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Dollarization and Exchange Rate Fluctuations

Honohan, Patrick - C.E.P.R. Discussion Papers - 2007

Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high …, particularly the response of dollarization to exchange rate changes, which is shown to be too small to warrant ‘fear of floating …’ by dollarized economies. But high dollarization is shown to increase the risk of depreciation and even suspension, as …

Persistent link: https://www.econbiz.de/10005497830

The Balance of Payments of Oil Importing Countries: An Aggregate Econometric Analysis

Beenstock, Michael - C.E.P.R. Discussion Papers - 1987

Using annual data drawn from 1963-1983 we estimate an econometric model of the balance of payments of oil-importing LDCs. The model consists of equations for the quantities of exports and imports, unit value indices for exports and imports, capital flows, reserves and the exchange rate. An...

Persistent link: https://www.econbiz.de/10005504374

Capital controls and foreign exchange policy

Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2012

The empirical analysis of the paper suggests that an FX policy objective and concerns about an overheating of the domestic economy have been the two main motives for the (re-)introduction and persistence of capital controls over the past decade. Capital controls are strongly associated with...

Persistent link: https://www.econbiz.de/10011083774

Fundamental Equilibrium Exchange Rates for the G7

Barrell, Ray; Wren-Lewis, Simon - C.E.P.R. Discussion Papers - 1989

The Fundamental Equilibrium Exchange Rate (FEER) is the real exchange rate which produces a current account that is exactly matched by equilibrium medium-term capital flows. This paper sets out a small model to calculate FEERs for the G7 from 1971 to 1988. This model's parameters are either...

Persistent link: https://www.econbiz.de/10005661741

An Equilibrium Model of 'Global Imbalances' and Low Interest Rates

Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2006

Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...

Persistent link: https://www.econbiz.de/10005666722

A global monetary tsunami? On the spillovers of US Quantitative Easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012

The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...

Persistent link: https://www.econbiz.de/10011083739

Capital Controls and Macroprudential Measures: What Are They Good For?

Forbes, Kristin; Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2014

Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding...

Persistent link: https://www.econbiz.de/10011084623

The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence

Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 1999

We examine the view that the recent East Asian crisis was precipitated by bursting asset price bubbles which had been fuelled by strong capital inflows which were largely the result of a moral hazard problem in financial intermediation, and was exacerbated by a vicious cycle of asset price...

Persistent link: https://www.econbiz.de/10005661947

Capital Flows, Push versus Pull Factors and the Global Financial Crisis

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

The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks--key crisis events as well as...

Persistent link: https://www.econbiz.de/10009207523

Limiting Currency Volatility to Stimulate Goods Market Integration: a Price-Based Approach

Parsley, David; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2001

This Paper empirically studies the effect of instrumental and institutional stabilization of the exchange rate on the integration of goods markets. An instrumental stabilization of the exchange rate is accomplished through intervention in the foreign exchange market, or by monetary policies. An...

Persistent link: https://www.econbiz.de/10005661528