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International Capital Markets and Informal Dollar Standards in the CIS and East Asia

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  • Schnabl, Gunther

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 shortterm and long-term payment flows as reasons for exchange rate stabilization. Based on the analysis of ?competitive depreciations? and ?competitive appreciations? 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 explored. --

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Bibliographic Info

Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 326.

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Date of creation: 2005
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Handle: RePEc:zbw:hwwadp:26192

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Web page: http://www.econstor.eu/handle/10419/20
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Keywords: CIS; East Asia; Informal Dollar Standard; Liability Dollarization; Asset Dollarization; Competitive Depreciation; Competitive Appreciation;

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References

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  1. Schnabl, Gunther, 2005. "International capital markets and exchange rate stabilization in the CIS," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 425-440, September.
  2. 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.
  3. Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 7(2), pages 169-201, 07.
  4. Eric Hillebrand & Gunther Schnabl, 2004. "The Effects of Japanese Foreign Exchange Intervention, GARCH Estimation and Change Point Detection," Money Macro and Finance (MMF) Research Group Conference 2004, Money Macro and Finance Research Group 7, Money Macro and Finance Research Group.
  5. Ronald McKinnon & Gunther Schnabl, 2004. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Review of Development Economics, Wiley Blackwell, Wiley Blackwell, vol. 8(3), pages 331-360, 08.
  6. 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.
  7. Ronald McKinnon & Gunther Schnabl, 2003. "Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate," Working Papers 022003, Hong Kong Institute for Monetary Research.
  8. 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.
  9. Schnabl, Gunther, 2003. "De jure versus de facto: Exchange rate stabilization in Central and Eastern Europe," Tübinger Diskussionsbeiträge 269, University of Tübingen, School of Business and Economics.
  10. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 329-368.
  11. Nienke Oomes, 2003. "Network Externalities and Dollarization Hysteresis," IMF Working Papers 03/96, International Monetary Fund.
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Cited by:
  1. Gunther Schnabl, 2005. "The Russian Currency Basket: The Rising Role of the Euro for Russia’s Exchange Rate Policies," International Finance, EconWPA 0512005, EconWPA.
  2. Barbara Fritz & Laurissa Mühlich, 2006. "Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?," GIGA Working Paper Series 38, GIGA German Institute of Global and Area Studies.

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