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Campanella, Edoardo - 2009

international finance. In the paper I show how it works through three examples: price of commodities, dollarization, and the …

Persistent link: https://www.econbiz.de/10010299489

The Triffin dilemma again

Campanella, Edoardo - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-25, pp. 1-18

examples: price of commodities, dollarization, and the international financial position of the US. And it makes a proposal to …

Persistent link: https://www.econbiz.de/10010301326

The Demand for Currency Substitution

Seater, John J. - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-35, pp. 1-30

A transactions model of the demand for multiple media of exchange is developed. Some results are expected, and others are both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may affect the two margins differently, leading to subtle...

Persistent link: https://www.econbiz.de/10010298619

Dollarization, bailouts, and the stability of the banking system

Gale, Douglas; Vives, Xavier - 2002

ante it should be limited to control moral hazard. Dollarization provides a credible commitment not to help at the cost of … not helping even when it would be ex ante optimal to do so. Dollarization is good when the costs of establishing a … liquidating projects is moderate. However, a very severe moral hazard problem could make dollarization Undesirable. The results …

Persistent link: https://www.econbiz.de/10010295508

International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation

Ramon-Ballester, Francisco; Wezel, Torsten - 2007

This paper empirically investigates the extent to which the financial linkages of Latin American banks with the exterior are influenced by political risk and deposit dollarisation. We find that the sum of banks’ foreign assets and liabilities is a function of risk-return considerations and...

Persistent link: https://www.econbiz.de/10011604790

To dollarize or de-dollarize: consequences for monetary policy

Alvarez-Plata, Patricia; García-Herrero, Alicia - 2008

Persistent link: https://www.econbiz.de/10010273885

Monetary policy rules for managing aid surges in Africa

Adam, Christopher; Buffie, Edward; O'Connell, Stephen; … - 2008

We examine the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium model, we show that simple monetary rules that...

Persistent link: https://www.econbiz.de/10010273410

Exchange rate dynamics, expectations, and monetary policy

Chen, Qianying - 2011

This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...

Persistent link: https://www.econbiz.de/10010305998

Macroeconomic interdependence and the international role of the dollar

Goldberg, Linda; Tille, Cédric - 2008

The U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U.S. exports and imports are invoiced in dollars; second, trade flows that do not involve the United States are often invoiced in dollars, a fact that has received relatively little...

Persistent link: https://www.econbiz.de/10010283544

Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro?

Rösl, Gerhard - 2006

In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...

Persistent link: https://www.econbiz.de/10010295832

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