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Risk-on/risk-off, capital flows, leverage, and safe assets

McCauley, Robert N. - 2013

This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...

Persistent link: https://www.econbiz.de/10010397222

Defending against Speculative Attacks

Daniels, Tijmen R.; Jager, Henk; Klaassen, Franc - 2008

While virtually all modern models of exchange rate crises recognise that the decision to abandon an exchange rate peg depends on how harshly policy makers are willing to defend the regime, they virtually never model how the exchange rate is defended. In this paper we incorporate both the...

Persistent link: https://www.econbiz.de/10010326005

Does Transparency of Central Banks Produce Multiple Equilibria on Currency Markets?

Lindner, Axel - 2003

A recent strand of literature (see Morris and Shin 2001) shows that multiple equilibria in models of markets for pegged currencies vanish if there is slightly diverse information between traders. It is known that this approach works only if there is not too precise common knowledge in the...

Persistent link: https://www.econbiz.de/10010316391

When countries do not do what they say: Systematic discrepancies between exchange rate regime announcements and de facto policies

Bersch, Julia; Klüh, Ulrich H. - 2007

We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We...

Persistent link: https://www.econbiz.de/10010427488

Währungspolitische Interdependenz der EU-Beitrittskandidaten und die Wahl eines geeigneten Wechselkurssystems

Jochem, Axel - 1999

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Polen, Tschechische Republik, Ungarn, Slowenien und Estland). Das hier vorgestellte Kapitel geht auf die...

Persistent link: https://www.econbiz.de/10010300396

Die EWWU als Club: Positive und normative Implikationen für den Beitritt mittel- und osteuropäischer Reformstaaten

Sell, Friedrich L. - 1999

sind. Der gewählte Analyseansatz greift auf positive und normative Hinweise der Club Theorie zurück. Es wird zunächst … (Kosten und Nutzen des Beitritts) für eine bestmögliche Strategie der Wechselkurspolitik der Beitrittskandidaten zur … draws on positive and normative hints from club theory. The paper provides an analytical approach to determine ex-ante the …

Persistent link: https://www.econbiz.de/10010300401

A DSGE model for a SOE with systematic interest and foreign exchange policies in wich policymakers exploit the risk premium for stabilization purposes

Escudé, Guillermo - 2013

This paper builds a DSGE model for a SOE in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency depreciation. For this, the...

Persistent link: https://www.econbiz.de/10010325096

A DSGE model for a SOE with systematic interest and foreign exchange policy in which policymakers exploit the risk premium for stabilization purposes

Escudé, Guillermo J. - 2012

This paper builds a DSGE model for a small open economy (SOE) in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency...

Persistent link: https://www.econbiz.de/10010310074

A DSGE model for a SOE with systematic interest and foreign exchange policies in which policymakers exploit the risk premium for stabilization purposes

Escudé, Guillermo J. - In: Economics: The Open-Access, Open-Assessment E-Journal 7 (2013) 2013-30, pp. 1-110

This paper builds a DSGE model for a small open economy (SOE) in which the central bank intervenes the domestic currency bond and FX markets using two policy rules: a Taylor-type rule and a rule that determines the rate of nominal depreciation. The 2 'corner' regimes, in which only one policy...

Persistent link: https://www.econbiz.de/10010317972

Currency intervention and the global portfolio balance effect: Japanese lessons

Gerlach-Kristen, Petra; McCauley, Robert N.; Ueda, Kazuo - 2012

This paper shows that the Japanese foreign exchange interventions in 2003/04 seem to have lowered long-term interest rates in a wide range of countries, including Japan. It seems that this decline was triggered by the investment of the intervention proceeds in US bonds and that a global...

Persistent link: https://www.econbiz.de/10010392522

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