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Using a new equity price-based measure of the global financial cycle, this paper evaluates the relative importance of global financial shocks for quarterly equity returns and output growths in a large sample of advanced and emerging economies, as well as in South Korea and China--two countries...
Persistent link: https://www.econbiz.de/10012481287
This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...
Persistent link: https://www.econbiz.de/10012471348
One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. This paper focuses on one important source of information to the foreign exchange markets, the intervention operations of the G-3 central banks. Previous studies using...
Persistent link: https://www.econbiz.de/10012471447
timings and amounts for Japan, the US, and Germany. Fourth, we present the episode of international coordination represented …
Persistent link: https://www.econbiz.de/10012479168
interest to policymakers at the time of adoption. We examine the political economy of Japan's adoption of the gold standard in … contrast to previous studies examining bond yields, we find little evidence that joining the gold standard reduced Japan … policymakers suggested, we find that membership in the gold standard increased Japan's exports by lowering transactions costs and …
Persistent link: https://www.econbiz.de/10012463454
two decades of pegging at 360 yen, Japan decoupled from the dollar on August 1971 and then repegged at a revalued rate of …We analyze the impact of Japan's exit from its peg on exports and investment. The results point to sizeable effects of …
Persistent link: https://www.econbiz.de/10012467052
This paper analyzes and estimates the reaction function of the Japanese monetary authorities in deciding when to intervene in the foreign exchange (forex) markets, using daily Japanese intervention data from April 1, 1991 to December 31, 2002. This paper is the first in estimating the reaction...
Persistent link: https://www.econbiz.de/10012468237
conclude that the Foolproof Way is likely to work well for Japan, which is in a liquidity trap now, as well as for the euro …
Persistent link: https://www.econbiz.de/10012468499
billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success …
Persistent link: https://www.econbiz.de/10012469050
This paper examines Japanese foreign exchanges interventions from April 1991 to March 2001 based on newly disclosed official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125, while all the yen-purchasing (dollar-selling)...
Persistent link: https://www.econbiz.de/10012469800