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Dynamic transition of the exchange rate regime in the People's Republic of China

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014

This paper analyzes the optimal transition of the exchange rate regime in the People's Republic of China (PRC). How the PRC can successfully reach the desired regime - whether a basket peg or floating regime - from the current dollar-peg regime remains a major question. To answer it, we develop...

Persistent link: https://www.econbiz.de/10010397284

Bank bias in Europe: effects on systemic risk and growth

Langfield, Sam; Pagano, Marco - 2015

Europe’s financial structure has become strongly bank-based – far more so than in other economies. We document that an increase in the size of the banking system relative to equity and private bond markets is associated with more systemic risk and lower economic growth, particularly during...

Persistent link: https://www.econbiz.de/10011605842

The Success of Currency Reforms to End Great Inflations: An Empirical Analysis of 34 High Inflations

Bernholz, Peter; Kugler, Peter - 2007

The estimation of an ordered probit model for currency reforms trying to end 31 hyperinflations and three big inflations of the 20th century shows that the introduction of an independent central bank and the adoption of a credibly fixed exchange rate are crucial for the success of a currency...

Persistent link: https://www.econbiz.de/10011390618

Fiscal Discipline and Stability under Currency Board Systems

Grimm, Oliver - 2007

In economic discussions, currency board systems are frequently described as arrangements with self-binding character to the monetary authorities by their strict rules and establishments by law. Hard pegs and especially currency boards are often seen as remedies to overcome economic and financial...

Persistent link: https://www.econbiz.de/10011753130

Banking crises in transition countries - theory and empirical evidence: the case of Russia

Thießen, Ulrich - 2000

erläutert, daß Rußland die westliche Bankenregulierung modifizieren sollte. Bei dieser Diskussion werden die jüngsten … Russian banks. The paper also searches for ways to promote financial development in Russia. It is argued that there may not be … that have a solvency problem such as Russia. Russia's recently adopted banking restructuring program is an abandonment of …

Persistent link: https://www.econbiz.de/10010276794

Determinants of De Jure: De facto exchange rate regime gaps

Dudzich, Viktar - In: Journal of Central Banking Theory and Practice 11 (2022) 1, pp. 151-177

This paper investigates inconsistencies between countries' official exchange rate regime declarations (the so-called de jure exchange rate regimes) and their actual policy (de facto exchange rate regimes). These exchange rate regime gaps decrease the credibility of monetary policy and are...

Persistent link: https://www.econbiz.de/10014558396

Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management

Klaassen, Franc; Mavromatis, Kostas - 2016

Central banks with an exchange rate objective set the interest rate in response to what they call ''pressure.'' Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the...

Persistent link: https://www.econbiz.de/10011526111

Is Old Money Better than New? Duration and Monetary Regimes

Rose, Andrew K.; Mihov, Ilian - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-13, pp. 1-24

We compare the duration and performance of different monetary regimes, especially the contrast between countries those that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet been forced to abandon an inflation target, while many...

Persistent link: https://www.econbiz.de/10010332961

The Role of Large Players in a Dynamic Currency Attack Game

Li, Mei; Milne, Frank - 2007

We establish a dynamic currency attack model in the presence of a large player (LP) based on Abreu and Brunnermeier (2003), which differs from most existing one-period static currency attack models. In an attack on a fixed exchange rate regime with a gradually overvaluing currency, both the...

Persistent link: https://www.econbiz.de/10011940762

Do currency boards increase the credibility of exchange-rate pegs?

Brockmann, Heiner; Keppler, Horst - In: Intereconomics 38 (2003) 6, pp. 328-333

Persistent link: https://www.econbiz.de/10010271673

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