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Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Choi, Woo Jin - 2017

We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...

Persistent link: https://www.econbiz.de/10012455340

Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons

Jordà, Òscar - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …

Persistent link: https://www.econbiz.de/10012462090

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10012463821

Current Account Reversals : Always a Problem?

Eichengreen, Barry - 2005

and pre-World War I gold standard eras …

Persistent link: https://www.econbiz.de/10012467043

Sterling's Past, Dollar's Future : Historical Perspectives on Reserve Currency Competition

Eichengreen, Barry - 2005

This paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game, showing that several currencies have often...

Persistent link: https://www.econbiz.de/10012467347

Global Imbalances and the Lessons of Bretton Woods

Eichengreen, Barry - 2004

interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …

Persistent link: https://www.econbiz.de/10012468196

A Century of Current Account Dynamics

Taylor, Alan M. - 2002

Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era...

Persistent link: https://www.econbiz.de/10012469787

Mars or Mercury? The Geopolitics of International Currency Choice

Eichengreen, Barry - 2017

geopolitical factors. Using data on foreign reserves of 19 countries before World War I, for which the currency composition of … hypothetical scenario where the U.S. withdraws from the world, our estimates suggest that long-term U.S. interest rates could rise …

Persistent link: https://www.econbiz.de/10012453568

The Future of International Liquidity and the Role of China

Taylor, Alan M. - 2013

and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …

Persistent link: https://www.econbiz.de/10012459889

External Imbalances and Financial Crises

Taylor, Alan M. - 2012

In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...

Persistent link: https://www.econbiz.de/10012460056