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(De)Stabilizing exchange rate strategies in East Asian monetary and economic integration
Schnabl, Gunther; Spantig, Kristina - 2014
The East Asian monetary integration process is at the crossroads. Given very benign liquidity conditions in the US, the prevailing common US dollar peg has contributed to growing macroeconomic and financial instability in the region. This has sparked demands to embark on an independent monetary...
Persistent link: https://www.econbiz.de/10010436724
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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 … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …
Persistent link: https://www.econbiz.de/10010249643
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China and its Dollar Exchange Rate : A Worldwide Stabilizing Influence?
McKinnon, Ronald - 2013
potentially subsidized capital allocation in China the real yuan/dollar rate is undervalued. This has caused - both in China and …
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 … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan …/dollar exchange rate to encourage naturally high wage increases for balancing China's international competitiveness …
Persistent link: https://www.econbiz.de/10013057253
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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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Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Duarte, Pablo - 2014
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...
Persistent link: https://www.econbiz.de/10013043592
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The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection
Hillebrand, Eric T.; Schnabl, Gunther - 2003
In this paper we test for the short-term impact of foreign exchange intervention on both the level of the yen/dollar exchange rate and the volatility in the yen/dollar markets. Using newly released data on Japanese foreign exchange intervention, our global GARCH estimation suggests that Japanese...
Persistent link: https://www.econbiz.de/10014074708
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International Capital Markets and Exchange Rate Stabilization in the CIS
Schnabl, Gunther - 2005
In this paper, we examine the rationale for dollar and euro pegging in Russia and the CIS. We consider macroeconomic stabilization and transaction costs for international trade as rationales for pegging to the euro. Dollarization of international assets and liabilities are examined as...
Persistent link: https://www.econbiz.de/10014064078
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The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection
Hillebrand, Eric T.; Schnabl, Gunther - 2005
In this paper we test for the short-term impact of foreign exchange intervention on both the level of the yen/dollar exchange rate and the volatility in the yen/dollar markets. Using newly released data on Japanese foreign exchange intervention, our global GARCH estimation suggests that Japanese...
Persistent link: https://www.econbiz.de/10014067235
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A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility
Hillebrand, Eric T.; Schnabl, Gunther - 2021
While up to the late 1990s Japanese foreign exchange intervention was fully sterilized, Japanese monetary authorities left foreign exchange intervention unsterilized when Japan entered the liquidity trap in 1999. According to previous research on foreign exchange intervention, unsterilized...
Persistent link: https://www.econbiz.de/10013317566