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Dollar Pricing Redux
Casas, Camila - 2017
A country's exchange rate is at the center of economic and political debates on currency wars and trade competitiveness. The real consequences of exchange rate fluctuations depend critically on how firms set prices in international markets. Recent empirical evidence has challenged the dominant...
Persistent link: https://www.econbiz.de/10012950251
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Cambodia's persistent dollarization : causes and policy options
Menon, Jayant - 2008
apparent paradox between a decade of economic and political improvements and continued dollarization, and drawing policy … host of institutional barriers that need to be overcome to prepare the groundwork for a natural process of de-dollarization. …
Persistent link: https://www.econbiz.de/10011282131
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Cash Dollars Abroad
Hellerstein, Rebecca - 2011
This paper examines the use of U.S. cash dollars as a secondary currency in informal transactions worldwide. While there is considerable interest in and a large theoretical literature on the use of secondary currencies, few empirical results have been established. The primary reason is that the...
Persistent link: https://www.econbiz.de/10013134235
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Dollarization in Haiti : Causes and Consequences
Dorsainvil, Kathleen - 2010
The objective of this paper is to study the causes and consequences of financial dollarization in the Haïtian economy … for the period 1990-2006. Among the potential causes of dollarization, the study investigates the impact of high inflation … trade movement, economic growth, and inflation. The empirical evidence shows that since the adoption of dollarization the …
Persistent link: https://www.econbiz.de/10013137889
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Dollar Borrowing, Firm-Characteristics, and FX-Hedged Funding Opportunities
Gambacorta, Leonardo - 2020
We explore the link between firms' dollar bond borrowing and their FX-hedged funding opportunities, as reflected in a positive corporate basis (the relative cost of local to synthetic currency borrowing). Consistent with previous research, we first document that firms substitute domestic for...
Persistent link: https://www.econbiz.de/10012840120
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Dollar Borrowing, Firm-Characteristics, and FX-Hedged Funding Opportunities
Gambacorta, Leonardo - 2020
We explore the link between firms' dollar bond borrowing and their FX-hedged funding opportunities, as reflected in a positive corporate basis (the relative cost of local to synthetic currency borrowing). Consistent with previous research, we first document that firms substitute domestic for...
Persistent link: https://www.econbiz.de/10012840281
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The Role of the American Dollar and the Prospective Room for the Euro as an Important Intervention and Reserve Currency
Rutkowski, Witold Maksymilian - 2018
For nearly a century the US dollar has been unchallenged as the sole and later the most important reserve and intervention currency in the world. The dollar became such an important currency after the shift from the British pound which, during the gold standard, was the world's reserve currency...
Persistent link: https://www.econbiz.de/10012938190
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The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries
Feige, Edgar L. - 2019
This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries … dollarization index (CDI) and separate indices of currency substitution (CSI) and asset substitution (ASI). When the CDI is compared … to the traditional dollarization index (DI) that relies solely on foreign currency deposits as a proxy for the extent of …
Persistent link: https://www.econbiz.de/10012868965
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Transmitting Global Liquidity to East Asia : Policy Rates, Bond Yields, Currencies and Dollar Credit
He, Dong - 2014
We review extant work on the transmission of monetary policy, both conventional and unconventional, of the major advanced economies to East Asia through monetary policy reactions, integrated bond markets and induced currency appreciation. We present new results on the growth of foreign currency...
Persistent link: https://www.econbiz.de/10013059558
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The Non-U.S. Bank Demand for U.S. Dollar Assets
Adrian, Tobias - 2020
The USD asset share of non-U.S. banks captures the demand for dollars by these investors. An instrumental variable strategy identifies a causal link from the USD asset share to the USD exchange rate. Cross-sectional asset pricing tests show that the USD asset share is a highly significant...
Persistent link: https://www.econbiz.de/10012828241