Showing 1 - 10 of 14,208
Persistent link: https://www.econbiz.de/10000746960
Persistent link: https://www.econbiz.de/10003634146
This paper challenges the prevailing view in the sovereign debt literature by arguing that sovereign debt markets, in many respects, behave similarly to other credit markets. These markets are hierarchical rather than flat, inherently hybrid in nature, blending elements of public order and...
Persistent link: https://www.econbiz.de/10015152671
Persistent link: https://www.econbiz.de/10012155616
The squeeze in US dollar liquidity that emerged with the global financial crisis highlighted the risks associated with the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the US...
Persistent link: https://www.econbiz.de/10009734182
I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage...
Persistent link: https://www.econbiz.de/10015048365
Persistent link: https://www.econbiz.de/10000756702
Persistent link: https://www.econbiz.de/10003126013
The 1944 "Bretton Woods Agreement" gave birth to the new international financial system marked by the centrality of the US dollar which is a crucial pillar of the global power of the United States. Over the past eight decades, the asymmetry of the shrinking US economic weight in the world...
Persistent link: https://www.econbiz.de/10014364281
Persistent link: https://www.econbiz.de/10013260601