Narrow search
Showing 1 - 10 of 384
Cover Image
Are the intraday effects of central bank intervention on exchange rate spreads asymmetric and state dependent?
Fatum, Rasmus; Pedersen, Jesper; Sørensen, Peter Norman - 2010
This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...
Persistent link: https://www.econbiz.de/10011558470
Cover Image
Order flow in the South: Anatomy of the Brazilian FX market
Wu, Thomas - 2007
This paper contributes to the microstructure approach to exchange rates in two ways. Using a unique dataset that covers 100% of the Brazilian FX financial market, we find a strict link between FX currency flows and the Balance of Payments. Second, we develop an identification strategy that...
Persistent link: https://www.econbiz.de/10010285344
Cover Image
Order flow in the South: Anatomy of the Brazilian FX market
Wu, Thomas - 2007
This paper analyses one of the main pillars of Brazil.s newly found economic resilience: a maturing FX market providing support to its managed .oating exchange rate regime. I develop a microstrucure model suitable to describe the Brazilian FX market, an emerging economy frequently subjected to...
Persistent link: https://www.econbiz.de/10010322735
Cover Image
Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011
Using the trilemma indexes developed by Aizenman et al. (2010) that measure the extent of achievement in each of the three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10010331079
Cover Image
China's exchange rate impasse and the weak U.S. dollar
McKinnon, Ronald; Schnabl, Gunther - 2008
policies. Although seemingly narrowly focused on China, our contribution to Alexander's fete straddles both themes. Since 2004 …, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one … resulting monetary explosion in China contributes to the worldwide increase in primary commodity prices - with excess liquidity …
Persistent link: https://www.econbiz.de/10010304732
Cover Image
Is the Chinese currency substantially misaligned to warrant further appreciation?
Qin, Duo; He, Xinhua - 2010
This study provides quarterly time-series estimates of the misalignment in the REER of the Renminbi (RMB). The estimation is based on a commonly used economic approach, but with a wider and more up-to-date coverage of data and a more extensive use of econometric modelling techniques. Our...
Persistent link: https://www.econbiz.de/10010280745
Cover Image
Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062
Cover Image
Deciding to Peg the Exchange Rate in Developing Countries:The Role of Private-Sector Debt
Harms, Philipp; Hoffmann, Mathias - 2009
We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...
Persistent link: https://www.econbiz.de/10011430071
Cover Image
From the great moderation to the global crisis: Exchange market pressure in the 2000s
Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - 2010
This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...
Persistent link: https://www.econbiz.de/10010333066
Cover Image
Evaluating foreign exchange market intervention: Self-selection, counterfactuals and average treatment effects
Fatum, Rasmus; Hutchison, Michael M. - 2006
Studies of central bank intervention are complicated by the fact that we typically observe intervention only during periods of turbulent exchange markets. Furthermore, entering the market during these particular periods is a conscious self-selection" choice made by the intervening central bank....
Persistent link: https://www.econbiz.de/10010285321