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Model Structure and the Combined Welfare and Trade Effects of China's Trade Related Policies

Dong, Yan - 2010

Because China's economic structure is different from that in OECD countries, using conventional neo … fully representative of modern China, but it does go some way beyond simple competitive models used elsewhere and points to … exchange rate have more impact on China's welfare than tariff liberalization. Policies of RMB appreciation and increasing China …

Persistent link: https://www.econbiz.de/10013150911

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality

Aizenman, Joshua - 2008

This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...

Persistent link: https://www.econbiz.de/10012772382

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model

Whalley, John - 2010

Given the rapidly growing reserves in Asia (China, Japan, Korea, Taiwan) and the pressures from trading partners to …, and that changes in trade flows can be substantial. Different treatments of China's processing trade have small impact on … changes in China's trade flow under RMB appreciation, but significant impacts on the change in the surplus. Results are …

Persistent link: https://www.econbiz.de/10012759718

Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Giovannini, Alberto - 2021

This paper studies the fluctuations of foreign exchange reserves under a regime of credibly fixed exchange rates. The paper considers a variety of assumptions on the determinants of money demand and currency substitution

Persistent link: https://www.econbiz.de/10013224196

The Demand for International Reserves and Exchange Rate Adjustments : Thecase of Ldcs, 1964-1972

Edwards, Sebastian - 2021

In this paper the relationship between the demand for international reserves and exchange rate adjustments is empirically investigated for agroup of LDC's. It is shown that countries that have maintained a fixed exchange rate for a long period of time have a different demand function than...

Persistent link: https://www.econbiz.de/10013225963

The Revived Bretton Woods System : The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries

Dooley, Michael P.; Folkerts-Landau, David F. I.; … - 2021

In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an...

Persistent link: https://www.econbiz.de/10013237036

Exchange Market Pressure and Absorption by International Reserves : Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis

Aizenman, Joshua - 2010

This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...

Persistent link: https://www.econbiz.de/10013138399

Adjustment Patterns to Commodity Terms of Trade Shocks : The Role of Exchange Rate and International Reserves Policies

Aizenman, Joshua - 2011

We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...

Persistent link: https://www.econbiz.de/10013117207

Reserves and Baskets

Bordo, Michael D. - 2011

We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes' Bancor, the SDR and the Ecu( predecessor to the euro).The latter two of these reserve substitutes were...

Persistent link: https://www.econbiz.de/10013119771

Optimal Holdings of International Reserves : Self-Insurance Against Sudden Stop

Calvo, Guillermo - 2012

This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are...

Persistent link: https://www.econbiz.de/10013103810