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A re-examination of the link between real exchange rates and real interest rate differentials
Hoffmann, Mathias; MacDonald, Ronald - 2003
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10011506475
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Sources of euro real exchange rate fluctuations : what is behind the euro weakness in 1999-2000?
Döpke, Jörg; Gottschalk, Jan; Kamps, Christophe - 2001
This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...
Persistent link: https://www.econbiz.de/10011473872
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Exchange rates and prices : evidence from the 2015 Swiss Franc appreciation
Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - 2018
The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...
Persistent link: https://www.econbiz.de/10011900831
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Exchange rate misalignments : historical experience of Japan, Germany, Singapore and Taiwan compared to China today
Qin, Duo; He, Xinhua; Liu, Yimeng - 2010
This is a comparative study on the historical experience of real effective exchange rate (REER) misalignment of Japanese yen, Deutsche mark, Singapore dollar and Taiwan dollar, with regard to the recent dispute over the Renminbi (RMB) valuation. Panel-based misalignment estimates of the four...
Persistent link: https://www.econbiz.de/10003990427
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Modelling Ireland's exchange rates : from EMS to EMU
Bond, Derek (contributor); Harrison, Michael J. (contributor) - 2007
This paper attempts to model the nominal and real exchange rate for Ireland, relative to Germany and the UK from 1975 to 2003. It offers an overview of the theory of purchasing power parity (Ppp), focusing particularly on likely sources of nonlinearity. Potential difficulties in placing the...
Persistent link: https://www.econbiz.de/10003616696
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Business cycles, international trade and capital flows : evidence from Latin America
Caporale, Guglielmo Maria; Girardi, Alessandro - 2012
American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the …
Persistent link: https://www.econbiz.de/10009666491
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Business cycles, international trade and capital flows : evidence from Latin America
Caporale, Guglielmo Maria; Girardi, Alessandro - 2012
American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the …
Persistent link: https://www.econbiz.de/10009683383
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We … observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing … these two countries, there is a remarkable reversal in the patterns of exchange rate misalignment: China’s currency has …
Persistent link: https://www.econbiz.de/10012024585
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We … observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing … these two countries, there is a remarkable reversal in the patterns of exchange rate misalignment: China's currency has …
Persistent link: https://www.econbiz.de/10012008403
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The genesis of venture capital : lessons from the German experience
Becker, Ralf; Hellmann, Thomas - 2003
Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance...
Persistent link: https://www.econbiz.de/10011506429