Narrow search
Showing 1 - 10 of 112
Cover Image
The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection
Hillebrand, Eric T.; Schnabl, Gunther - 2003
/dollar exchange rate and the volatility in the yen/dollar markets. Using newly released data on Japanese foreign exchange intervention … effect on the same day, but at the cost of higher exchange rate volatility. Testing for the robustness of this finding we … unsuccessful and coincided with increased exchange rate volatility. Since 1999 official Japanese currency purchases seem to have …
Persistent link: https://www.econbiz.de/10014074708
Cover Image
The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection
Hillebrand, Eric T.; Schnabl, Gunther - 2005
/dollar exchange rate and the volatility in the yen/dollar markets. Using newly released data on Japanese foreign exchange intervention … effect on the same day, but at the cost of higher exchange rate volatility. Testing for the robustness of this finding we … unsuccessful and coincided with increased exchange rate volatility. Since 1999 official Japanese currency purchases seem to have …
Persistent link: https://www.econbiz.de/10014067235
Cover Image
A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility
Hillebrand, Eric T.; Schnabl, Gunther - 2021
volatility at the turn of the millennium when Japanese foreign exchange intervention started to remain unsterilized …
Persistent link: https://www.econbiz.de/10013317566
Cover Image
Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate : A Simultaneous Equations Approach Using Realized Volatility
Hillebrand, Eric T.; Schnabl, Gunther; Ulu, Yasemin - 2021
We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate …. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility … increase in volatility associated with interventions. During the period 1999 through 2004, the estimations are consistent with …
Persistent link: https://www.econbiz.de/10013317518
Cover Image
China and its Dollar Exchange Rate: A Worldwide Stabilizing Influence?
McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 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/10009019144
Cover Image
Umbruch im Weltwährungssystem: Sollte die Zeit freier Wechselkurse beendet werden?
Asmussen, Jörg; Schnabl, Gunther - In: Ifo Schnelldienst 64 (2011) 07, pp. 03-09
Im November dieses Jahres sollen auf dem G-20-Gipfel in Cannes Vorschläge zur Reform des internationalen Währungssystems vorgelegt werden. Wie sollte ein zukünftiges globales Wechselkursregime gestaltet werden? Jörg Asmussen, Staatssekretär im Bundesministerium der Finanzen, unterstreicht,...
Persistent link: https://www.econbiz.de/10009147361
Cover Image
Short- and Long-Term Growth Effects of Exchange Rate Adjustment.
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2012
The European sovereign debt crisis revived the discussion concerning pros and cons of exchange rate adjustment in the face of asymmetric shocks. In the spirit of keynes, exit from the euro area is to regain rapidly international competitiveness. In the spirit of Schumpeter, exhange rate...
Persistent link: https://www.econbiz.de/10010596146
Cover Image
Monetary Policy Reform in a World of Central Banks
Schnabl, Gunther - Friedrich-Schiller-University Jena - 2012
The paper identifies based on the monetary overinvestment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by...
Persistent link: https://www.econbiz.de/10010550981
Cover Image
Der Festkurs als merkantilistische Handelspolitik : Chinas Währungs- und Geldpolitik im Umfeld globaler Ungleichgewichte
Schnabl, Gunther - Wirtschaftswissenschaftlichen Fakultät, … - 2005
Der Druck auf die chinesische Regierung, die Wechselkursbindung des chinesischen Yuan an den US Dollar aufzugeben, ist groß. Seitdem der Dollar unter kontinuierlichem Abwertungsdruck steht, wird in den westlichen Industriestaaten Chinas Festkurs einer merkantilistischen Handelspolitik...
Persistent link: https://www.econbiz.de/10009149228
Cover Image
China: a stabilizing or deflationary influence in East Asia?The problem of conflicted virtue
Schnabl, Gunther - Wirtschaftswissenschaftlichen Fakultät, … - 2003
Rapidly growing Chinese exports are middle-tech - and increasingly high-tech - manufactured goods. China runs a huge and growing bilateral trade surplus with the United States, and the position of Japan has changed radically from being a net exporter to China in the 1980s and most of 1990s to...
Persistent link: https://www.econbiz.de/10009149283