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Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609222

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Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2023

Book / Working Paper

Fugitive or orphan? : the Shanghai yen in the early days of the Sino-Japanese war, 1938-1939

Takagi, Shinji - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610964

Optimal Exchange Rate Policy with Oil Shocks

Aktuğ, Emrehan - 2026

We study optimal monetary and exchange rate policy in a small open economy facing oil price shocks. In a model with segmented financial markets that generate endogenous UIP deviations, the first-best allocation is achieved through a combination of interest rate policy and foreign exchange...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612750

Macroeconomic Challenges of Fragility and Policies for Stability and Growth

Miksjuk, Alexei - 2026

In 2025, fragile and conflict-affected (FCS) included 38 economies that are home to 1 billion people. The recent shocks have intensified fragility-related pressures even in more stable economies. This paper provides a comprehensive discussion of macroeconomic challenges and policies under...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612817

Exchange rate appreciation and structural adjustment : evidence from the Plaza Accord

Kumanomido, Hiroshi - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616378

OPENSIMPLEST : the smallest SFC open economy model

Zezza, Francesco - 2026

This article introduces OPENSIMPLEST, a highly parsimonious stock-flow consistent (SFC) model of an open economy. The model is designed as a pedagogical and analytical benchmark that preserves the core mechanisms of more complex open-economy SFC frameworks while remaining complete, transparent,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015588384

Reconsidering the AMU - What is the optimal basket currency for Asia?

Kawasaki, Kentaro; Shimizu, Junko - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015606293

Evolution and challenges of the yuan's internationalisation

Kaaresvirta, Juuso; Kerola, Eeva; Nuutilainen, Riikka - 2026

This paper examines recent developments in the internationalisation of the Chinese yuan, focusing on trade and portfolio flows, foreign exchange markets, cross‑border payments, and official reserve holdings. The promotion of the yuan's global role has been a deliberate policy objective for...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626511

The impact of exchange rate depreciation on the performance of non-financial companies in Romania

Orțan, David; Sîrbu, Dragoș - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637493

ECB exchange rate communication

Comazzi, Fabio; Domenech Palacios, Mar; Ehrmann, Michael; … - 2026

We revisit the debate on the effectiveness of central bank communication on exchange rates, contrasting a skeptical view, which holds that communication neither moves exchange rates nor influences them in the desired direction, with an optimistic view that it does. Using nearly 100 official ECB...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641414

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ECB exchange rate communication

Comazzi, Fabio; Domenech Palacios, Mar; Ehrmann, Michael; … - 2026

Book / Working Paper

Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

We confront the notion that flexible exchange rates insulate countries from external disturbances with new evidence for the euro area (EA) and 20 of its neighbors. Using high-frequency data, we first establish that countries with flexible exchange rates ("floats") let their currencies depreciate...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641819

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Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

Book / Working Paper

Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

Book / Working Paper

China's mercantilist squeeze on developing countries

Chatterjee, Shoumitro; Subramanian, Arvind - 2026

China's resurgent trade surplus has revived concern in the United States and Europe, but its development consequences for low and middle income (LMIC) countries remain underappreciated. This paper documents a "China Squeeze": the compression of industrialization space available to poorer...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644102

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China's mercantilist squeeze on developing countries

Chatterjee, Shoumitro; Subramanian, Arvind - 2026

Book / Working Paper

Geopolitics of central bank foreign exchange swap line networks

Horváth, Marcell - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635682

Foreign exchange intervention and financial stability

Agénor, Pierre-Richard; Jackson, Timothy P.; Silva, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015574482

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Foreign exchange intervention and financial stability

Agénor, Pierre-Richard; Jackson, Timothy P.; Silva, … - 2020 - This version: September 21, 2020

Edition: This version: September 21, 2020

Book / Working Paper

Shifting forces behind RMB internationalization : evidence from the 2025 Triennial Survey

Robbert, Juliana; Sushko, Vladyslav; Westermann, Frank - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668251

Global imbalances then and now : lessons from the Plaza Accord

Hoshi, Takeo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669304

Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system : papers in this volume were prepared for a meeting of emerging market economy Deputy Governors organised by the Bank for International Settlements on 12-13 March 2026

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667777

Are inflation expectations in Zambia anchored? : what are the drivers?

