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We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...
Persistent link: https://www.econbiz.de/10012504452
two global benchmarks - the Federal funds rate at the short end and the "world" real interest rate at the long end. Real … longer-term rates, and thus on financing conditions, than is often supposed. The decline in the world long-term rate since … 2008 has been driven almost entirely by a fall in the world term premium (negative in nominal terms since mid-2014). The …
Persistent link: https://www.econbiz.de/10012985773
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
On 5-6 September 2012 SUERF held its 30th Colloquium "States, Banks, and the Financing of the Economy" at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the chapters in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011711721
Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar …
Persistent link: https://www.econbiz.de/10008648332
world utility, an international coordination problem can arise in the implementation of environmental policy: no country …
Persistent link: https://www.econbiz.de/10014191687
Persistent link: https://www.econbiz.de/10010412318
This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal...
Persistent link: https://www.econbiz.de/10012650745
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