The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...

This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks,...