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International Reserves and Local Currency Internationalization : An Empirical Study on the Japanese Yen
Zhang, Zhiwen - 2010
This paper employs the GMM estimator to empirically investigate the effects of Japanese international reserves on Yen … internationalization from 1976 through 2009 by specifying the regression benchmark based on the long-run determinants of Yen … internationalization with economic power, Yen appreciation, financial market development, inflation and currency inertia. We find that the …
Persistent link: https://www.econbiz.de/10013138172
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The Size of Foreign Exchange Reserve and Local Currency Internationalization : An Empirical Study on the Japanese Yen
Bai, Qinxian - 2013
degree of Yen internationalization from 1976 through 2009 by specifying the regression benchmark based on the long …-run determinants of Yen internationalization with economic power, financial market development, Yen appreciation, inflation and … has a statistically significant but negative effect on Yen internationalization. After controlling for the effects of the …
Persistent link: https://www.econbiz.de/10013082406
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Renminbising China's foreign assets
Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2010
Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...
Persistent link: https://www.econbiz.de/10003956012
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Renminbi Rules : The Conditional Imminence of the Reserve Currency Transition
Subramanian, Arvind - 2011
Against the backdrop of the recent financial crisis and the ongoing rapid changes in the world economy, the fate of the dollar as the premier international reserve currency is under scrutiny. This paper attempts to answer whether the Chinese renminbi will eclipse the dollar, what will be the...
Persistent link: https://www.econbiz.de/10013120543
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Renminbising China's Foreign Assets
Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2021
Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...
Persistent link: https://www.econbiz.de/10013316219
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Renminbising China’s Foreign Assets
Cheung, Yin-Wong - 2010
Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...
Persistent link: https://www.econbiz.de/10013141641
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Trilemma and financial stability configurations in Asia
Aizenman, Joshua - 2011
adjustment to the postcrisis challenges. We point out that emerging Asia has converged to a middle ground of the trilemma … smoother adjustment of emerging Asia to the crisis, and was instrumental in inducing the rapid resumption of growth. The swings … challenges facing emerging Asia's adjustment during the global financial crisis, and the postcrisis policy stance dealing with …
Persistent link: https://www.econbiz.de/10009379740
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Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies
Beck, Roland - 2008
sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce …
Persistent link: https://www.econbiz.de/10012771394
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Hoarding of International Reserves : A Comparison of the Asian and Latin American Experiences
Cheung, Yin-Wong - 2014
We examine the empirical determinants of the demand for international reserves and compare the experiences of some Asian and Latin American economies. Our empirical results indicate that different vintages of the model of international reserves give different inferences about the appropriate...
Persistent link: https://www.econbiz.de/10012708850
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A brief history of the international monetary system since Bretton Woods
Ocampo Gaviria, José Antonio - 2016
This paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton Woods system; the tensions it faced since the...
Persistent link: https://www.econbiz.de/10011532296