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China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System

Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011

, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …

Persistent link: https://www.econbiz.de/10009371469

External Liabilities and Crises

Catão, Luis A. V.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2014

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities to GDP is a significant crisis predictor. This is...

Persistent link: https://www.econbiz.de/10011083620

The Dollar and its Discontents

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2012

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most...

Persistent link: https://www.econbiz.de/10011084062

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds

Carroll, Christopher D; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2009

We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...

Persistent link: https://www.econbiz.de/10008528533

Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Giovannini, Alberto - C.E.P.R. Discussion Papers - 1991

A fixed-exchange-rate system is characterized by two pillars: monetary policy coordination and foreign exchange reserves. This paper concentrates on the fluctuation of foreign exchange reserves by taking monetary policy coordination as given: the sustainability of the fixed exchange rate regime...

Persistent link: https://www.econbiz.de/10005281365

Global Monetary Policy Under a Dollar Standard

Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004

For the past four or five decades, the international monetary system has operated on a ’dollar standard’. Popular discussion suggests that this gives the US an advantage in the use of monetary policy. This Paper analyses the determination of monetary policy in a world with a dollar standard,...

Persistent link: https://www.econbiz.de/10005123745

Monetary Policy Rules in an Interdependent World

Kollmann, Robert - C.E.P.R. Discussion Papers - 2003

This Paper analyses the welfare effects of monetary policy rules in a quantitative business cycle model of a two-country world. The model features staggered price setting, and shocks to productivity and to the uncovered interest rate parity (UIP) condition. UIP shocks have a sizable negative...

Persistent link: https://www.econbiz.de/10005498126

Never Say Never: Commentary on a Policymaker’s Reflections

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014

Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally systemic Asian crisis, as the IMF’s First Deputy...

Persistent link: https://www.econbiz.de/10011083383

What Determines Government Spending Multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10011083665

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2014

We study the gains from increased wage flexibility and their dependence on exchange rate policy, using a small open economy model with staggered price and wage setting. Two results stand out: (i) the impact of wage adjustments on employment is smaller the more the central bank seeks to stabilize...

Persistent link: https://www.econbiz.de/10011083937

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