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Surfing the waves of globalization : Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2011
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …
Persistent link: https://www.econbiz.de/10009158763
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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie David; Ito, Hiro - 2010
the three policy choices matter for output volatility and the medium-term level of inflation. Greater monetary … independence is associated with lower output volatility while greater exchange rate stability implies greater output volatility … external finances affect output volatility through the investment or trade channel depending on the openness of the economies …
Persistent link: https://www.econbiz.de/10014045505
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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium …-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate … stability implies greater output volatility, which can be mitigated if a country holds international reserves (IR) at a higher …
Persistent link: https://www.econbiz.de/10013142882
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When countries do not do what they say : systematic discrepancies between exchange rate regime announcements and de facto policies
Bersch, Julia; Klüh, Ulrich - 2007
We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We...
Persistent link: https://www.econbiz.de/10003951455
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How Central Banks Prepare for Financial Crises - An Empirical Analysis of the Effects of Crises and Globalization on International Reserve Holdings
Steiner, Andreas - 2009
Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against currency crises. However, research so far has...
Persistent link: https://www.econbiz.de/10013157442
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How Might EME Central Banks Respond to the Influence of Global Monetary Factors?
Gadanecz, Blaise - 2014
Easy monetary conditions in advanced economies have played an important role in determining domestic monetary conditions in emerging market economies (EMEs), notably through the exchange rate and domestic bond yields. How can EME central banks best react to such external influences? Using a...
Persistent link: https://www.econbiz.de/10013047151
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Bringing the Central Bank into the Study of Currency Internationalization : Monetary Policy, Independence, and Internationalization
Chey, Hyoung-kyu - 2016
Despite the central bank's crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill...
Persistent link: https://www.econbiz.de/10012998303
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The impacts of global risk and US monetary policy on US Dollar exchange rates and excess currency returns
Bernoth, Kerstin; Herwartz, Helmut; Trienens, Lasse - 2023
We examine the causal relationship between US monetary policy shocks, exchange rates and currency excess returns for a sample of eight advanced countries over the period 1980M1 to 2022M11. We find that the dynamics of the US dollar exchange rate is the main driver of currency excess returns. The...
Persistent link: https://www.econbiz.de/10014305726
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Surfing the waves of globalization : Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2009
policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium …-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate … stability implies greater output volatility, which can be mitigated if a country holds international reserves (IR) at a higher …
Persistent link: https://www.econbiz.de/10003913743
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Surfing the waves of globalization : Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2010
Persistent link: https://www.econbiz.de/10003960193