This study examines the connectedness between the US yield curve components (i.e., level, slope, and curvature), exchange rates, and the historical volatility of the exchange rates of the main safe-haven fiat currencies (Canada, Switzerland, EURO, Japan, and the UK) and the leading...

In recent years, the attention of investors, practitioners and academics has grown in cryptocurrency. Initially, the cryptocurrency was designed as a viable digital currency implementation, and subsequently, numerous derivatives were produced in a range of sectors, including nonmonetary...

The coronavirus crisis has caused new distress in the European Economic and Monetary Union (EMU), as the southern part of the EMU has been hit stronger than the northern part. The common currency prevents nominal exchange rate adjustment in response to the asymmetric shock. Policymakers have...

Im Jahr 1992 sind nach dem Ende der Sowjetunion 15 neue unabhängige Nachfolgestaaten entstanden. Die gesamtwirtschaftliche und finanzielle Lage der Russischen Föderation war damals besonders schwierig und 1998 kam es sogar zu einer schwerwiegenden Finanzmarktkrise. Doch gelang es in den 2000er...

The coronavirus crisis has caused new distress in the European Economic and Monetary Union (EMU), as the southern part of the EMU has been hit stronger than the northern part. The common currency prevents nominal exchange rate adjustment in response to the asymmetric shock. Policymakers have...

We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be smaller in size, shorter in maturity, or lower in...

We study the evolution of offshore renminbi trading between 2016 and 2019. The diffusion behaviour of offshore renminbi trading during this period is different from the one between 2013 and 2016. The geographical diffusion process displayed in the 2016-2019 period, in addition to the previously...

We study the evolution of offshore renminbi trading between 2016 and 2019. The diffusion behaviour of offshore renminbi trading during this period is different from the one between 2013 and 2016. The geographical diffusion process displayed in the 2016-2019 period, in addition to the previously...

Seit der Einführung von Bitcoin 2008 und vieler anderer Kryptowährungen ist eine neue Welle innovativer Zahlungsprojekte im Gange, darunter Innovationen wie Libra - als supranationaler Stablecoin konzipiert - und digitale Zentralbankwährungen. Diese privaten und öffentlichen Projekte sind...

Im Jahr 1992 sind nach dem Ende der Sowjetunion 15 neue unabhängige Nachfolgestaaten entstanden. Die gesamtwirtschaftliche und finanzielle Lage der Russischen Föderation war damals besonders schwierig und 1998 kam es sogar zu einer schwerwiegenden Finanzmarktkrise. Doch gelang es in den 2000er...

Purpose This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e. featuring stability and equitable distribution of wealth. Design/methodology/approach After documenting...

This paper studies how the currency composition of public debt affects debt sustainability in developing countries. We show empirically that the debt-to-GDP ratio tends to grow at a faster rate when countries with a high share of foreign currency debt face a currency depreciation. The paper also...

Die jüngste Abwertung der chinesischen Währung als Folge des andauernden Handels¬streits mit den USA hat auch Auswirkungen auf Europa. Bei einer 10%igen Abwertung des Yuan würde Deutschland 413 Mio. Euro Realeinkommen gewinnen, bei einer 20igen Abwertung sogar 499 Mio . Euro im Jahr, wie aus...

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter's currency. We then study the relationship between invoicing currency choices and...

"Collection of papers and presentation slides on the subject of digital (crypto)currencies Article contributors are experts with much seniority and experience in their respective fields, and who hail from established and prestigious research institutions Examines the emerging field of private...

"This book traces the role of money in the creation of the state. From US independence to the establishment of the EU and the breakup of the USSR and beyond, Wilson examines changing attitudes about monetary sovereignty, arguing for a more rational attitude toward money as a means of...

Türkei, Argentinien, Indonesien, Brasilien: Die Währungen vieler Schwellenländer befinden sich zunehmend unter Druck. Die Ursachen sind ähnlich: hohe Schulden, steigende Inflation und schwaches Wachstum. Es fällt den Ländern zunehmen schwer, internationales Kapital zu attrahieren. Stehen...

Countries that specialize in commodity exports often exhibit a correlation between the relevant commodity price and the value of their currency. We explore a natural but little-studied explanation for this correlation. An increase in the commodity price leads to increases in the future values of...

As the sole issuer of bank notes, the Bank of Canada conducts Methods-of-Payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. The 2017 MOP Survey is the third iteration. This paper finds that the overall cash volume and...

The safe haven property of the Swiss franc presents a specific challenge for internationally minded Swiss-based investors. The central issue is whether the traditional under-performance of Swiss assets is made up by the secular appreciation of the Swiss franc combined with the propensity of the...

This paper investigates how biases in macroeconomic forecasts are associated with economic surprises and market responses across asset classes around US data announcements. We find that the skewness of the distribution of economic forecasts is a strong predictor of economic surprises, suggesting...

The end of the Bretton Woods regime and the fall of the Iron Curtain deepened the export orientation of the German model of the economy. Only after entry into the Monetary Union, however, did rising exports turn into a persistent export–import gap that became a problem for other eurozone...

This paper aims to elucidate the connectedness between major forex currencies and cryptocurrencies using the quantile cross-spectral approach recently proposed by Baruník and Kley (2015). The sample covers six forex currencies and six cryptocurrencies over the period of 1 September 2015 to 29...

Correlation network based on similarity is the common approach in financial network analyses where the Minimal Spanning Tree (MST) is used to filter the important information contained in the network. In this paper, by considering a distance matrix based on dissimilarities among multivariate...

The performance of EMU member economies is shaped by different and structurally entrenched "growth models" whose success depends on specific macro-regimes – restrictive for export-led growth, accommodating for demand-led growth. These two types of models cannot be equally viable under a...