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The Dynamic Impact of FX Interventions on Financial Markets

Menkhoff, Lukas - 2020

Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely...

Persistent link: https://www.econbiz.de/10012838674

The dollar during the Global Recession : US monetary policy and the exorbitant duty

Stavrakeva, Vania; Tang, Jenny - 2018 - This version: October, 2018

We document that during the Global Recession, US monetary policy easings triggered the "exorbitant duty" of the United States, the issuer of the world's dominant currency, by causing a dollar appreciation and a transfer of wealth from the United States to the rest of the world. This dollar...

Persistent link: https://www.econbiz.de/10011941052

Exchange Rate Anchoring - Is there Still a De Facto US Dollar Standard?

Bracke, Thierry - 2011

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

Exchange rate anchoring : is there still a de facto US dollar standard?

Bracke, Thierry; Bunda, Irina - 2011

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

On the Inclusion of the Chinese Renminbi in the SDR Basket

Bénassy-Quéré, Agnès - 2013

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...

Persistent link: https://www.econbiz.de/10013089684

The role of the Chinese dollar peg for macroeconomic stability in China and the world economy

Schnabl, Gunther - 2010

During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a … China. The paper explores the current role of China's nominal exchange rate stabilization as stabilizing factor for China … policy coordination between China and the US. The exit from unconventional low interest rate policies in the US combined with …

Persistent link: https://www.econbiz.de/10009012482

Global Transmission of Interest Rates : Monetary Independence and Currency Regime

Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2004

Hikes in U.S. interest rates in 1999-2000 have started to spill over to other economies' interest rates, which in many countries have risen to reflect the higher U.S. rates. Are countries with flexible exchange rates better able to isolate their domestic interest rates from this type of negative...

Persistent link: https://www.econbiz.de/10014153762

Global Transmission of Interest Rates : Monetary Independence and Currency Regime

Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2004

Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international...

Persistent link: https://www.econbiz.de/10014075205

Exchange Rate Stability and Financial Stability

Eichengreen, Barry - 1998

Persistent link: https://www.econbiz.de/10014080112

Exchange Rate Regimes and Current Account Adjustment : An Empirical Investigation

Eguren Martin, Fernando - 2016

-switching behaviour by consumers when faced with changes in international relative prices. There is mixed evidence of credit acting as an …

Persistent link: https://www.econbiz.de/10013003874