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Displaying results 51 to 75 of 83.

  1. Structured eurobonds
    optimal construction, impact on the Euro and the influence of interest rates
    Author: Adolph, Marc-Patrick
    Published: 2020
    Publisher:  Universität Trier, Trier

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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Clausthal
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    Fachhochschule Erfurt, Hochschulbibliothek
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Common Liability; Exchange Rates; Structured Eurobonds
    Scope: 1 Online-Ressource (circa 168 Seiten), Illustrationen
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    Dissertation, Universität Trier, 2020
  2. Exchange rates and political uncertainty
    the Brexit case
    Author: Manasse, Paolo; Moramarco, Graziano; Trigilia, Giulio
    Published: [2020]
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    This paper studies the impact of political risk on exchange rates. We focus on the Brexit Referendum as it provides a natural experiment where both exchange rate expectations and a time-varying political risk factor can be measured directly. We build... more

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    This paper studies the impact of political risk on exchange rates. We focus on the Brexit Referendum as it provides a natural experiment where both exchange rate expectations and a time-varying political risk factor can be measured directly. We build a simple portfolio model which predicts that an increase in the Leave probability triggers a depreciation of the British Pound, both on account of exchange rate expectations and of political risk. We estimate the model for multilateral and bilateral British Pound exchange rates. The results confirm the model’s main implications. When we extend the analysis to a portfolio model of multiple currencies, we find that the cross-currencies restrictions implied by the theory are not rejected by our system estimation. Moreover, the joint estimates of the multi-currency model in the presence of time-varying political risk premium are in many cases consistent with the Uncovered Interest Parity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/245883
    Series: Quaderni - working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 1141
    Subjects: Brexit; Exchange Rates; Political Risk; Time-Varying Risk Premium; Uncovered Interest Parity
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  3. Pass-through of cost-push pressures to consumer prices
    Author: Yagi, Tomoyuki; Kurachi, Yoshiyuki; Takahashi, Masato; Yamada, Kotone; Kawata, Hiroshi
    Published: [2022]
    Publisher:  Bank of Japan, Tokyo, Japan

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    Media type: Book
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    Series: Bank of Japan working paper series ; no. 22, E-17 (November 2022)
    Subjects: Cost-Push Pressures; Intermediate Input Costs; Exchange Rates; Consumer Prices; Pass-Through; COVID-19
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  4. Do professional forecasters believe in uncovered interest rate parity?
    Author: Bürgi, Constantin; Song, Mengdi
    Published: 2023
    Publisher:  UCD School of Economics, University College Dublin, Dublin

    No, not according to our data. Using a unique data set, we run panel regressions to test whether professional forecasters believe in uncovered interest rate parity (UIP). Specifically, we test whether the interest rate expectations for individual... more

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    No, not according to our data. Using a unique data set, we run panel regressions to test whether professional forecasters believe in uncovered interest rate parity (UIP). Specifically, we test whether the interest rate expectations for individual forecasters are in line with their exchange rate expectations using the UIP condition. This new approach allows us to test directly whether forecasters believe in UIP. We find that professional forecasters generally do not believe in UIP across a range of currencies and horizons. Given the prevalence of the UIP condition in our international macro models, these results reiterate the importance of finding the drivers for these deviations.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/296698
    Series: Working paper series / UCD Centre for Economic Research ; WP23, 24 (November 2023)
    Subjects: Focus Economics; Bloomberg Survey; Exchange Rates
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  5. Exchange Rates and Government Debt
    Author: Favaretto, Federico
    Published: 2023
    Publisher:  SSRN, [S.l.]

    This paper studies how government debt variables impact estimates of the classic and new UIP puzzles for quarterly data between 2000 and 2020 of 6 developed countries in relation to the United States. I estimate country-pair VECMs to model... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    This paper studies how government debt variables impact estimates of the classic and new UIP puzzles for quarterly data between 2000 and 2020 of 6 developed countries in relation to the United States. I estimate country-pair VECMs to model cointegration relations between debt variables, price differences, interest rates differences and nominal exchange rate. I compare this framework with one without debt variables following Engel (2016) using quarterly data between 1979 and 2020. In the framework without debt, I don’t find the new UIP puzzle while in the framework with debt, I do find it. Government debt variables are significant and alter the sign of co-movements between difference in interest rates and far-ahead ex-post and ex-ante excess currency returns. The magnitude of the effect is economically relevant. Government debts coefficients cannot be uniquely associated with convenience yield story

