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US Dollar Carry Trades in the Era of 'Cheap Money'
Shehadeh, Ali - 2016
In this paper, we employ a unique dataset of actual US dollar (USD) forward positions against a number of currencies taken by so-called Commodity Trading Advisors (CTAs). We investigate to what extent these positions exhibit a pattern of USD carry trading or other patterns of currency trading...
Persistent link: https://www.econbiz.de/10012994457
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U.S. Dollar Currency Premium in Corporate Bonds
Caramichael, John; Gopinath, Gita; Liao, Gordon - 2022
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o … without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency … mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the …
Persistent link: https://www.econbiz.de/10013306776
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Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10013127698
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Welfare costs of inflation and the circulation of US currency abroad
Calza, Alessandro; Zaghini, Andrea - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10009006654
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Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2015
Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using adjusted monetary data, we show that the failure to control for...
Persistent link: https://www.econbiz.de/10013037484
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The Political Economy of Reducing the United States Dollar’s Role as a Global Reserve Currency
Yap, Josef T. - 2011
Many have argued that the major source of the existing global macroeconomic imbalances are the twin deficits of the United States (US). However, there is still a debate about whether the global imbalances indeed pose a significant threat to the world economy. This paper analyzes whether current...
Persistent link: https://www.econbiz.de/10014179435
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The Effects of a Stronger Dollar on U.S. Prices
Díez, Federico J. - 2016
Since 2014:Q3, the U.S. dollar has experienced the third-fastest appreciation in over 30 years, with its nominal exchange and real exchange rate rising 15 percent against almost all foreign currencies (as measured by the Major Currencies Dollar Index). This sudden and rapid gain has engendered...
Persistent link: https://www.econbiz.de/10013000222
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Exchange Rate Anchoring - Is there Still a De Facto US Dollar Standard?
Bracke, Thierry - 2011
The paper provides a measure of exchange rate anchoring behavior across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...
Persistent link: https://www.econbiz.de/10013124257
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Distinguishing Global Dollar Reserves from Official Holdings in the United States
Settlements, Bank for International - 2013
Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when intervention is large
Persistent link: https://www.econbiz.de/10013092677
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The Triffin dilemma again
Campanella, Edoardo - 2010
Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three examples: price of commodities, dollarization, and the...
Persistent link: https://www.econbiz.de/10008648332