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China's evolving managed float : an exploration of the roles of the fix and broad dollar movements in explaining daily exchange rate changes

Clark, John - 2017

We investigate the drivers of daily changes in the exchange value of the Chinese currency (CNY) since early 2016, when … of the currency's exchange value. Daily changes in the closing value of the exchange rate have centered on the changes …, when the currency was being managed primarily against the dollar. …

Persistent link: https://www.econbiz.de/10011754330

Banking globalization, transmission, and monetary policy autonomy

Goldberg, Linda S. - 2013

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

Persistent link: https://www.econbiz.de/10010201279

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

Micro, macro, and strategic forces in international trade invoicing

Goldberg, Linda S.; Tille, Cédric - 2009

likely to be invoiced in the importer’s currency. We offer a theoretical explanation for the empirical link between … absent from existing models despite its empirical relevance. -- Invoicing currency ; vehicle currency ; pass …

Persistent link: https://www.econbiz.de/10003947912

The global financial resource curse

Benigno, Gianluca; Fornaro, Luca; Wolf, Martin - 2020

Since the late 1990s, the United States has received large capital flows from developing countries and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that...

Persistent link: https://www.econbiz.de/10012167488

Financial sanctions, SWIFT, and the architecture of the international payments system

Cipriani, Marco; Goldberg, Linda S.; La Spada, Gabriele - 2023

Financial sanctions, alongside economic sanctions, are components of the toolkit used by governments as part of international diplomacy. The use of sanctions, especially financial, has increased over the last seventy years. Financial sanctions have been particularly important whenever the goals...

Persistent link: https://www.econbiz.de/10013490641

International capital flow pressures

Goldberg, Linda S.; Krogstrup, Signe - 2018

This paper presents a new measure of capital flow pressures in the form of a recast exchange market pressure index. The measure captures pressures that materialize in actual international capital flows as well as pressures that result in exchange rate adjustments. The formulation is...

Persistent link: https://www.econbiz.de/10011795416

Drivers of dollar share in foreign exchange reserves

Goldberg, Linda S.; Hannaoui, Oliver - 2024

stem from a systematic shift in currency preferences away from holding dollar assets. Instead, a small group of countries … the primary foreign currency liquidity needs of the central bank are already satisfied. …

Persistent link: https://www.econbiz.de/10014501124

Money, credit, monetary policy, and the business cycle in the euro area : what has changed since the crisis?

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012000041

Regional heterogeneity and monetary policy

Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph - 2015

We study the implications of regional heterogeneity within a currency union for monetary policy. We ask, first, does …

Persistent link: https://www.econbiz.de/10010528702