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Transatlantic Monetary and Fiscal Policy

Van Aarle, Bas; Garretsen, Harry; Huart, Florence - 2021

the analysis: (i) the consequences of alternative monetary and fiscal policy rules, (ii) transatlantic spillovers and …

Persistent link: https://www.econbiz.de/10013319742

Falconio, Andrea - 2021

This paper investigates the relation between monetary conditions and the excess returns arising from currency carry trades. The results indicate that carry trade average return, Sharpe ratio and downside risk diﬀer substantially across monetary conditions before the onset of the ﬁnancial...

Persistent link: https://www.econbiz.de/10013310704

Foreign Exchange Intervention Rules for Central Banks : A Risk-Based Framework

Lafarguette, Romain; Veyrune, Romain - 2021

rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria … could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the … than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico's FXIs data …

Persistent link: https://www.econbiz.de/10013243054

Central Bank Participation in Currency Options Markets

2021

This paper analyzes whether and how central banks can use currency options to lower exchange rate volatility and …

Persistent link: https://www.econbiz.de/10013212109

Can Monetary Policy Create Fiscal Capacity?

Elenev, Vadim; Landvoigt, Tim; Shultz, Patrick; Van … - 2021

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

Persistent link: https://www.econbiz.de/10013214430

CBDCs, Financial Inclusion, and Monetary Policy

Murakami, David; Shchapov, Ivan; Viswanath-Natraj, Ganesh - 2022

In this paper we study the macroeconomic effects of introducing a retail central bank digital currency (CBDC). Using a two agent framework and endowment economy with banked and unbanked households, we show digital currencies address financial inclusion of the unbanked, by providing a savings...

Persistent link: https://www.econbiz.de/10013289478

Managing Guyana's Oil Wealth : Monetary and Exchange Rate Policy Considerations

Bhattacharya, Rina - 2022

International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a...

Persistent link: https://www.econbiz.de/10014237879

Central Bank Digital Currency and Cryptocurrency in Emerging Markets

Le, Anh H. - 2022

Blockchain technology has opened up the possibility of digital currency, smart contracts and much more applications including the launch of central bank digital currencies (CBDC). However, literature about the effect of CBDC with the presence of cryptocurrency for an emerging market economy...

Persistent link: https://www.econbiz.de/10014239122

Do China's Capital Controls Still Bind? Implications for Monetary Autonomy and Capital Liberalisation

Ma, Guonan; McCauley, Robert N. - 2013

The paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find...

Persistent link: https://www.econbiz.de/10014224179

Central Bank Digital Currency and Financial Inclusion

Tan, Brandon - 2023

Boosting financial inclusion is one of the main motivations for issuing retail central bank digital currencies (CBDCs) among developing economies. In this paper, we develop a model incorporating the impact of financial inclusion to study the implications of introducing CBDC. One of the most...

Persistent link: https://www.econbiz.de/10014258593