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New Estimation of China's Exchange Rate Regime
Frankel, Jeffrey A. - 2009
The paper updates the answer to the question: what precisely is the exchange rate regime that China has put into place …
Persistent link: https://www.econbiz.de/10012463947
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On the Renminbi : The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate
Frankel, Jeffrey - 2005
for China. (1) China's economy is on the overheating side of internal balance, and appreciation would help easy … inflationary pressure. (2) Although foreign exchange reserves are a useful shield against currency crises, by now China's current … economy like China can achieve adjustment in the real exchange rate via flexibility in the nominal exchange rate more easily …
Persistent link: https://www.econbiz.de/10012467410
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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/10012460562
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Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar
Papaioannou, Elias - 2006
market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank's desire to hold a sizable …
Persistent link: https://www.econbiz.de/10012466332
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Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes
Frankel, Jeffrey A. - 2009
A new technique for estimating countries' de facto exchange rate regimes synthesizes two approaches. One approach estimates the implicit de facto basket weights in an OLS regression of the local currency value rate against major currency values. Here the hypothesis is a basket peg with little...
Persistent link: https://www.econbiz.de/10012463030
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Exchange Rate Regimes and the Extensive Margin of Trade
Bergin, Paul R. - 2008
This paper finds that currency unions and direct exchange rate pegs raise trade through distinct channels. Panel data analysis of the period 1973-2000 indicates that currency unions have raised trade predominantly at the extensive margin, the entry of new firms or products. In contrast, direct...
Persistent link: https://www.econbiz.de/10012464519
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Estimation of De Facto Exchange Rate Regimes : Synthesis of the Techniques for Inferring Flexibility and Basket Weights
Frankel, Jeffrey A. - 2008
The paper offers a new approach to estimate de facto exchange rate regimes, a synthesis of two techniques. One is a technique that the authors have used in the past to estimate implicit de facto weights when the hypothesis is a basket peg with little flexibility. The second is a technique used...
Persistent link: https://www.econbiz.de/10012464630
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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings
Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - National Bureau of Economic Research - 2022
This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...
Persistent link: https://www.econbiz.de/10013477280
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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
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Capital Inflows and Reserve Accumulation : The Recent Evidence
Reinhart, Carmen M. - 2008
Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...
Persistent link: https://www.econbiz.de/10012464804