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Should larger reserve holdings be more diversified?
Beck, Roland; Weber, Sebastian - 2010
The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...
Persistent link: https://www.econbiz.de/10003973324
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The global capital flows cycle : structural drivers and transmission channels
Habib, Maurizio Michael; Venditti, Fabrizio - 2019
In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...
Persistent link: https://www.econbiz.de/10012009141
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Getting beyond carry trade : what makes a safe haven currency?
Habib, Maurizio Michael; Stracca, Livio - 2011
There is already a substantial literature documenting the fact that low yield currencies typically appreciate during times of global financial stress and behave as safe havens. The main objective of this paper is to find out what the fundamentals of safe haven currencies are. We analyse a large...
Persistent link: https://www.econbiz.de/10008901495
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China's "dominance hypothesis", i.e. whether the renminbi … affected by those in the rest of Asia. - International monetary system ; exchange rates ; tri-polarity ; China ; renminbi ; US … global financial crisis. These results are consistent with China's dominance hypothesis and with the view that the …
Persistent link: https://www.econbiz.de/10009380945
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A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints
Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021
We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the...
Persistent link: https://www.econbiz.de/10012596299
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The economics of central bank digital currency
Ahnert, Toni; Assenmacher-Wesche, Katrin; Hoffmann, Peter; … - 2022
This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...
Persistent link: https://www.econbiz.de/10013342232
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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014314330
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Transactional demand for central bank digital currency
Nocciola, Luca; Zamora-Pérez, Alejandro - 2024
We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural...
Persistent link: https://www.econbiz.de/10014526662
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Credit shocks and the European labour market
Bodnár, Katalin; Fadejeva, Ludmila; Hoeberichts, Marco; … - 2018
More than five years after the start of the Sovereign debt crisis in Europe, its impact on labour market outcomes is not clear. This paper aims to fill this gap. We use qualitative firm-level data for 24 European countries, collected within the Wage Dynamics Network (WDN) of the ESCB. We first...
Persistent link: https://www.econbiz.de/10011792025
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Do words hurt more than actions? : the impact of trade tensions on financial markets
Ferrari, Massimo Minesso; Kurcz, Frederik; Pagliari, … - 2020
between US and China. Our indicator matches well-known events in the US-China trade dispute and is exogenous to the … rising trade tensions, with the exception of those firms that are more exposed to China, while the same shock negatively … affects stock market indices in EMEs and China. Higher trade tensions also entail: i) an appreciation of the US dollar; ii) a …
Persistent link: https://www.econbiz.de/10012316986