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Real effective exchange rate imbalances and macroeconomic adjustments : evidence from the CEMAC zone

Asongu, Simplice A. - 2014

We assess the behavior of real effective exchange rates (REERs) of members of the CEMAC zone with respect to their long-term equilibrium paths. A reduced form of the fundamental equilibrium exchange rate (FEER) model is estimated and associated misalignments are derived for the period 1980 to...

Persistent link: https://www.econbiz.de/10011409240

REER imbalances and macroeconomic adjustments in the proposed West African Monetary Union

Asongu, Simplice A. - 2013

With the spectre of the Euro crisis hunting embryonic monetary unions, we use a dynamic model of a small open economy to analyze REERs imbalances and examine whether the movements in the aggregate real exchange rates are consistent with the underlying macroeconomic fundamentals in the proposed...

Persistent link: https://www.econbiz.de/10011409926

How Does Public Information on Central Bank Intervention Strategies Affect Exchange Rate Volatility? The Case of Peru

Mundaca, Gabriela - 2011

Intervention operations in the foreign exchange market are used by the Banco Central de Reserva del Peru to manage both the level and volatility of their exchange rates. The Banco Central de Reserva del Peru provides information to the market about the specific hours of the day interventions...

Persistent link: https://www.econbiz.de/10013129040

Identifying the Weights in Exchange Market Pressure

Klaassen, Franc - 2011

Exchange market pressure (EMP) measures the pressure on a currency to depreciate. It adds to the actual depreciation a weighted combination of policy instruments used to ward off depreciation, such as interest rates and foreign exchange interventions, where the weights are their effectiveness....

Persistent link: https://www.econbiz.de/10013130247

International Reserves and Local Currency Internationalization : An Empirical Study on the Japanese Yen

Zhang, Zhiwen - 2010

negative effect on the process, in the international monetary system based on the credit-based sovereign currencies and …

Persistent link: https://www.econbiz.de/10013138172

Towards an Expanded Role for Asian Currencies : Issues and Prospects

Chow, Hwee Kwan - 2011

Notwithstanding incumbency advantages and network effects enjoyed by the United States (US) dollar, considerations about the stability of its value have led Asian countries to fear they are holding their foreign exchange reserves in a depreciating currency. At the same time, it pays for the...

Persistent link: https://www.econbiz.de/10013124532

Inflation Target in Emerging Countries : Modeling Exchange Rate Issues

Reyes, Javier A. - 2011

The idea of inflation targeting in emerging countries is not a new one. There have been papers that favor or reject the idea of implementing such a system in these countries for mainly institutional reasons. This paper does not deal with these normative arguments. Emerging countries are...

Persistent link: https://www.econbiz.de/10013124931

Choice and Coercion in East Asian Exchange Rate Regimes

Henning, C. Randall - 2012

This paper examines the exchange rate regimes of East Asian countries since the initial shift by China to a controlled … loose but effective "renminbi bloc" with China, with two other countries participating tentatively since the global … rise of China. Fourth, analysts should specify the exchange rate preferences of these emerging market countries carefully …

Persistent link: https://www.econbiz.de/10013100318

Macroeconomic News and the DM/$ Exchange Rate

Protopapadakis, Aris - 2012

Empirical confirmation that the effect of macroeconomic fundamentals on exchange rates is economically important has been scarce. This paper employs a general GARCH specification with asymmetric responses to investigate the effect of 35 U.S. and German macroeconomic news announcements on the...

Persistent link: https://www.econbiz.de/10013103318

Market Integration in the Golden Periphery : The Lisbon/ London Exchange, 1854-1891

Esteves, Rui - 2012

The existence of a self-regulating arbitrage mechanism under the gold standard has been traditionally considered as one of its main advantages, and attracted a corresponding research interest. This research is arguably relevant not only to test for the efficiency of the "gold points", but also...

Persistent link: https://www.econbiz.de/10013108968