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How Successful is the G7 in Managing Exchange Rates?

Fratzscher, Marcel - 2015

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the US dollar, yen and euro in the intended direction...

Persistent link: https://www.econbiz.de/10012750085

A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility

Hillebrand, Eric T.; Schnabl, Gunther - 2021

While up to the late 1990s Japanese foreign exchange intervention was fully sterilized, Japanese monetary authorities left foreign exchange intervention unsterilized when Japan entered the liquidity trap in 1999. According to previous research on foreign exchange intervention, unsterilized...

Persistent link: https://www.econbiz.de/10013317566

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - 2008

Persistent link: https://www.econbiz.de/10011604998

Monetary Policy and its Transmission in a Globalised World

Ca'Zorzi, Michele - 2020

This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by purging them of the bias stemming from contemporaneous...

Persistent link: https://www.econbiz.de/10012834227

China's dominance hypothesis and the emergence of a tri-polar global currency system

Fratzscher, Marcel; Mehl, Arnaud - 2011

euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi … 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/10011605438

A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility

Hillebrand, Eric; Schnabl, Gunther - 2006

Persistent link: https://www.econbiz.de/10011604696

The admission of accession countries to an enlarged monetary union: a tentative assessment

Ca' Zorzi, Michele; De Santis, Roberto A. - 2003

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term,...

Persistent link: https://www.econbiz.de/10011604262

Welfare implications of joining a common currency

Ca' Zorzi, Michele; De Santis, Roberto A.; Zampolli, … - 2005

This paper examines the welfare implications of a country joining a currency union as opposed to operating in a flexible exchange rate regime. At the country level, the suboptimal response to domestic and foreign shocks and the inability of setting inflation at the desired level may be offset by...

Persistent link: https://www.econbiz.de/10011604491

Cross-dynamics of volatility term structures implied by foreign exchange options

Krylova, Elizaveta; Nikkinen, Jussi; Vähämaa, Sami - 2005

This paper examines the cross-dynamics of volatility term structures implied by foreign exchange options. The data used in the empirical analysis consist of daily observations of implied volatilities for OTC options on the euro, Japanese yen, British pound, Swiss franc, and Canadian dollar,...

Persistent link: https://www.econbiz.de/10011604576

Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation

Sánchez, Marcelo - 2005

This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical analysis is based on a simple analytical framework for currency unions of small open economies, with a focus on the conduct of monetary policy in the presence of different types...

Persistent link: https://www.econbiz.de/10011604613