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International Capital Markets, Macroeconomic Stability, and Exchange Rate Stabilization in the CIS and East Asia

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Author Info

  • Gunther Schnabl

    (Tuebingen University)

Abstract

Although most CIS and East Asian countries are de jure classified as free floaters, they de facto pursue (tight) dollar pegs. This paper emphasizes dollar denomination of short-term and long-term payment flows as reasons for exchange rate stabilization. Based on the analysis of ifcompetitive depreciationsll and incompetitive appreciationsll among the CIS and East Asian currencies it is argued that the adherence to a common external anchor currency enhances macroeconomic stability. Finally, the potential of euro and ruble (CIS) as well as yen and yuan (East Asia) to challenge the dollar as anchor currencies in the respective regions is

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File URL: http://128.118.178.162/eps/if/papers/0410/0410009.pdf
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Bibliographic Info

Paper provided by EconWPA in its series International Finance with number 0410009.

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Length: 29 pages
Date of creation: 29 Oct 2004
Date of revision: 01 Mar 2005
Handle: RePEc:wpa:wuwpif:0410009

Note: Type of Document - pdf; pages: 29
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Web page: http://128.118.178.162

Related research

Keywords: CIS; East Asia; Informal Dollar Standard; Liability Dollarization; Asset Dollarization; Competitive Depreciation; Competitive Appreciation; Exchange Rate Systems;

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References

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  1. Devereux, M.B. & Lane, P.R., 2002. "Understanding Bilateral Exchange Rate Volatility," CEG Working Papers 20025, Trinity College Dublin, Department of Economics.
  2. Eric Hillebrand & Gunther Schnabl, . "The Effects of Japanese Foreign Exchange Intervention: GARCH Estimation and Change Point Detection," Departmental Working Papers 2003-09, Department of Economics, Louisiana State University.
  3. Gunther Schnabl, 2004. "De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe," International Finance 0404013, EconWPA.
  4. Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue," International Finance, Wiley Blackwell, vol. 7(2), pages 169-201, 07.
  5. Paul De Grauwe & Gunther Schnabl, 2004. "Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe," CESifo Working Paper Series 1182, CESifo Group Munich.
  6. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
  7. Andrew Berg & Eduardo Borensztein, 2000. "The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 285-324, November.
  8. Nienke Oomes, 2003. "Network Externalities and Dollarization Hysteresis," IMF Working Papers 03/96, International Monetary Fund.
  9. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
  10. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May.
  11. Peter Keller & Thomas J. Richardson, 2003. "Nominal Anchors in the CIS," IMF Working Papers 03/179, International Monetary Fund.
  12. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
  13. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  14. Joannes Mongardini & Johannes Mueller, 2000. "Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic," IMF Staff Papers, Palgrave Macmillan, vol. 47(2), pages 3.
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Cited by:
  1. Agnieszka Markiewicz, 2006. "How Central and Eastern European Countries Choose Exchange Rate Regimes," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.

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