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Persistent Imbalances : The Impact of Exchange Rate Appreciation on China's Trade Balances
Dimpfl, Thomas - 2019
China's trade surplus is often heavily criticized in political and economic debates, accompanied by claims for a revaluation of the Chinese currency, the Renminbi (RMB). While the main arguments exchanged in the current discourse appear to become more and more emotionally loaded rather than...
Persistent link: https://www.econbiz.de/10012899706
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International Sanctions and Dollar Dominance
Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2023
This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...
Persistent link: https://www.econbiz.de/10014247945
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Chinese Foreign Exchange Reserves, Policy Choices and the U.S. Economy
Neely, Christopher J. - 2019
China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world …
Persistent link: https://www.econbiz.de/10013210469
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Chinese foreign exchange reserves, policy choices and the U.S. economy
Neely, Christopher J. - 2017
China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world …
Persistent link: https://www.econbiz.de/10011586659
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world … economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth … are consistent with the evolution of the world's balance of payments since the beginning of the Covid pandemic …
Persistent link: https://www.econbiz.de/10013334403
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News Shocks in Open Economies : Evidence from Giant Oil Discoveries
Arezki, Rabah - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output - the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10013011202
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Commodity price effects on currencies
Cheung, Yin-Wong; Wang, Wenhao - 2022
Using quarterly data on four commodity exporting countries, we study the explanatory power of real commodity prices for predicting real effective exchange rates, with special attention to the separate roles of different sectoral commodity prices during alternative time periods. We find that the...
Persistent link: https://www.econbiz.de/10013383435
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Transpacific imbalances and macroeconomic codependency
Thorbecke, Willem - 2011
Current account deficits in the United States (US) and current account surpluses in East Asia are an enduring part of the global economic landscape. They are supported by low saving in the US and by reserve accumulation in Asia. This paper argues that this strategy is causing macroeconomic...
Persistent link: https://www.econbiz.de/10009267746
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Transpacific Imbalances and Macroeconomic Codependency
Thorbecke, Willem - 2011
Current account deficits in the United States (US) and current account surpluses in East Asia are an enduring part of the global economic landscape. They are supported by low saving in the US and by reserve accumulation in Asia. This paper argues that this strategy is causing macroeconomic...
Persistent link: https://www.econbiz.de/10013122036
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Chinese Foreign Exchange Reserves, Policy Choices, and the U.S. Economy
Neely, Christopher J. - 2019
China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world …
Persistent link: https://www.econbiz.de/10014121863