Specialists in international finance have long been impressed by the fragility of currency pegs. Yet Danmarks Nationalbank has been able to maintain the krone's peg to the euro since the euro came into existence in 1999, and the krone's peg to the Deutschmark and SDR for 17 years before that....

We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little...

Specialists in international finance have long been impressed by the fragility of currency pegs. Yet Danmarks Nationalbank has been able to maintain the krone's peg to the euro since the euro came into existence in 1999, and the krone's peg to the Deutschmark and SDR for 17 years before that....

This paper examines the determinants of the currency composition of international reserves. Our single most important finding is the striking stability over time of the relationship between the demand for reserves denominated in different currencies and its principal determinants: trade flows,...

The Asian crisis was the third financial crisis of the 1990s. Even more than its predecessors it raised questions about the international community’s approach to crisis prevention and crisis management. It led reservations to be voiced, and not only in Asia, about full and unfettered...

This paper examines three interwar exchange rate regimes: the free float of the early 1920s, the fixed rates of 1927-31 and the managed float of the early 1930s. Nominal rates were considerably more variable under free than under managed floating. The reduction in nominal exchange rate...

The implications of capital mobility for growth and stability are some of the most contentious and least understood contemporary issues in economics. In this book, Barry Eichengreen discusses historical, theoretical, empirical, and policy aspects of the effects, both positive and negative, of...