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A New Financial Order in Asia : Will a RMB bloc emerge?
Ito, Takatoshi - 2016
, potential impending changes in the Asian monetary and exchange rate regimes in Asia are discussed. Projecting the growth of the … Chinese economy into the future, the weight of the RMB in the financial markets will increase globally as well as in Asia …
Persistent link: https://www.econbiz.de/10012455925
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - 2013
This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system … moderate the perceived need for insurance, and China would have to loom large in both solutions …
Persistent link: https://www.econbiz.de/10012459889
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Why Is the Euro Punching Below Its Weight?
Ilzetzki, Ethan - 2020
On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We document this fact with a wide range of indicators including its role as an anchor or reference in exchange rate arrangements--which we argue is a portmanteau measure--and as a...
Persistent link: https://www.econbiz.de/10012479284
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RMBI or RMBR : Is the Renminbi Destined to Become a Global or Regional Currency?
Eichengreen, Barry - 2015
financial flows and to its institutional initiatives, not just in Asia but around the world. The other is that the renminbi will … play a regional role in Asia equivalent to that of the euro in greater Europe. Proponents of this view argue that China has … in developing regional institutions. Asia, they argue on these grounds, will become the natural habitat for the renminbi …
Persistent link: https://www.econbiz.de/10012456954
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The Dollar in an Era of International Retrenchment
Chahrour, Ryan; Valchev, Rosen - National Bureau of Economic Research - 2023
-for-tat responses between just the US and China would likely leave the dollar's role essentially unchanged. If both countries coordinate …
Persistent link: https://www.econbiz.de/10014322792
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Macroeconomic Interdependence and the International Role of the Dollar
Goldberg, Linda S. - 2008
The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that do not involve the United States are also substantially invoiced in dollars, an aspect that has...
Persistent link: https://www.econbiz.de/10012464827
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Do We Really Need a New International Monetary Compact?
Obstfeld, Maurice - 2000
In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms? Surprisingly, the answer may be no. Under...
Persistent link: https://www.econbiz.de/10012470879
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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012464832
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Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates
Svensson, Lars E.O. - 1992
The paper argues that the reason real world fixed exchange rate regimes usually have finite bands instead of completely fixed exchange rates between realignments is that exchange rate bands, counter to the textbook result, give central banks some monetary independence, even with free...
Persistent link: https://www.econbiz.de/10012474758
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Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
Aizenman, Joshua - 2013
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10012459214