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: BAFFI CAREFIN Centre Research Paper ; No. 198
    Subjects: Exchange Rates; Government Debt; UIP puzzle; Excess Currency Returns
    Other subjects: Array
    Scope: 1 Online-Ressource (86 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 8, 2023 erstellt
  6. Exchange rate elasticities of international tourism and the role of dominant currency pricing
    Author: Ding, Ding; Timmer, Yannick
    Published: [2023]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1378 (August 2023)
    Subjects: Exchange Rates; Trade Flows; Tourism; Dominant Currency Pricing
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  7. Trouble every day
    monetary policy in an open emerging economy
    Author: Pirozhkova, Ekaterina; Ricco, Giovanni; Viegi, Nicola
    Published: [2024]
    Publisher:  Department of Economics, University of Pretoria, Pretoria, South Africa

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Edition: This version: 30 September 2024
    Series: Department of Economics working paper series / Department of Economics, University of Pretoria ; 2024, 42 (September 2024)
    Subjects: Monetary policy; Small Open Economy; Inflation Targeting; Exchange Rates
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. Exchange rate disconnect and the trade balance
    Author: Bodenstein, Martin; Cuba-Borda, Pablo; Goernemann, Nils; Presno, Ignacio
    Published: [2024]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Language: English
    Media type: Book
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    Edition: Current version: June 26, 2024
    Series: International finance discussion papers ; number 1391 (July 2024)
    Subjects: Exchange Rates; Risk Sharing; Financial Intermediation; Trade Balance
    Scope: 1 Online-Ressource (circa 85 Seiten), Illustrationen
  9. Monetary policy without moving interest rates
    the Fed non-yield shock
    Author: Boehm, Christoph E.; Kroner, T. Niklas
    Published: [2024]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Edition: This draft: June 24, 2024
    Series: International finance discussion papers ; number 1392 (July 2024)
    Subjects: Geldpolitik; Mediale Berichterstattung; Ankündigungseffekt; Schock; Zins; Wechselkurs; Börsenkurs; USA; Federal Reserve; Monetary Policy; Stock Market; Exchange Rates; Asset Prices; Risk Premia; Information Effects; High-frequency Identification
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
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    A previous version of this paper was circulated under the title "Beyond the Yield Curve: Understanding the Effect of FOMC Announcements on the Stock Market"
  10. Relative monetary policy and exchange rates
    Author: Karau, Sören
    Published: [2024]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    I show that the majority of short-term nominal exchange rate fluctuations among large economies can be explained by changes in the relative stance of their monetary policies. Adapting recently developed instrumental variable techniques for shock... more

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    I show that the majority of short-term nominal exchange rate fluctuations among large economies can be explained by changes in the relative stance of their monetary policies. Adapting recently developed instrumental variable techniques for shock identification, I find that monetary policy shocks of the US relative to the euro area account for 76 percent of the short-term fluctuations of the USD-EUR exchange rate over a one-month horizon - substantially more than previously documented. Similar results are obtained for exchange rates involving the British pound and Japanese yen. Relative monetary policy shocks explain a larger fraction of variability of the exchange rate than of interest rate differentials throughout the yield curve, and small changes in risk-free rates are associated with sizable jumps in the exchange rate. Identifying US and euro area shocks separately reveals that both are important for the USD-EUR rate. Taken together, these findings speak to the significance of (not only US) monetary policy in driving frictions in interest parity relations that have recently been found to be crucial for understanding exchange rate behavior from a theoretical perspective.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9783988480156
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    hdl: 10419/305278
    Series: Discussion paper / Deutsche Bundesbank ; no 2024, 40
    Subjects: Monetary Policy; Exchange Rates; Proxy VAR
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  11. The microstructure of currency markets
    Author: Evans, Martin D. D.
    Published: 2010
    Publisher:  Georgetown Univ., Dep. of Economics, Washington, DC

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    Language: English
    Media type: Book
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    Series: Working papers series / Economics Department, Georgetown University ; 10,03
    Subjects: Currency Trading; Exchange Rates; Exchange Rate Puzzles; Exchange Rate Fundamentals; Foreign Ex-change Market; Microstructure; Order Flow; Risk Premium
    Scope: Online-Ressource (19 S., 523,28 KB), graph. Darst.
  12. Exchange rate fluctuations and firm leverage
    Author: Shim, Ilhyock; Kalemli-Ozcan, Sebnem; Liu, Xiaoxi
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency... more

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    We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result and increase their leverage. When home currency depreciates, the reverse happens as firms have to de-lever with a negative shock to their balance sheets. Using firm-level data for leverage from 10 emerging market economies during the period from 2002 to 2015, we show that firms operating in countries whose non-financial sectors hold more of the debt in foreign currency, increase (decrease) their leverage relatively more after home currency appreciations (depreciations). Combining the leverage data with firm-level FX debt data for 4 emerging market countries, we further show that our results hold at the most granular level. Our quantitative results are asymmetric: the effects of depre-ciations, that are generally associated with sudden stops, are quantitatively larger than those of appreciations, which take place at a slower pace over time during capital inflow episodes. As our exercise compares depreciations and appreciations of similar size, these results are suggestive of financial frictions being more binding during depreciations than a possible relaxation of such frictions during appreciations

