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Macroeconomic interdependence and the international role of the dollar

Goldberg, Linda; Tille, Cédric - 2008

The U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U.S. exports and imports are invoiced in dollars; second, trade flows that do not involve the United States are often invoiced in dollars, a fact that has received relatively little...

Persistent link: https://www.econbiz.de/10010283544

The shifting drivers of global liquidity

Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; … - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flows to U.S. monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10011942764

When is there a strong transfer risk from the sovereigns to the corporates?

Bai, Jennie; Wei, Shang-jin - 2012

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one reason why international investment in private companies has to take into account the sovereign risk. But the likelihood of sovereign risk transferring to corporates and...

Persistent link: https://www.econbiz.de/10010333592

One-sided test for an unknown breakpoint: Theory, computation, and application to monetary theory

Estrella, Arturo; Rodrigues, Anthony P. - 2005

The econometrics literature contains a variety of two-sided tests for unknown breakpoints in time-series models with one or more parameters. This paper derives an analogous one-sided test that takes into account the direction of the change for a single parameter. In particular, we propose a sup...

Persistent link: https://www.econbiz.de/10010283407

Micro, macro, and strategic forces in international trade invoicing

Goldberg, Linda S.; Tille, Cédric - 2009

The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter's invoicing choice reflects structural aspects of its industry, such as market share and the...

Persistent link: https://www.econbiz.de/10010287063

Central bank dollar swap lines and overseas dollar funding costs

Goldberg, Linda S.; Kennedy, Craig; Miu, Jason - 2010

Following a scarcity of dollar funding available internationally to banks and financial institutions, in December 2007 the Federal Reserve began to establish or expand Temporary Reciprocal Currency Arrangements with fourteen foreign central banks. These central banks had the capacity to use...

Persistent link: https://www.econbiz.de/10010283558

Financial amplification of foreign exchange risk premia

Adrian, Tobias; Etula, Erkko; Groen, Jan J. J. - 2010

Theories of systemic risk suggest that financial intermediaries' balance-sheet constraints amplify fundamental shocks. We provide supportive evidence for such theories by decomposing the U.S. dollar risk premium into components associated with macroeconomic fundamentals and a component...

Persistent link: https://www.econbiz.de/10010287155

Expectations and contagion in self-fulfilling currency attacks

Keister, Todd - 2006

Self-fulfilling expectations are commonly believed to play an important role in the transmission of currency crises across countries. However, existing models that use multiple equilibria to illustrate the importance of such expectations have many undesirable features. This paper presents a new...

Persistent link: https://www.econbiz.de/10010283360

Too big to fail after all these years

Morgan, Donald P.; Stiroh, Kevin J. - 2005

The naming of eleven banks as “too big to fail (TBTF)” in 1984 led bond raters to raise their ratings on new bond issues of TBTF banks about a notch relative to those of other, unnamed banks. The relationship between bond spreads and ratings for the TBTF banks tended to flatten after that...

Persistent link: https://www.econbiz.de/10010283484

Exchange rate pass-through to import prices in the euro area

Campa, José Manuel; Goldberg, Linda S.; … - 2005

countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of … introduction of the euro caused a structural change in exchange rate pass-through. Although some estimated point elasticities have … manufacturing industries. And since the euro was introduced, industries producing differentiated goods have been more likely to …

Persistent link: https://www.econbiz.de/10010283307