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The argument put forward in this paper is twofold: first, that the financial crisis of 2007/08 was made global by the U.S. current account deficit. This is because the outflow of dollars from the United States was invested in U.S. capital markets, causing inflation in asset markets and leading...
Persistent link: https://www.econbiz.de/10003807721
The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...
Persistent link: https://www.econbiz.de/10013447685
the world economy. This paper analyzes whether current efforts in East Asia in terms of financial and monetary cooperation …
Persistent link: https://www.econbiz.de/10014179435
The paper provides a measure of exchange rate anchoring behavior across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...
Persistent link: https://www.econbiz.de/10013124257
Monetary and fiscal policies require coordination to achieve desired macroeconomic outcomes. The literature since Leeper (1991) has focused on two regimes: monetary dominance and fiscal dominance. In both cases, one policy is active while the other is passive and accommodates the former. We...
Persistent link: https://www.econbiz.de/10015145074
Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of its double …
Persistent link: https://www.econbiz.de/10003905051
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
The paper provides a measure of exchange rate anchoring behaviour across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...
Persistent link: https://www.econbiz.de/10009160000
glutʺ observed in the era of advancing financial globalization. The supposed paradox is that the developing world has … States’ position as issuer of the world’s premiere reserve currency and supremacy in global finance explain the related …
Persistent link: https://www.econbiz.de/10003727283
monetary stability but faces growing challenges in a rapidly changing world. Historically rooted in the Bretton Woods system … der Währungsstabilität, steht aber in einer sich rasch verändernden Welt vor wachsenden Herausforderungen. Historisch …
Persistent link: https://www.econbiz.de/10015395726