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The gold standard, Bretton Woods and other monetary regimes : an historical appraisal

Bordo, Michael D. - 1993

Persistent link: https://www.econbiz.de/10000109178

The Gold Standard, Bretton Woods and other Monetary Regimes : An Historical Appraisal

Bordo, Michael - 1993

This paper provides answers to two questions. The first question is which international monetary regime is best for economic performance? One based on fixed exchange rates: including the gold standard and its variants? Adjustable peg regimes such as the Bretton Woods system and the European...

Persistent link: https://www.econbiz.de/10012474648

International Monetary Instability Between the Wars : Structural Flaws or Misguided Policies?

Eichengreen, Barry - 1989

This paper reassesses the history of the international monetary system between the wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate variability and real...

Persistent link: https://www.econbiz.de/10012475921

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/10012481057

From World Banker to World Venture Capitalist : US External Adjustment and the Exorbitant Privilege

Gourinchas, Pierre-Olivier - 2005

Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint as has been asserted in some European quarters? Using a newly constructed dataset, we perform a detailed analysis of the historical evolution of US...

Persistent link: https://www.econbiz.de/10012467115

The Effects of Industry Structure on Economic Exposure

Marston, Richard C. - 1996

in foreign currency. So the firm's hedging strategy is simple: sell foreign currency futures equal to the value of its … and its marginal cost in order to assess its exposure to exchange rates. So its hedging strategy also requires detailed …

Persistent link: https://www.econbiz.de/10012473341

Equilibrium Exchange Rate Hedging

Black, Fischer - 1989

In a one-period model where each investor consumes a single good, and where borrowing and lending are private and real, there is a universal constant that tells how much each investor hedges his foreign investments. The constant depends only on average risk tolerance across investors. The same...

Persistent link: https://www.econbiz.de/10012476106

Do Peso Problems Explain the Returns to the Carry Trade?

Burnside, A. Craig - 2008

We study the properties of the carry trade, a currency speculation strategy in which an investor borrows low-interest-rate currencies and lends high-interest-rate currencies. This strategy generates payoffs which are on average large and uncorrelated with traditional risk factors. We argue that...

Persistent link: https://www.econbiz.de/10012464592

Exchange Rate, Equity Prices and Capital Flows

Hau, Harald - 2002

incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important …

Persistent link: https://www.econbiz.de/10012469305

Currency Hedging : Managing Cash Flow Exposure

Alfaro, Laura; Calani, Mauricio; Varela, Liliana - National Bureau of Economic Research - 2021

relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering …, international trade, trade credits and foreign currency debt. We uncover four novel facts: (i) natural hedging of currency risk is … limited, (ii) financial hedging is more likely to be used by larger firms and for larger amounts, (iii) firms in international …

Persistent link: https://www.econbiz.de/10012585394

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