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Brakman, Steven; van Marrewijk, Charles - 2021

international trade and many stylized facts of international trade can only be understood by pointing towards the importance of …

Persistent link: https://www.econbiz.de/10013317106

Scylla and Charybdis - Explaining Europe's Exit from Gold, January 1928 - December 1936

Wolf, Nikolaus - 2021

trade-off between a limited set of factors commonly suggested in the theoretical literature on currency crises. A simple and …

Persistent link: https://www.econbiz.de/10013316548

The Signalling Channel of Central Bank Interventions: Modelling the Yen / US Dollar Exchange Rate

Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011

This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...

Persistent link: https://www.econbiz.de/10009324091

Exchange Rates and Asset Prices: Heterogeneous Agents at Work

Piccillo, Giulia - CESifo - 2013

This paper merges two branches of the literature. On one hand we study a heterogeneous agents framework to model exchange rates and stock prices. On the other hand we model the relationship between these two series through a DSGE model. Investors choose one of two rules to form their...

Persistent link: https://www.econbiz.de/10010665041

The Relationship between Exchange Rates and International Trade: A Literature Review

Auboin, Marc; Ruta, Michele - CESifo - 2012

This paper surveys a wide body of economic literature on the relationship between currencies and trade. Specifically …, two main issues are investigated: the impact on international trade of exchange rate volatility and of currency … misalignments. On average, exchange rate volatility has a negative (even if not large) impact on trade flows. The extent of this …

Persistent link: https://www.econbiz.de/10010555693

On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010

Caporale, Guglielmo Maria; Hunter, John; Ali, Faek Menla - CESifo - 2013

This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated...

Persistent link: https://www.econbiz.de/10010636593

Oil Prices, Exchange Rates and Asset Prices

Fratzscher, Marcel; Schneider, Daniel; Robays, Ine Van - CESifo - 2013

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10010877722

Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order Book

Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik - CESifo - 2009

This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank’s target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our...

Persistent link: https://www.econbiz.de/10004979392

The Crisis in the Foreign Exchange Market

Melvin, Michael; Taylor, Mark P. - CESifo - 2009

been used to condition the exposure to the carry trade (long high interest rate currencies, short low interest rate …

Persistent link: https://www.econbiz.de/10005013075

Catching Up: The Role of Demand, Supply and Regulated Price Effects on the Real Exchange Rates of Four Accession Countries

MacDonald, Ronald; Wójcik, Cezary - CESifo - 2003

The main aim of this paper is to examine the exchange rate behavior of a group of four transitional, EU accession countries, with a view to making policy recommendations regarding their accession to full European Monetary Union. We employ a dynamic OLS panel estimator to investigate the relative...

Persistent link: https://www.econbiz.de/10005765672