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Starting from the stylized fact that the Swiss franc is a safe haven currency, this paper focuses on the determinants …
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the Swiss franc since the inception of this lower bound. Being a prime example of a safe haven currency, the Swiss franc … appreciation pressure on the Swiss currency at the lower bound. We conclude that the Swiss franc lower bound helps stabilizing the … value of the Swiss currency. …
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automobile exports to France, we demonstrate that the importer's currency tends to be chosen in intra-firm export invoicing based …This study empirically investigates how the invoice currency choice differs between intra-firm and arm's-length exports …. We also examine whether other firm- and product-level characteristics affect the choice of invoice currency. This study …
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We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank as well as a bank's position in the network. We construct...
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Maintaining sufficient liquidity in the financial system is vital for financial stability. However, since returns on liquid assets are typically low, individual financial institutions may seek to hold fewer such assets, especially if they believe they can rely on other institutions for liquidity...
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