a series of summits, leading countries of the world will meet to draw up an international arrangement for financial stability. Such a rule system should prevent a financial crisis as we have seen it in 2007 and 2008. It should include appropriate principles of monetary policy, rules for...
Persistent link: https://www.econbiz.de/10010263530