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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 …
Persistent link: https://www.econbiz.de/10009371469
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Money is an Experience Good: Competition and Trust in the Private Provision of Money
Marimon, Ramon; Nicolini, Juan Pablo; Teles, Pedro - C.E.P.R. Discussion Papers - 2009
We study the interplay between competition and trust as efficiency-enhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a...
Persistent link: https://www.econbiz.de/10004976784
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Inside-Outside Money Competition
Marimon, Ramon; Nicolini, Juan Pablo; Teles, Pedro - C.E.P.R. Discussion Papers - 2003
We study how competition from privately-supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation rates. Furthermore, if ‘inside monies’ can...
Persistent link: https://www.econbiz.de/10005136489
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The Financial Crisis and the Geography of Wealth Transfers
Gourinchas, Pierre-Olivier; Rey, Hélène; Truempler, … - C.E.P.R. Discussion Papers - 2011
This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure....
Persistent link: https://www.econbiz.de/10009293659
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013
This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments’ precautionary demand for reserve assets is likely to...
Persistent link: https://www.econbiz.de/10011084193
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The Rise and Fall of the Dollar, or When did the Dollar Replace Sterling as the Leading Reserve Currency?
Eichengreen, Barry; Flandreau, Marc - C.E.P.R. Discussion Papers - 2008
our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies. …
Persistent link: https://www.econbiz.de/10005661921
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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
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Why the current account may matter in a monetary union: Lessons from the financial crisis in the Euro area
Giavazzi, Francesco; Spaventa, Luigi - C.E.P.R. Discussion Papers - 2010
The current account has always been a neglected variable in the management of the Euro area and in the assessment of … deficits. It then examines some peculiar features of the growth experience under monetary union in four Euro area countries …
Persistent link: https://www.econbiz.de/10008642891
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The Euro Area Crisis: Politics over Economics
Orphanides, Athanasios - C.E.P.R. Discussion Papers - 2014
This paper explores the dominant role of politics in decisions made by euro area governments during the crisis …. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are … costs across the euro area. The example of Cyprus is discussed, where political decisions resulted in a transfer of about …
Persistent link: https://www.econbiz.de/10011084126
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Currency Risk in Currency Unions
Kriwoluzky, Alexander; Müller, Gernot; Wolf, Martin - C.E.P.R. Discussion Papers - 2013
Sovereign yield spreads within currency unions may reflect the risk of outright default. Yet, if exit from the currency union is possible, spreads may also reflect currency risk. In this paper, we develop a New Keynesian model of a small member country of a currency union, allowing both for...
Persistent link: https://www.econbiz.de/10011084136