PSN: Exchange Rates & Currency (International) (Topic)最新文献_第10页

Friedman Redux: External Adjustment and Exchange Rate Flexibility 弗里德曼Redux:外部调整和汇率灵活性

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-08-01 DOI: 10.1111/ECOJ.12579

A. Ghosh, M. Qureshi, Charalambos G. Tsangarides

引用次数: 26

Measuring the Foreign Exchange Premium and the Premium for Non-Tradable Outlays for Twenty Countries in Africa 衡量20个非洲国家的外汇溢价和非贸易支出溢价

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-07-16 DOI: 10.1111/SAJE.12068

G. Jenkins, Chun-Yan Kuo, S. Salci

引用次数: 8

Is There a Rule of Thumb for Absolute Purchasing Power Parity to Hold? 绝对购买力平价是否存在经验法则?

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-04-14 DOI: 10.2139/ssrn.2425029

Zhibai Zhang

引用次数: 2

Exchange Rate Flexibility and Credit During Capital Inflow Reversals: Purgatory…Not Paradise 资本流入逆转期间的汇率弹性与信贷:炼狱……而非天堂

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-04-01 DOI: 10.5089/9781475543735.001.A001

Nicolás E. Magud, Esteban Vesperoni

{"title":"Exchange Rate Flexibility and Credit During Capital Inflow Reversals: Purgatory…Not Paradise","authors":"Nicolás E. Magud, Esteban Vesperoni","doi":"10.5089/9781475543735.001.A001","DOIUrl":"https://doi.org/10.5089/9781475543735.001.A001","url":null,"abstract":"We identify periods of capital inflows reversals—looking at both gross and net capital flows—and document the behavior of macro and credit variables in economies with different degrees of exchange rate flexibility. We find that more exchange rate flexibility moderates credit swings during capital flow cycles, mainly because it is associated with milder credit growth during the boom. Flexibility, however, cannot completely shield the economy from a credit reversal. We observe what we dub as a recovery puzzle: credit growth in economies with more flexible exchange rate regimes remains tepid well after the capital flow reversal takes place. This results stress potential complementarity of macro-prudential policies with the exchange rate regime. More flexible regimes could help smoothing the credit cycle through capital surcharges and dynamic provisioning that build buffers to counteract the credit recovery puzzle. In contrast, more rigid exchange rate regimes would benefit the most from measures to contain excessive credit growth during booms, such as reserve requirements, loan-to-income ratios, and debt-to-income and debt-service-to-income limits.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130837125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 23

The Valuation of Catastrophe Bonds with Exposure to Currency Exchange Risk 考虑汇率风险的巨灾债券估值

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-02-22 DOI: 10.2139/ssrn.2399966

Van Son Lai, Mathieu Parcollet, B. Lamond

引用次数: 16

Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi 区域结算基础设施与货币国际化:以亚洲和人民币为例

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2014-02-05 DOI: 10.2139/ssrn.2391112

C. Rhee, Lea R. Sumulong

{"title":"Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi","authors":"C. Rhee, Lea R. Sumulong","doi":"10.2139/ssrn.2391112","DOIUrl":"https://doi.org/10.2139/ssrn.2391112","url":null,"abstract":"The squeeze in United States dollar liquidity that emerged with the global financial crisis highlighted the risks inherent in the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the US dollar for regional and international transactions. As Asia’s role in the global economy continues to expand, its dependence on the US dollar is bound to increase, raising further its vulnerability to future liquidity shocks. The use of regional currencies for bilateral trade settlement could reduce such vulnerability. As demonstrated by the renminbi trade settlement scheme piloted between the People’s Republic of China; Hong Kong, China; and Macao, China, the existence of appropriate financial infrastructure could reduce the relatively larger costs of bilateral currency transactions compared with triangular transactions through the United States dollar. As most central banks are securities depositories of government bonds, combining trade settlement with government bond securities settlement could also have large synergy effects without substantial extra costs. This proposal does not require full liberalization of the capital account or full deregulation of capital markets, and is more politically feasible in transition. As such, extending the trade settlement scheme to the rest of Asia and appending a government bond payment and securities settlement system could be a practical solution to international monetary system reform and the diversification of settlement currencies.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114505127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 10

Firm-Specific Exchange Rate Exposure and Employment Adjustment: Evidence from China 企业特定汇率敞口与就业调整:来自中国的证据

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2013-12-11 DOI: 10.2139/ssrn.2269576

Mi Dai, Jianwei Xu

引用次数: 6

The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis 日元作为避险货币的奇特案例:法医分析

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2013-11-01 DOI: 10.5089/9781475513424.001.A001

D. Botman, Irineu de Carvalho Filho, W. Lam

引用次数: 43

Exchange Rate Pass-Through into Export and Import Prices: A Bounds Testing Analysis on the Case of Korea 汇率对进出口价格的传导:以韩国为例的边界检验分析

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2013-10-25 DOI: 10.2139/ssrn.2345422

Jaehwa Lee

引用次数: 3

An Empirical Relationship between Exchange Rates, Interest Rates and Stock Returns 汇率、利率与股票收益的实证关系

PSN: Exchange Rates & Currency (International) (Topic) Pub Date : 2013-10-04 DOI: 10.2139/ssrn.2336043

Sudharshan Reddy Paramati, Rakesh Gupta

{"title":"An Empirical Relationship between Exchange Rates, Interest Rates and Stock Returns","authors":"Sudharshan Reddy Paramati, Rakesh Gupta","doi":"10.2139/ssrn.2336043","DOIUrl":"https://doi.org/10.2139/ssrn.2336043","url":null,"abstract":"In this paper study aims to investigate the relationship between call money rates, exchange rates and stock returns from the perspective of India. We use monthly data for the time span of April 1992 to March 2011. This provides sufficient data set for the empirical analysis. Result from Granger causality test evidences bidirectional relationship between call money rates and exchange rates. It is also identified that call money rates and exchange rates Granger cause stock returns and did not find reverse causality from stock returns to call money and exchange rates. To explore, lead-lag interaction among the variables studied we employed VAR models. Results suggest that there is substantial lead-lag relationship from call money rates to exchange rates and stock returns. Similar relationship also found from exchange rates to call money rates and stock returns. However, there is no evidence of lead-lag causation from stock returns to call money and exchange rates. Findings of this study are useful for the investors and policy makers. In investors’ standpoint, they can utilize this historical information of call money rates and exchange rates for predicting the movements of stock returns. Similarly, policy makers can stabilize the stock market fluctuations by adopting appropriate policies towards interest rates and exchange rates for time to time.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116462698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 11