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FX Intervention and Domestic Credit : Evidence from High-Frequency Micro Data

Hofmann, Boris - 2019

We employ a rarely available high-frequency micro dataset to study the impact of foreign exchange intervention on domestic credit growth. We find that sterilised purchases of dollars by the central bank dampens the flow of new domestic corporate loans in Colombia. Slowing the pace of currency...

Persistent link: https://www.econbiz.de/10012890369

International Inflation Spillovers Through Input Linkages

Auer, Raphael A. - 2017

We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...

Persistent link: https://www.econbiz.de/10012959262

A Key Currency View of Global Imbalances

Ito, Hiro - 2019

. The dollar zone groups economies that produce well over half of global GDP. The euro zone now includes almost all of … of the DM/euro from northwestern Europe to Europe and beyond.Global imbalances differ from a currency perspective. In the …-alignment of third currencies. What if the renminbi becomes a key currency alongside the dollar and the euro? Already some emerging …

Persistent link: https://www.econbiz.de/10012893452

Does Sovereign Risk in Local and Foreign Currency Differ?

Amstad, Marlene - 2018

Historically, sovereign debt in local currency has been considered safer than debt in foreign currency. Yet the literature offers scant theoretical or empirical guidance as to why such a gap exists, or why it appears to have slowly and steadily diminished for all regions over the past two...

Persistent link: https://www.econbiz.de/10012924033

Dominant Currency Debt

Eren, Egemen - 2019

We propose a "debt view" to explain the dominant international role of the dollar. We develop an international general equilibrium model in which firms optimally choose the currency composition of their nominal debt. Expansionary monetary policy in downturns prevents Fisherian debt deflation...

Persistent link: https://www.econbiz.de/10012870077

Triffin : Dilemma or Myth?

Bordo, Michael D. - 2018

anachronistic, and flawed in logic and fact. Nevertheless, it pops up in debates over the euro's and the renminbi's reserve roles. A …

Persistent link: https://www.econbiz.de/10012931533

Systematic Monetary Policy and the Forward Premium Puzzle

Tambakis, Demosthenes Nicholas - 2014

Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a battery of monetary policy rules in a small open economy that is...

Persistent link: https://www.econbiz.de/10013064800

Central Bank Swaps Then and Now : Swaps and Dollar Liquidity in the 1960s

McCauley, Robert N. - 2020

This paper explores the record of central bank swaps to draw out four themes. First, this recent device of central bank cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second, Federal Reserve swap facilities have generally...

Persistent link: https://www.econbiz.de/10012837527

Central Banks, Governments and the European Monetary Unification Process

Lamfalussy, Alexandre - 2013

monetary policymaking; the worsening performance of the economy in the euro area; and the fact that economic union continues to …

Persistent link: https://www.econbiz.de/10012711758

Central Banks : Between Internationalisation and Domestic Political Control

James, Harold - 2013

The paper examines the exercise, the efficiency, and the legitimacy of the monetary policy-making process. The goal of central bank autonomy in recent times is the outcome of a demand for price stability. The realisation of autonomy is also a consequence of the fragmentation of national decision...

Persistent link: https://www.econbiz.de/10013094092