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Dominant currency debt
Eren, Egemen; Malamud, Semyon - 2018 - This version: August 22, 2018
We propose a "debt view" to explain the dominant international role of the dollar and provide broad empirical support for it. Within a simple capital structure model in which firms optimally choose the currency composition of their debt, we derive conditions under which all firms issue debt in a...
Persistent link: https://www.econbiz.de/10011900333
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Is sterilized foreign exchange intervention effective after all? : an event study approach
Fatum, Rasmus; Hutchison, Michael M. - 1999
Central banks actively engage in sterilized foreign exchange market intervention despite numerous empirical studies indicating that these operations do not systematically affect the exchange rate. Are these policies misguided and central bankers irrational? Or is evidence showing the...
Persistent link: https://www.econbiz.de/10011536325
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Financial instability and international-lender-of-last-resort theory from the gold standard to the dollar system
Carré, Emmanuel; Le Maux, Laurent - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 311-344
We identify two approaches to financial crises in the history of political economy, namely, the exogenous approach whereby financial crises are sudden events, and the endogenous approach whereby they arise from a long process. In focusing on the endogenous approach, we study the contributions by...
Persistent link: https://www.econbiz.de/10013447589
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi …
Persistent link: https://www.econbiz.de/10011605438
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China's "dominance hypothesis", i.e. whether the renminbi … affected by those in the rest of Asia. - International monetary system ; exchange rates ; tri-polarity ; China ; renminbi ; US …
Persistent link: https://www.econbiz.de/10009380945
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China's Dominance Hypothesis and the Emergence of a Tri-Polar Global Currency System
Fratzscher, Marcel - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China's “dominance hypothesis”, i.e. whether the renminbi …
Persistent link: https://www.econbiz.de/10013119934
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The Concepts, Consequences, and Determinants of Currency Internationalization
Chey, Hyoung-kyu - 2013
and the recent active Chinese promotion of renminbi internationalization have spurred new and considerable interest among …
Persistent link: https://www.econbiz.de/10013082295
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Is the Renminbi a Safe Haven?
Fatum, Rasmus - 2017
We investigate the relationship between market uncertainty and the relative value of the Renminbi against currencies … uncertainty and the relative value of the Renminbi is frequency dependent. While we find evidence of some degree of safe haven … currency behavior of the Renminbi during the early part of our sample, our findings do not support the suggestion that the …
Persistent link: https://www.econbiz.de/10012968624
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Is the Renminbi a Safe Haven?
Fatum, Rasmus - 2016
We investigate the relationship between market uncertainty and the relative value of the Renminbi against currencies … uncertainty and the relative value of the Renminbi is frequency dependent. While we find evidence of some degree of safe haven … currency behavior of the Renminbi during the early part of our sample, our findings do not support the suggestion that the …
Persistent link: https://www.econbiz.de/10012987643
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The renminbi central parity : an empirical investigation
Cheung, Yin-Wong; Hui, Cho H.; Tsang, Andrew - 2016
On August 11 2015, China revamped its procedure of setting the official central parity of the renminbi (RMB) against …
Persistent link: https://www.econbiz.de/10011497600