Muntanga, Barbara - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676464

The performance of inflation targeting regimes in emerging and developing countries : a propensity score matching approach

Güzel, Adviye Hazal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016059223

Optimal foreign reserve policy amid large external shocks in Indonesia, Malaysia and Thailand : implications for policy response to disasters

Molnar-Tanaka, Kensuke; Dutu, Richard; Ibrahim, Prasiwi - 2025

Countries in Southeast Asia, including Indonesia, Malaysia, and Thailand, are facing an increasing risk of large external shocks such as disasters, and managing such shocks must be a critical priority for policymakers in the region. This paper explores optimal policy responses to large external...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618465

Optimal foreign reserve intervention and financial development

Davis, Scott; Huang, Kevin X. D.; Liu, Zheng; Spiegel, Mark - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555748

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Optimal foreign reserve intervention and financial development

Davis, Scott; Huang, Kevin X. D.; Liu, Zheng; Spiegel, Mark - 2025

Book / Working Paper

Effectiveness of interventions for modal shift to walking and bike riding : a systematic review with meta-analysis

Pearson, Lauren; Page, Matthew J.; Gerhard, Robyn; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015547183

Takatoshi Ito : scholarship on Japan's economy transformed

Aoki, Kōsuke; Auerbach, Alan J.; Horioka, Charles; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015532351

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Takatoshi Ito : scholarship on Japan's economy transformed

Aoki, Kōsuke; Auerbach, Alan J.; Horioka, Charles; … - 2025

Book / Working Paper

Takatoshi Ito: scholarship on Japan's economy transformed

Aoki, Kōsuke; Auerbach, Alan J.; Horioka, Charles; … - 2025

Book / Working Paper

Balance of payments and currency policy in China's development

Carnevali, Emilio; Veronese Passarella, Marco; Zhang, Dongna - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654287

Currencies come and go, but employment always takes root : rethinking external constraints and monetary sovereignty in the periphery

Cruz Hidalgo, Esteban; Medina-Miltimore, Stuart; Mario, … - 2025

This paper explores a development strategy for peripheral economies by advocating for a paradigm shift from traditional economic models that rely on accumulating foreign reserves. It proposes the job guarantee (JG) policy, an automatic stabilizer based on a reserve pool of employed individuals,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015206930

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Currencies come and go, but employment always takes root : rethinking external constraints and monetary sovereignty in the periphery

Cruz Hidalgo, Esteban; Medina-Miltimore, Stuart; Mario, … - 2025

Book / Working Paper

Dollar colonisation : the destructive policy implications of modern monetary theory

Lysandrou, Photis - 2025

Modern monetary theory argues that all governments that issue their own currency have the same policy space. The present paper argues that this position is wrong. For it to be valid, abstraction must be made from the gravitational force of the US dollar that stems from its backing mass of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015207191

The Fiscal Costs of Monetary and Exchange Rate Policy Distortions in Zimbabwe

Steenbergen, Victor; Kwaramba, Marko; Pindiriri, Carren; … - 2025

This paper uses a multi-methodological approach to measure the fiscal costs of monetary and exchange rate policy distortions in Zimbabwe. It identifies three channels through which these policy distortions affect tax revenue: the Olivera-Tanzi Effect (inflation-related tax payment lags), an...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015372440

Lebanon : from dollars to lollars

Baz, Salim; Cathcart, Lara; Michaelides, Alexander G. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375054

Monetary regimes with two nominal anchors : are they possible?

Fabris, Nikola - 2025

The traditional approach to monetary policy, which relied on one instrument to achieve a single goal, has proven ineffective during recent periods of global instability. In response to the challenges that this traditional framework could not address, non-standard monetary policy instruments have...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375710

Dismantling the license Raj: the long road to India's 1991 trade reforms

Irwin, Douglas A. - 2025

In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard explanations for policy change -...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015209695

Climate actions, public investment and inflationary effects in a small open economy

Traficante, Guido - 2025 - This version: February 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015334661

Sveriges Riksbank's foreign exchange reserve, 1823-2023

Ingman, Gustav - 2025

Recently, there has been increasing research interest in the historical composition of central bank reserves. However, studies in this area is hindered by a lack of data, as such data spanning multiple centuries is only available for a small number of countries. This paper presents an empirical...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015337582

The high cost of the strong peso and its temporary nature : the case of Mexico

Huerta González, Arturo - 2025

The article analyzes why exchange rate stability has been prioritized in Mexico and why the national currency has appreciated; which policies and factors have made this possible, the costs and consequences of the strong peso, and its sustainability and temporality are also examined. Mexico's...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015191437

Stochastic exchange rate dynamics, intervention dynamics and the market efficiency hypothesis

Drakonakis, Emmanouil; Kotsios, Stelios - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195774

Colombia : Technical Assistance Report-Foreign Exchange Market Development and Regulatory Framework Review

2025

This report provides an overview of the technical assistance provided by the International Monetary Fund (IMF) to the Banco de la República to support the authorities in reviewing the regulatory framework and formulating development strategies for the foreign exchange market

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015328039

Managing the chaos : policy challenges in a hyperinflationary environment

Boitani, Andrea; Dragomirescu-Gaina, Catalin; … - 2025

We delve into Venezuela's 2018-2019 hyperinflation episode to examine the policy constraints autocratic governments face during extreme economic distress. We develop a simple model that reflects dynamics in a segmented foreign exchange (FX) market and allows us to understand how media coverage...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015418068