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Low long-term interest rates : an alternative view
Behrendt, Stefan - 2017
The fall in risk free interest rates since the 1980s has mostly been described as being induced by factors that push down interest rates from the demand side. This paper contributes to the literature by adding a view of the supply side, namely that interest has to be earned first, before it can...
Persistent link: https://www.econbiz.de/10011601155
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How Foreign Exchange Rates Underpin the Dynamics of the Global Economy
Dodwell, William J. - 2015
The currencies of nations, in their utility as a medium of exchange and store of value, behave variously according to the integrated dynamics of free enterprise, the central bank and government policy. As such, foreign exchange rates fluctuate constantly with consequences for the growth of...
Persistent link: https://www.econbiz.de/10013028341
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Is Inflation Always and Everywhere a Monetary Phenomenon?
De Grauwe, Paul; Polan, Magdalena - 2001
Using a sample of about 160 countries over the last thirty years we test for the quantity theory relationship between … money and inflation. When analysing the full sample of countries we find a strong positive relation between the long …-run inflation and money growth rate. The relation is not, however, proportional. The strong link between inflation and money growth …
Persistent link: https://www.econbiz.de/10014123208
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The Impact of the Basel III Liquidity Standards on the Implementation of Monetary Policy
Schmitz, Stefan W. - 2012
This paper analyses the impact of the new Basel III liquidity standards, in particular the liquidity coverage ratio (LCR), on the implementation of monetary policy in the Euro area. I develop a conceptual framework to investigate the interaction between the money market and monetary policy...
Persistent link: https://www.econbiz.de/10013114566
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The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles
Dellas, Harris - 2013
In this article, we argue that the present constellation of exchange rate arrangements among the major currencies has led to the creation of excessive global liquidity, which has contributed to asset price bubbles. Although the exchange rates of many of the major currencies — including the...
Persistent link: https://www.econbiz.de/10013083537
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Global Imbalances and the Financial Crisis : Link or No Link?
Borio, Claudio E. V. - 2014
Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have...
Persistent link: https://www.econbiz.de/10013067905
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International Dollar Flows
Banegas, Ayelen - 2015
Using confidential Federal Reserve data, we study the factors driving U.S. banknote flows between the United States and other countries. These flows are a significant component of capital flows in emerging market economies, where physical U.S. currency functions as a safe asset and precautionary...
Persistent link: https://www.econbiz.de/10013014956
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Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?
Gokhale, Jagadeesh - 2009
Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...
Persistent link: https://www.econbiz.de/10013155688
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Coronavirus : Case for Digital Money?
Kakushadze, Zura - 2020
We discuss the pros of adopting government-issued digital currencies as well as a supranational digital iCurrency. One such pro is to get rid of paper money (and coinage), a ubiquitous medium for spreading germs, as highlighted by the recent coronavirus outbreak. We set forth three policy...
Persistent link: https://www.econbiz.de/10012839523
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Designing New Money - The Policy Trilemma of Central Bank Digital Currency
Bjerg, Ole - 2017
The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...
Persistent link: https://www.econbiz.de/10012954346