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Learning About Intervention Target Zones
Klein, Michael W. - 2010
This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. In order to examine this behavior, we first generalize the standard target zone model to allow for intra-marginal...
Persistent link: https://www.econbiz.de/10013140134
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A Model of the International Monetary System
Farhi, Emmanuel - 2016
We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …
Persistent link: https://www.econbiz.de/10012990769
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The Emergence of the Euro as an International Currency
Portes, Richard; Rey, Hélène - 2021
two effects interact, as we demonstrate. We use a three-region world model as a framework for alternative steady …
Persistent link: https://www.econbiz.de/10013218717
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Implications of the Great Depression for the Development of the International Monetary System
Bordo, Michael D.; Eichengreen, Barry - 2021
monetary system from 1928-1971 and simulate its implications for the determination of the world price level and the durability … implications for economic growth and resource allocation of allowing 1920s-style international capital mobility after World War II …
Persistent link: https://www.econbiz.de/10013249557
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10013078857
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Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis
Bayoumi, Tamim; Eichengreen, Barry - 2021
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10013226928
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The Rise of the Dollar and Fall of the Euro as International Currencies
Maggiori, Matteo - 2018
The modern notion of an international currency involves use in areas of international finance and trade that extend well beyond central banks' coffers. In addition to their important roles as foreign exchange reserves, international currencies are most frequently used to denominate corporate and...
Persistent link: https://www.econbiz.de/10012906266
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From World Banker to World Venture Capitalist : Us External Adjustment and the Exorbitant Privilege
Gourinchas, Pierre-Olivier; Rey, Hélène - 2021
long. As financial globalization accelerated its pace, the US transformed itself from a World Banker into a World Venture …
Persistent link: https://www.econbiz.de/10013248578
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Keynes and the Dollar in 1933
Edwards, Sebastian - 2017
On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: “The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.” In this paper I use high frequency data to...
Persistent link: https://www.econbiz.de/10012963186
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When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence from the Bond Markets
Chitu, Livia - 2012
This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...
Persistent link: https://www.econbiz.de/10013106301