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During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of international reserves. Using a dataset of 36 countries (and the...
Persistent link: https://www.econbiz.de/10012169782
intervention currency in the world. The dollar became such an important currency after the shift from the British pound which …, during the gold standard, was the world's reserve currency until the first decades of the XX century. The dollar retained its … reserve currency in the world. Until now the Eurosystem remains somewhat powerless to manage successfully the above …
Persistent link: https://www.econbiz.de/10012938190
Since the late-1990s, the global economy is characterised by historically low risk premia and an unprecedented widening of external imbalances. This paper explores to what extent these two global trends can be understood as a reaction to three structural shocks in different regions of the global...
Persistent link: https://www.econbiz.de/10012771616
This study divides the world into currency zones according to the co-movement of each currency with the key currencies … dollar zone. In such a world, the rise of another large economy poses the question not of relative size but rather of re …
Persistent link: https://www.econbiz.de/10012893452
. Based on these findings, we discuss implications for fiscal policy and publicly-provided disaster insurance. Our policy … an increase in the frequency and severity of natural disasters …
Persistent link: https://www.econbiz.de/10013159926
the impact of natural disasters on the movement of people between countries. It employs spatially mapped geographic data … on the physical intensity of natural disasters. Chapter 3 zooms in on the local growth effects of natural disasters and …
Persistent link: https://www.econbiz.de/10011966938
Extreme weather events can disrupt agricultural markets, but agricultural trade can help address subsequent food security concerns. Using the Aglink-Cosimo model, this stochastic scenario analysis sheds light on the complex relationships between trade and food security in an environment where...
Persistent link: https://www.econbiz.de/10014324630
Persistent link: https://www.econbiz.de/10010370388
The relationships between exchange rates, capital controls and foreign reserves during the financial crisis suggest that reserve management plays a much more central role than has typically been emphasized in international finance models. Reserves seem to be especially important for non-EZ...
Persistent link: https://www.econbiz.de/10011472289
This research analyzes the need for deep regional cooperation between the South-Mediterranean countries in order to minimize the negative effects form the “Hub and Spokes” nature of the Euro-Mediterranean Partnership. Such a deep cooperation requires coordinating the interdependent exchange...
Persistent link: https://www.econbiz.de/10013156627