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Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar

Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - 2006

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away...

Persistent link: https://www.econbiz.de/10011604740

Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - 2021

Persistent link: https://www.econbiz.de/10013317364

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

Portes, Richard; Papaioannou, Elias; Siourounis, Gregorios - National Bureau of Economic Research (NBER) - 2006

Persistent link: https://www.econbiz.de/10005089082

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - C.E.P.R. Discussion Papers - 2006

Persistent link: https://www.econbiz.de/10005791662

Indirect contagion: the policy problem

Clerc, Laurent; Giovannini, Alberto; Langfield, Sam; … - 2016

possible channel of contagion from the infected region to the rest of the world. Focusing on, say, the incidence of close human … can become big and global. Much of the empirical finance literature has focused only on "direct" contagion arising from … firms' contractual obligations. Direct contagion occurs if one firm's default on its contractual obligations triggers …

Persistent link: https://www.econbiz.de/10011984880

Indirect contagion : the policy problem

Clerc, Laurent; Giovannini, Alberto; Langfield, Sam; … - 2016

Persistent link: https://www.econbiz.de/10011972870

Costs and benefits of running an international currency

Papaioannou, Elias; Portes, Richard - Directorate-General Economic and Financial Affairs, … - 2008

This report discusses the cost and benefits of running an international currency. It starts by discussing the effect of the euro's internationalization on financial markets, and presents data on the impact of the single currency on private credit. It considers recent work on the effect of the...

Persistent link: https://www.econbiz.de/10008459250

Global Financial Markets and Financial Stability: Europe's Role

Portes, Richard - C.E.P.R. Discussion Papers - 1999

Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in Europe (EMU), of which the single currency is the manifestation, has emerged in the context of a complex process of interaction between globalisation and regional integration....

Persistent link: https://www.econbiz.de/10005666555

The Euro and the International Financial System

Portes, Richard - C.E.P.R. Discussion Papers - 2001

This Paper analyses the issues raised by EMU for the relationships between the Euro area and the international financial system. The depreciation of the Euro exchange rate since the beginning of EMU has attracted most attention. The Paper argues that theory and the data support none of the...

Persistent link: https://www.econbiz.de/10005792090

Corporate foreign bond issuance and interfirm loans in China

Huang, Yi; Panizza, Ugo; Portes, Richard - 2018

This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is positively correlated with the differential between domestic and foreign interest rates. This...

Persistent link: https://www.econbiz.de/10012049280