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This paper studies China's foreign exchange system before and after the 1994 unification of the official and swap … sequencing. Success in terms of convertibility, however, remains to be seen. Problems existing under the new system, including …
Persistent link: https://www.econbiz.de/10014085541
China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … repression in domestic interest rates→to avoid an avalanche of foreign capital inflows that would threaten inflation and asset … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar …
Persistent link: https://www.econbiz.de/10010249643
Persistent link: https://www.econbiz.de/10001210268
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness … (Bossone, The portfolio theory of inflation and policy (in)effectiveness, 2019). The PTI shows that when an economy is heavily … and policies aimed to stimulate output growth dissipate into domestic currency depreciation and higher inflation, with …
Persistent link: https://www.econbiz.de/10012140238
convertibility and the purchasing power of the domestic currency whilst averting imported inflation and excessive foreign …
Persistent link: https://www.econbiz.de/10013104434
The article develops a stylized medium-run post-Kaleckian open economy model with conflict inflation and combines two … demand, growth, trade balance, and inflation are generally ambiguous and highly contingent on the parameter constellation of …
Persistent link: https://www.econbiz.de/10015050162
experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in …
Persistent link: https://www.econbiz.de/10014083478
of Inflation Targeting. We start applying methodologies developed by Calvo and Reinhart (2002) and Ball and Reyes (2004 …, 2008) to check the probabilities of changes in exchange rate and monetary policy instruments before and after inflation … exchange rate shocks before and after inflation targeting regime. VAR model helps to understand the impacts of switch in …
Persistent link: https://www.econbiz.de/10010509199
The East Asian monetary integration process is at the crossroads. Given very benign liquidity conditions in the US, the prevailing common US dollar peg has contributed to growing macroeconomic and financial instability in the region. This has sparked demands to embark on an independent monetary...
Persistent link: https://www.econbiz.de/10010436724
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