Similar Search Results

New Estimation of China's Exchange Rate Regime

Frankel, Jeffrey A. - 2009

The paper updates the answer to the question: what precisely is the exchange rate regime that China has put into place …

Persistent link: https://www.econbiz.de/10012463947

On the Renminbi : The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate

Frankel, Jeffrey - 2005

for China. (1) China's economy is on the overheating side of internal balance, and appreciation would help easy … inflationary pressure. (2) Although foreign exchange reserves are a useful shield against currency crises, by now China's current … economy like China can achieve adjustment in the real exchange rate via flexibility in the nominal exchange rate more easily …

Persistent link: https://www.econbiz.de/10012467410

The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?

Eichengreen, Barry - 2008

We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World War II, we show that the dollar first overtook sterling in...

Persistent link: https://www.econbiz.de/10012464493

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

Chitu, Livia - 2012

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...

Persistent link: https://www.econbiz.de/10012460562

Exchange Rate Regimes and the Extensive Margin of Trade

Bergin, Paul R. - 2008

This paper finds that currency unions and direct exchange rate pegs raise trade through distinct channels. Panel data analysis of the period 1973-2000 indicates that currency unions have raised trade predominantly at the extensive margin, the entry of new firms or products. In contrast, direct...

Persistent link: https://www.econbiz.de/10012464519

Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - 2008

Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...

Persistent link: https://www.econbiz.de/10012464545

Estimation of De Facto Exchange Rate Regimes : Synthesis of the Techniques for Inferring Flexibility and Basket Weights

Frankel, Jeffrey A. - 2008

The paper offers a new approach to estimate de facto exchange rate regimes, a synthesis of two techniques. One is a technique that the authors have used in the past to estimate implicit de facto weights when the hypothesis is a basket peg with little flexibility. The second is a technique used...

Persistent link: https://www.econbiz.de/10012464630

Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes

Frankel, Jeffrey A. - 2009

A new technique for estimating countries' de facto exchange rate regimes synthesizes two approaches. One approach estimates the implicit de facto basket weights in an OLS regression of the local currency value rate against major currency values. Here the hypothesis is a basket peg with little...

Persistent link: https://www.econbiz.de/10012463030

Capital Inflows and Reserve Accumulation : The Recent Evidence

Reinhart, Carmen M. - 2008

Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...

Persistent link: https://www.econbiz.de/10012464804

The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets

Aizenman, Joshua - 2019

This paper examines determinants of the international reserves (IR) currency composition before and after the Global Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro zone, UK, and Japan, and issue more debt denominated...

Persistent link: https://www.econbiz.de/10012479884