Exchange rate movements in emerging economies - Global vs regional factors in Asia
Author
Abstract
(This abstract was borrowed from another version of this item.)
Suggested Citation
DOI: 10.1016/j.chieco.2019.101386
Note: View the original document on HAL open archive server: https://hal.science/hal-03431453
Download full text from publisher
Other versions of this item:
- Chiappini, Raphaël & Lahet, Delphine, 2020. "Exchange rate movements in emerging economies - Global vs regional factors in Asia," China Economic Review, Elsevier, vol. 60(C).
References listed on IDEAS
- Ito, Takatoshi, 2017.
"A new financial order in Asia: Will a RMB bloc emerge?,"
Journal of International Money and Finance, Elsevier, vol. 74(C), pages 232-257.
- Takatoshi Ito, 2016. "A New Financial Order in Asia: Will a RMB bloc emerge?," NBER Working Papers 22755, National Bureau of Economic Research, Inc.
- Li, Chunding & Whalley, John, 2017. "How close is Asia already to being a trade bloc?," Journal of Comparative Economics, Elsevier, vol. 45(4), pages 847-864.
- Òscar Jordà, 2009. "Simultaneous Confidence Regions for Impulse Responses," The Review of Economics and Statistics, MIT Press, vol. 91(3), pages 629-647, August.
- Simona Delle Chiaie & Laurent Ferrara & Domenico Giannone, 2022.
"Common factors of commodity prices,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(3), pages 461-476, April.
- Delle Chiaie, Simona & Ferrara, Laurent & Giannone, Domenico, 2018. "Common factors of commodity prices," Research Bulletin, European Central Bank, vol. 51.
- S. Delle Chiaie & L. Ferrara & D. Giannone, 2017. "Common Factors of Commodity Prices," Working papers 645, Banque de France.
- Giannone, Domenico & Ferrara, Laurent & Delle Chiaie, Simona, 2018. "Common Factors of Commodity Prices," CEPR Discussion Papers 12767, C.E.P.R. Discussion Papers.
- Delle Chiaie, Simona & Ferrara, Laurent & Giannone, Domenico, 2017. "Common factors of commodity prices," Working Paper Series 2112, European Central Bank.
- Cerutti, Eugenio & Claessens, Stijn & Puy, Damien, 2019.
"Push factors and capital flows to emerging markets: why knowing your lender matters more than fundamentals,"
Journal of International Economics, Elsevier, vol. 119(C), pages 133-149.
- Mr. Eugenio M Cerutti & Mr. Stijn Claessens & Mr. Damien Puy, 2015. "Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals," IMF Working Papers 2015/127, International Monetary Fund.
- Cerutti, Eugenio & Claessens, Stijn & Puy, Damien, 2017. "Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals," ADB Economics Working Paper Series 528, Asian Development Bank.
- Huang, Yiping & Wang, Daili & Fan, Gang, 2014.
"Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications,"
ADBI Working Papers
482, Asian Development Bank Institute.
- Yiping Huang & Daili Wang & Gang Fan, 2014. "Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications," Finance Working Papers 24165, East Asian Bureau of Economic Research.
- Yiping Huang & Daili Wang & Gang Fan, 2014. "Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications," Macroeconomics Working Papers 24165, East Asian Bureau of Economic Research.
- repec:zbw:bofitp:urn:nbn:fi:bof-201506101281 is not listed on IDEAS
- Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992.
"Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?,"
Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
- Kwiatkowski, D. & Phillips, P.C.B. & Schmidt, P., 1990. "Testing the Null Hypothesis of Stationarity Against the Alternative of Unit Root : How Sure are we that Economic Time Series have a Unit Root?," Papers 8905, Michigan State - Econometrics and Economic Theory.
- Denis Kwiatkowski & Peter C.B. Phillips & Peter Schmidt, 1991. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?," Cowles Foundation Discussion Papers 979, Cowles Foundation for Research in Economics, Yale University.
- repec:zbw:bofitp:2015_020 is not listed on IDEAS
- Barry Eichengreen & Domenico Lombardi, 2017.
"RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency?,"
Asian Economic Papers, MIT Press, vol. 16(1), pages 35-59, Winter/Sp.
- Barry Eichengreen & Domenico Lombardi, 2015. "RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency?," NBER Working Papers 21716, National Bureau of Economic Research, Inc.
- Dobson, Wendy & Masson, Paul R., 2009. "Will the renminbi become a world currency?," China Economic Review, Elsevier, vol. 20(1), pages 124-135, March.
- Joshua Aizenman, 2015.
"Internationalization of the RMB, Capital Market Openness and Financial Reforms in China,"
Pacific Economic Review, Wiley Blackwell, vol. 20(3), pages 444-460, August.
- Joshua Aizenman, 2015. "The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China," NBER Working Papers 20943, National Bureau of Economic Research, Inc.
- Aizenman, Joshua, 2015. "The internationalization of the RMB, capital market openness, and financial reforms in China," BOFIT Discussion Papers 4/2015, Bank of Finland Institute for Emerging Economies (BOFIT).
- Arvind Subramanian, 2011. "Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition," Working Paper Series WP11-14, Peterson Institute for International Economics.
- Faisal Ahmed & Shengzu Wang & Isabelle Mateos y Lago & Samar Maziad & Stephanie Segal & Pascal Farahmand & Udaibir S Das, 2011. "Internationalization of Emerging Market Currencies; A Balance Between Risks and Rewards," IMF Staff Discussion Notes 11/17, International Monetary Fund.
