China hat erste Schritte unternommen, die auf eine Internationalisierung des Renminbi hindeuten. So hat das Land vorsichtige Maßnahmen zur Öffnung der Kapitalbilanz getroffen und 2005 Währungsschwankungen innerhalb einer engen Bandbreite zugelassen. Die Nutzung von Hongkong als Prüfstein...

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

This paper analyses the integration of China and India into the global economy. To this end, it presents estimates from a gravity model to gauge the overall degree of their trade intensity and the depth of their bilateral trade linkages, as well as selected measures of revealed comparative...