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The Two-pillar policy for the RMB
Jermann, Urban J.; Wei, Bin; Yue, Vivian Z. - 2019
We document stylized facts about China's recent exchange rate policy for its currency, the renminbi (RMB). Our …
Persistent link: https://www.econbiz.de/10011997655
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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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Monetary Policy Transmission with Two Exchange Rates and a Single Currency : The Chinese Experience
He, Qing - 2017
coexistence of financial restrictions and arbitrages. Using China as an example, we show that the coexistence of exchange rate …
Persistent link: https://www.econbiz.de/10012945050
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Recent RMB Policy and Currency Co-Movements
McCauley, Robert N. - 2018
This study investigates how variation in the determinants of the renminbi's daily fixing since the August 2015 exchange rate reform maps on to variation in the co- movement of the renminbi with regional and other emerging market currencies. We first identify three post-reform periods of RMB...
Persistent link: https://www.econbiz.de/10012916966
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China's evolving managed float : an exploration of the roles of the fix and broad dollar movements in explaining daily exchange rate changes
Clark, John - 2017
We investigate the drivers of daily changes in the exchange value of the Chinese currency (CNY) since early 2016, when a new regime was introduced for setting the fix - the midpoint of the CNY's daily trading range against the U.S. dollar. Daily changes in the fix, which is announced just prior...
Persistent link: https://www.econbiz.de/10011754330
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Central bank intervention in the inflation targeting
Krušković, Borivoje D. - In: Journal of central banking theory and practice 11 (2022) 1, pp. 67-85
This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...
Persistent link: https://www.econbiz.de/10012805926
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Output divergence in fixed exchange rate regimes : is the euro area growing apart?
Chen, Yao; Ward, Felix - 2022 - This version: April 2022
Can fixed exchange rate regimes cause output divergence among member states? We show that such divergence is a long-run equilibrium characteristic of a two-region model with fixed exchange rates, heterogeneous labor markets, and endogenous growth. Under flexible exchange rates, monetary policy...
Persistent link: https://www.econbiz.de/10013186796
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Uncovered interest parity with foreign exchange interventions under exchange rate peg and inflation targeting : the case of Ukraine
Grui, Anton - 2020
In this study, I modify the uncovered interest parity condition to account for foreign exchange interventions in the context of a small open economy. This is done in a framework of a semistructural New Keynesian model. I examine the case of Ukraine, which de facto transitioned to inflation...
Persistent link: https://www.econbiz.de/10012262254
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Exchange rates and the speed of economic recovery : the role of financial development
Fisera, Boris - 2022
We study the influence of the exchange rate on the speed of economic recovery in a sample of 67 developed and developing economies over the years 1989-2019. First, using a cross-sectional sample of 341 economic recoveries, we study the effect of nominal depreciation and real undervaluation on...
Persistent link: https://www.econbiz.de/10013332929
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Foreign exchange intervention when interest rates are zero : does the portfolio balance channel matter after all?
Fatum, Rasmus - 2010
The Japanese zero-interest rate period provides a “natural experiment” for investigating the effectiveness and transmission channels of sterilized intervention when traditional monetary policy options are constrained. This paper takes advantage of the fact that all interventions in the...
Persistent link: https://www.econbiz.de/10008659226