The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of "equity net currency supplies", i.e. local currency stock market capitalization minus equity holdings, denominated in investors'...

The US dollar is the most prevalent currency to settle internationally traded merchandise. A few existing studies demonstrate that the US dollar can significantly impact a country's trade balance with a non-US partner. Nevertheless, the current literature indicates the remarkable deficiency of...

This research utilises a non-linear Smooth Transition Regression (STR) approach to modelling and forecasting the exchange rate, based on the Taylor rule model of exchange rate determination. The separate literatures on exchange rate models and the Taylor rule have already shown that the...

This study establishes a rigorous theory for the recent popular enhanced-Purchasing-Power-Parity model for estimating the long run equilibrium exchange rates of currencies. The necessary and sufficient conditions for the validity of the model are derived and proved. Based on the theory, this...

Historically, the world payments system has been dominated by a single currency accepted in the exchange of goods and assets among countries. In recent decades, the US dollar has played this role. The dollar acts as a 'vehicle currency' in the sense that agents in non-dollar economies will...

В работе проведен анализ понятия резервных валют и их роли в современной мировой платежной системе. Последовательно рассмотрены определение резервных валют,...

Devaluation of domestic currency is traditionally believed to foster a country’s trade balance. Innumerable papers have attempted to scrutinize the exchange rate-trade balance nexus in many countries across the globe, yet their conclusions diverge as they utilize different data, time frames,...