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The Dollar-Mark axis

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  • Gabriele Galati

Abstract

Over the last two decades, most European currencies have tended to weaken against the mark as the latter strengthened against the dollar. Moreover, the strength of the response of European cross-rates has tended to remain in the same order over time. I first set out the stylised facts of this phenomenon, referred to as the dollar-mark axis, and then try to identify its determinants. In addition to exchange rate policy, I examine the correlation of cyclical fluctuations and trade links (two factors suggested by the theory of optimum currency areas) and the bias of international investors in the currency composition of their portfolios.

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File URL: http://hdl.handle.net/10.1007/BF02707599
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Bibliographic Info

Article provided by Springer in its journal Weltwirtschaftliches Archiv.

Volume (Year): 137 (2001)
Issue (Month): 1 (March)
Pages: 36-57

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Handle: RePEc:spr:weltar:v:137:y:2001:i:1:p:36-57

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Keywords: F3; F4; F31; F36;

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  1. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," CEPR Discussion Papers 1750, C.E.P.R. Discussion Papers.
  2. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  3. Jeffrey A. Frankel & Shang-Jin Wei, 1993. "Emerging Currency Blocs," NBER Working Papers 4335, National Bureau of Economic Research, Inc.
  4. Agnès Bénassy-Quéré, 1997. "Optimal Pegs for Asian Currencies," Working Papers 1997-14, CEPII research center.
  5. Neumann, Manfred J.M. & von Hagen, Jürgen, 1992. "Real Exchange Rates Within and Between Currency Areas: How Far Away is EMU?," CEPR Discussion Papers 660, C.E.P.R. Discussion Papers.
  6. Bayoumi, Tamim & Eichengreen, Barry, 1996. "Operationalizing the Theory of Optimum Currency Areas," CEPR Discussion Papers 1484, C.E.P.R. Discussion Papers.
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Cited by:
  1. Robert N McCauley, 2001. "Setting Monetary Policy in East Asia: Goals, Developments and Institutions," RBA Annual Conference Volume, in: David Gruen & John Simon (ed.), Future Directions for Monetary Policies in East Asia Reserve Bank of Australia.
  2. Gabriele Galati & Philip D. Wooldridge, 2006. "The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?," BIS Working Papers 218, Bank for International Settlements.

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