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Foreign currency denominated assets and international shock absorption in Switzerland and Japan
Schnabl, Gunther - 2015
Currencies of countries with persistent current account surpluses and high foreign currency denominated assets such as the Swiss franc and Japanese yen are under a persistent appreciation pressure, what restricts the degree of freedom in the choice of exchange rate regime. Official announcements...
Persistent link: https://www.econbiz.de/10011392509
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China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency
McKinnon, Ronald I.; Schnabl, Gunther - 2014
China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls-reinforced by financial repression in domestic interest rates→to avoid an...
Persistent link: https://www.econbiz.de/10010249643
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China and its Dollar exchange rate : a worldwide stabilizing influence?
McKinnon, Ronald I.; Schnabl, Gunther - 2011
We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....
Persistent link: https://www.econbiz.de/10009127709
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Foreign Currency Denominated Assets and International Shock Absorption in Switzerland and Japan
Schnabl, Gunther - 2015
Currencies of countries with persistent current account surpluses and high foreign currency denominated assets such as the Swiss franc and Japanese yen are under a persistent appreciation pressure, what restricts the degree of freedom in the choice of exchange rate regime. Official announcements...
Persistent link: https://www.econbiz.de/10013009766
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Japans Lehren für das Schweizer Wechselkursdilemma
Schnabl, Gunther - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 95 (2015) 3, pp. 192-199
Im Januar 2015 verkündete die Schweizerische Nationalbank, dass die feste Bindung des Franken an den Euro aufgehoben … Bindung des Franken an den Euro. …In January 2015, the Swiss National Bank announced that the hard peg of the Swiss franc against the euro will be …
Persistent link: https://www.econbiz.de/10010490135
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China and its Dollar Exchange Rate : A Worldwide Stabilizing Influence?
McKinnon, Ronald - 2013
We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....
Persistent link: https://www.econbiz.de/10013093442
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China's Exchange Rate and Financial Repression : The Conflicted Emergence of the Renminbi as an International Currency
McKinnon, Ronald - 2014
China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls — reinforced by financial repression in domestic interest rates — to avoid an...
Persistent link: https://www.econbiz.de/10013057253
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The Role of the Chinese Dollar Peg for Macroeconomic Stability in China and the World Economy
Schnabl, Gunther - 2010
During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a stabilizer for East Asia and the world. The paper stresses the crucial role of the dollar peg for macroeconomic stability in China. The paper explores the current role of China's...
Persistent link: https://www.econbiz.de/10013136815
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De Jure Versus De Facto Exchange Rate Stabilization in Central and Eastern Europe
Schnabl, Gunther - 2003
group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate … the CEE countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless, as exchange … rate stabilization against the euro is pursued with different degrees and with different long-term drifts, intra …
Persistent link: https://www.econbiz.de/10014074713
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Capital markets and exchange rate stabilization in East Asia : diversifying risk based on currency baskets
Schnabl, Gunther - In: Towards monetary and financial integration in East Asia, (pp. 267-289). 2009
Persistent link: https://www.econbiz.de/10003850565