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The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950

Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023

In this paper we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in successfully adopting a floating exchange rate during the Bretton Woods pegged exchange rate regime. Since then, most advanced countries have followed the Canadian example

Persistent link: https://www.econbiz.de/10014372411

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives …

Persistent link: https://www.econbiz.de/10012457842

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael - 2014

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … financial stability relying on macro prudential regulation may pose significant challenges for central bank credibility …

Persistent link: https://www.econbiz.de/10012457973

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value

Persistent link: https://www.econbiz.de/10013334473

Non-Fundamental Flows and Foreign Exchange Rates

Aldunate, Felipe E.; Da, Zhi; Larrain, Borja; Sialm, Clemens - National Bureau of Economic Research - 2022

pressure to currency forward markets and results in violations of the covered interest rate parity. Using trading data and bank …

Persistent link: https://www.econbiz.de/10013477245

International Sanctions and Dollar Dominance

Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2023

This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...

Persistent link: https://www.econbiz.de/10014247945

Uncertainty Shocks, Capital Flows, and International Risk Spillovers

Akinci, Ozge; Kalemli-Ozcan, Sebnem; Queralto, Albert - National Bureau of Economic Research - 2022

Foreign investors' changing appetite for risk-taking have been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of UIP premia, capital flows, and exchange rates. To understand how these risk sentiment changes...

Persistent link: https://www.econbiz.de/10013210054

A Test of Dominant Currency Hypothesis : Evidence From a Non-USD-non-Euro Country

Yoshida, Yūshi; Itō, Takatoshi; Shimizu, Junko; … - National Bureau of Economic Research - 2025

We examine the determinants and the dynamics of the exchange rate pass-through of the Japanese exporters, utilizing the official Customs declaration data. We first estimated the invoicing currency exchange rate pass-through and found that export prices invoiced in producer currency are the most...

Persistent link: https://www.econbiz.de/10015326448

The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis

Aizenman, Joshua; Park, Donghyun; Qureshi, Irfan A.; … - National Bureau of Economic Research - 2024

We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004-2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during...

Persistent link: https://www.econbiz.de/10014528343

The Resilience of Central, Eastern and Southeastern Europe (CESEE) Countries During ECB's Monetary Cycles

Aizenman, Joshua; Saadaoui, Jamel - National Bureau of Economic Research - 2024

obstacles appeared following the global financial crisis and the euro crisis. In many CESEE countries, the quality of … variables for financial development, central bank independence, and the inflation rate preceding the cycles. These findings may … provide guidelines that are useful for returning to the trajectory observed before the euro crisis by identifying the main …

Persistent link: https://www.econbiz.de/10015072898