     
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  13. Beyond bilateral flows
    indirect connections and exchange rates
    Author: Bahaj, Saleem; Della Corte, Pasquale; Massacci, Daniele; Seyde, Eduard
    Published: 29 July 2024
    Publisher:  Centre for Economic Policy Research, London

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19310
    Subjects: Exchange Rates; Currency Returns; Imperfect Financial Markets; Global Banking
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  14. Managing growth in a volatile world
    Published: June 2012
    Publisher:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... more

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    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12106
    Series: Global economic prospects ; volume 5 (June 2012)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Scope: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  15. Uncertainties and vulnerabilities
    Published: January 2012
    Publisher:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... more

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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12105
    Series: Global economic prospects ; volume 4 (January 2012)
    Subjects: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Scope: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  16. Assuring growth over the medium term
    Published: January 2013
    Publisher:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... more

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    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9780821398821
    Other identifier:
    hdl: 10986/12124
    Series: Global economic prospects ; volume 6 (January 2013)
    Subjects: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Scope: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  17. The global macroeconomics of a trade war
    the EAGLE model on the US-China trade conflict
    Author: Bolt, Wilko; Mavromatis, Kostas; Wijnbergen, Sweder van
    Published: [2019]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    We study the global macroeconomic effects of tariffs using a multiregional, general equilibrium model, EAGLE, that we extend by introducing US tariffs against Chinese imports into the US, and subsequently Chinese tariffs against US imports into... more

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    We study the global macroeconomic effects of tariffs using a multiregional, general equilibrium model, EAGLE, that we extend by introducing US tariffs against Chinese imports into the US, and subsequently Chinese tariffs against US imports into China, consistent with recent trade policies by the US and the Chinese governments. We abstract from tariffs on goods exported from the euro area, focusing on a US-China trade war. A unilateral tariff from the US against China dampens US exports in line with the Lerner Symmetry theorem but global output contracts. Global output contracts even further after China retaliates. The euro area benefits from this trade war. These European trade diversion benefits are caused by cheaper imports from China and Europe's improved competitiveness in the US. As price stickiness in the export sector in each region increases, the negative effects of tariffs in the US and China are mitigated, but the positive effects in the euro area are then also dampened.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/205305
    Series: Array ; TI 2019, 015
    Subjects: Trade Policy; Exchange Rates; Trade Diversion; Local Currency Pricing
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  18. Foreign safe asset demand and the Dollar exchange rate
    Author: Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno
    Published: [2018]
    Publisher:  [Stanford Graduate School of Business], [Stanford, CA]

    We develop a theory that links the U.S. dollar's valuation in FX markets to the convenience yield that foreign investors derive from holding U.S. safe assets. We show that this convenience yield can be inferred from the Treasury basis: the yield gap... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    We develop a theory that links the U.S. dollar's valuation in FX markets to the convenience yield that foreign investors derive from holding U.S. safe assets. We show that this convenience yield can be inferred from the Treasury basis: the yield gap between U.S. government and currency-hedged foreign government bonds. Consistent with the theory, a widening of the basis coincides with an immediate appreciation and a subsequent depreciation of the dollar. Our results lend empirical support to models which impute a special role to the U.S. as the world's provider of safe assets and the dollar, the world's reserve currency

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: [Stanford University Graduate School of Business research paper ; no. 18, 16]
    Subjects: Covered Interest Rate Parity; Exchange Rates; Safe Asset Demand; Convenience Yields
    Scope: 1 Online-Ressource (circa 81 Seiten), Illustrationen
  19. The macroeconomic effects of trade policy
    Author: Erceg, Christopher J.; Prestipino, Andrea; Raffo, Andrea
    Published: 2018
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

    We study the short-run macroeconomic effects of trade policies that are equivalent in a friction-less economy, namely a uniform increase in import tariffs and export subsidies (IX), an increase in value-added taxes accompanied by a payroll tax... more

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    We study the short-run macroeconomic effects of trade policies that are equivalent in a friction-less economy, namely a uniform increase in import tariffs and export subsidies (IX), an increase in value-added taxes accompanied by a payroll tax reduction (VP), and a border adjustment of corporate pro.t taxes (BAT). Using a dynamic New Keynesian open-economy framework, we summarize conditions for exact neutrality and equivalence of these policies. Neutrality requires the real exchange rate to appreciate enough to fully offset the effects of the policies on net exports. We argue that a combination of higher import tariffs and export subsidies is likely to trigger only a partial exchange rate offset and thus boosts net exports and output (with the output stimulus largely due to the subsidies). Under full pass-through of taxes, IX and BAT are equivalent but VP is not. We show that a temporary VP can increase intertemporal prices enough to depress aggregate demand and output, even when wages are sticky. These contractionary effects are especially pronounced under fixed exchange rates

