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Trilemma and financial stability configurations in Asia

Aizenman, Joshua - 2011

adjustment to the postcrisis challenges. We point out that emerging Asia has converged to a middle ground of the trilemma … smoother adjustment of emerging Asia to the crisis, and was instrumental in inducing the rapid resumption of growth. The swings … challenges facing emerging Asia's adjustment during the global financial crisis, and the postcrisis policy stance dealing with …

Persistent link: https://www.econbiz.de/10009379740

Evaluating Asian Swap Arrangements

Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - 2011

Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008–2009 global financial...

Persistent link: https://www.econbiz.de/10014179703

Economics of Intellectual Capital (6) : Global Reserve Assets as a Solution to the Monetary Trilemma under Intertemporal Trade

Ziesemann, Cyndia - 2023

The antecedent studies have designed new funding with the intellectual capital money (IKM) upon trading the intellectual capital (IK) to ensure unimpeded access to it and spur its generation and exploitation. This piece examines the static and dynamic behavior of IKM in an open economy. The...

Persistent link: https://www.econbiz.de/10014346507

Leaning against the global financial cycle

Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

Persistent link: https://www.econbiz.de/10013488632

The intraday interest rate : what’s that?

Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - 2015

We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday rate in this market cannot be a result of collateral...

Persistent link: https://www.econbiz.de/10011308459

The East Asian Dollar Standard, Fear of Floating, and Original Sin

McKinnon, Ronald - 2007

Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...

Persistent link: https://www.econbiz.de/10012729302

International capital flow pressures and global factors

Goldberg, Linda S.; Krogstrup, Signe - 2023

The risk sensitivity of international capital flow pressures is explored using a new Exchange Market Pressure index that combines pressures observed in exchange rate adjustments with model-based estimates of incipient pressures that are masked by foreign exchange interventions and policy rate...

Persistent link: https://www.econbiz.de/10013548958

Adjustment of global imbalances : illustrative scenarios for Hungary

Hornok, Cecília; Jakab, M. Zoltán; Barnabás Tóth, Máté - 2007

Asia and whether it is a result of policy or market processes. We found that a possible global correction will pass through …

Persistent link: https://www.econbiz.de/10009350034

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Public debt tipping point studies ingnore how exchange rate changes may create a financial meltdown

Pope, Robin; Selten, Reinhard - 2011

In studies concluding that public debt may hamper GDP, the debt tipping effects are estimated as if there were a single world currency. This means that such studies ignore the likely biggest cause of changes in growth rates, namely damage from exchange rate liquidity shocks because we do not...

Persistent link: https://www.econbiz.de/10009748247