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Leaning against the global financial cycle

Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

Persistent link: https://www.econbiz.de/10013488632

The admission of accession countries to an enlarged monetary union

Ca' Zorzi, Michele; De Santis, Roberto A. - 2003

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term,...

Persistent link: https://www.econbiz.de/10009639851

Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates

Georgiadis, Georgios; Zhu, Feng - 2019

We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals,...

Persistent link: https://www.econbiz.de/10011997477

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - 2008

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the US dollar, yen and euro in the intended direction...

Persistent link: https://www.econbiz.de/10003794160

Introducing dominant currency pricing in the ECB's global macroeconomic model

Georgiadis, Georgios; Mösle, Saskia - 2019

A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing" (DCP) into ECB-Global, the ECB's macroeconomic model for...

Persistent link: https://www.econbiz.de/10012107938

Global impacts of US monetary policy uncertainty shocks

Lastauskas, Povilas; Nguyen, Anh D. M. - 2021

We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification. By allowing for rich dynamic interaction between the...

Persistent link: https://www.econbiz.de/10012418859

Monetary policy and its transmission in a globalised world

Ca'Zorzi, Michele; Dedola, Luca; Georgiadis, Georgios; … - 2020

This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by purging them of the bias stemming from contemporaneous...

Persistent link: https://www.econbiz.de/10012216473

Global roles of currencies

Thimann, Christian - 2009

This paper presents a new concept the global roles of currencies. The concept combines the domestic and international (cross-border) use of currencies and therefore captures the overall importance of different currencies in a globalised economy. The measure of a currency's global role is based...

Persistent link: https://www.econbiz.de/10003832364

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

Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?

Castrén, Olli - 2004

This paper focuses on changes in the currency options market’s assessment of likely future exchange rate developments around the times of official interventions in the JPY/USD exchange rate. We estimate the options-implied risk-neutral density functions (RNDs) using daily OTC quotes for...

Persistent link: https://www.econbiz.de/10009639470

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