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: October 1, 2018
    Series: International finance discussion papers ; number1242 (December 2018)
    FRB International Finance Discussion Paper ; No. 1242
    Subjects: Trade Policy; Fiscal Policy; Exchange Rates; Fiscal Devaluation
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  20. The global macroeconomics of a trade war
    the EAGLE model on the US-China trade conflict
    Author: Bolt, Wilko; Mavromatis, Kostas; Wijnbergen, Sweder van
    Published: [2019]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
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    Format: Online
    Series: Working paper / De Nederlandsche Bank NV ; no. 623 (January 2019)
    Subjects: Trade Policy; Exchange Rates; Trade Diversion; Local Currency Pricing
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  21. The global macroeconomics of a trade war
    the EAGLE model on the US-China trade conflict
    Author: Bolt, Wilko; Mavromatis, Kostas; Wijnbergen, Sweder van
    Published: 30 January 2019
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13495
    Subjects: Trade Policy; Exchange Rates; Trade Diversion; Local Currency Pricing
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  22. Trade and currency weapons
    Author: Bénassy-Quéré, Agnès; Bussière, Matthieu; Wibaux, Pauline
    Published: [2018]
    Publisher:  CEPII, Paris

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 606
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CEPII ; no 2018, 08 (June)
    Subjects: Tariffs; Exchange Rates; Trade Elasticities; Protectionism
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  23. EQCHANGE annual assessment 2018
    Author: Grekou, Carl
    Published: [2018]
    Publisher:  CEPII, Paris

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 606
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    Source: Union catalogues
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    Format: Online
    Series: Working paper / CEPII ; no 2018, 23 (December)
    Subjects: EQCHANGE; Exchange Rates; Currency Misalignments; Imbalances
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  24. On the short and long term real effects of nominal exchange rates
    Author: Aksoy, Yunus; Lustig, Hanno
    Published: 2002
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

    In this paper we assess the implications of sunk costs and product differentiation on the pricing decisions of the multinational firms. For this purpose we use a modified version of Salop's spatial competition. The model yields clear-cut predictions... more

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    In this paper we assess the implications of sunk costs and product differentiation on the pricing decisions of the multinational firms. For this purpose we use a modified version of Salop's spatial competition. The model yields clear-cut predictions regarding the effects of exchange rate shocks on the market structure and on pass-through. The main results are following: shocks within the band of inaction do not affect market structure. The upper bound of this range rises as the industry ratio of sunk- to fixed costs increases. As fixed costs and product heterogeneity jointly increase, the lower bound drops. Outside of the range, depreciations cause one or several of those foreign brands closest to the home brand to leave. This decreases the overall responsiveness of prices to exchange rate shocks. Large appreciations induce entry and increase the elasticity of prices. This asymmetry implies larger positive than negative PPP deviations. When accounting for price changes in foreign markets, strategic pricing behaviour is no longer sufficient to generate real exchange rate variability. Incomplete pass-through obtains if and only if the domestic firms have a smaller market share abroad. With large nominal exchange rate shocks a hysteresis result obtains if and only if sunk costs are non-zero.

     
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    Other identifier:
    hdl: 10419/78095
    Series: CFS working paper ; 2002/12
    Subjects: Market Structure; Exchange Rates; Hysteresis
    Scope: Online-Ressource (32 S.)
  25. Dynamic demand adjustment and exchange rate volatility
    Author: Corbo, Vesna
    Published: 2014
    Publisher:  Sveriges Riksbank, Stockholm

    A common finding in the international-economics literature is that the elasticity of substitution between domestically produced and imported goods is smaller in the short than in the long run. Despite this, most of today's commonly used macroeconomic... more

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    A common finding in the international-economics literature is that the elasticity of substitution between domestically produced and imported goods is smaller in the short than in the long run. Despite this, most of today's commonly used macroeconomic models assume this elasticity to be constant. This paper studies the implications of relaxing the assumption that the elasticity is constant over time horizons, through the modeling of habit formation. Compared to the standard model without habits, the proposed dynamic demand model exhibits substantially more volatile exchange rates and can generate higher real exchange rate persistence in the presence of interest rate smoothing. A high volatility of the exchange rate turns out to be optimal in this model and is hence not an artefact of the assumed monetary policy rule. Moreover, the dynamic demand model outperforms the standard model in terms of matching moments in data for a number of other variables.

     
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    Format: Online
    Other identifier:
    hdl: 10419/129706
    Series: Sveriges Riksbank working paper series ; 291
    Subjects: Elasticities; Exchange Rates; Habit Formation; Optimal Monetary Policy
    Scope: Online-Ressource (65 S.), graph. Darst.