- Mr. Sohrab Rafiq, 2016. "When China Sneezes Does ASEAN Catch a Cold?," IMF Working Papers 2016/214, International Monetary Fund.
- Shu, Chang & He, Dong & Cheng, Xiaoqiang, 2015.
"One currency, two markets: the renminbi's growing influence in Asia-Pacific,"
China Economic Review, Elsevier, vol. 33(C), pages 163-178.
- Chang Shu & Dong He & Xiaoqiang Cheng, 2014. "One Currency, Two Markets: The Renminbi's Growing Influence in Asia-Pacific," Working Papers 102014, Hong Kong Institute for Monetary Research.
- Chang Shu & Dong He & Xiaoqiang Cheng, 2014. "One currency, two markets: the renminbi’s growing influence in Asia-Pacific," BIS Working Papers 446, Bank for International Settlements.
- Robert N McCauley & Chang Shu, 2018. "Recent RMB policy and currency co-movements," BIS Working Papers 727, Bank for International Settlements.
- Jong-Wha Lee, 2014. "Will the Renminbi Emerge as an International Reserve Currency?," The World Economy, Wiley Blackwell, vol. 37(1), pages 42-62, January.
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- Mr. Faisal Ahmed & Mr. Shengzu Wang & Mrs. Isabelle Mateos y Lago & Samar Maziad & Stephanie Segal & Pascal Farahmand & Mr. Udaibir S Das, 2011. "Internationalization of Emerging Market Currencies: A Balance Between Risks and Rewards," IMF Staff Discussion Notes 2011/017, International Monetary Fund.
- Barry, Eichengreen, 2011. "The renminbi as an international currency," Journal of Policy Modeling, Elsevier, vol. 33(5), pages 723-730, September.
- Yin, Libo & Han, Liyan, 2015. "Co-movements in commodity prices: Global, sectoral and commodity-specific factors," Economics Letters, Elsevier, vol. 126(C), pages 96-100.
- Garcia-Herrero, Alicia & Xia, Le, 2013.
"China's RMB bilateral swap agreements: What explains the choice of countries?,"
BOFIT Discussion Papers
12/2013, Bank of Finland Institute for Emerging Economies (BOFIT).
- Alicia Garcia-Herrero & Le Xia, 2013. "China s RMB Bilateral Swap Agreements: What explains the choice of countries?," Working Papers 1318, BBVA Bank, Economic Research Department.
- Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September.
- Òscar Jordà, 2005. "Estimation and Inference of Impulse Responses by Local Projections," American Economic Review, American Economic Association, vol. 95(1), pages 161-182, March.
- Subramanian Arvind & Kessler Martin, 2013.
"The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?1),"
Journal of Globalization and Development, De Gruyter, vol. 4(1), pages 49-94, August.
- Arvind Subramanian & Martin Kessler, 2012. "The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?," Working Paper Series WP12-19, Peterson Institute for International Economics, revised 2013.
- Mr. Camilo E Tovar Mora & Tania Mohd Nor, 2018. "Reserve Currency Blocs: A Changing International Monetary System?," IMF Working Papers 2018/020, International Monetary Fund.
- Torsten Ehlers & Frank Packer, 2013. "FX and derivatives markets in emerging economies and the internationalisation of their currencies," BIS Quarterly Review, Bank for International Settlements, December.
- Guonan Ma & Agustin Villar, 2014. "Internationalisation of emerging market currencies," BIS Papers chapters, in: Bank for International Settlements (ed.), The transmission of unconventional monetary policy to the emerging markets, volume 78, pages 71-86, Bank for International Settlements.
- repec:zbw:bofitp:2015_004 is not listed on IDEAS
- Förster, Marcel & Jorra, Markus & Tillmann, Peter, 2014.
"The dynamics of international capital flows: Results from a dynamic hierarchical factor model,"
Journal of International Money and Finance, Elsevier, vol. 48(PA), pages 101-124.
- Marcel Förster & Markus Jorra & Peter Tillmann, 2012. "The Dynamics of International Capital Flows: Results from a Dynamic Hierarchical Factor Model," MAGKS Papers on Economics 201221, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Kawai, Masahiro & Pontines, Victor, 2016. "Is there really a renminbi bloc in Asia?: A modified Frankel–Wei approach," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 72-97.
- Pesaran, H. Hashem & Shin, Yongcheol, 1998.
"Generalized impulse response analysis in linear multivariate models,"
Economics Letters, Elsevier, vol. 58(1), pages 17-29, January.
- Pesaran, M. H. & Shin, Y., 1997. "Generalised Impulse Response Analysis in Linear Multivariate Models," Cambridge Working Papers in Economics 9710, Faculty of Economics, University of Cambridge.
- Kawai, Masahiro & Pontines, Victor, 2014. "Is There Really a Renminbi Bloc in Asia?," ADBI Working Papers 467, Asian Development Bank Institute.
- He, Dong & Yu, Xiangrong, 2016.
"Network effects in currency internationalisation: Insights from BIS triennial surveys and implications for the renminbi,"
Journal of International Money and Finance, Elsevier, vol. 68(C), pages 203-229.
- Dong He & Xiangrong Yu, 2014. "Network Effects in Currency Internationalisation: Insights from BIS Triennial Surveys and Implications for the Renminbi," Working Papers 242014, Hong Kong Institute for Monetary Research.
- Liang, Yousha & Shi, Kang & Wang, Lisheng & Xu, Juanyi, 2019. "Fluctuation and reform: A tale of two RMB markets," China Economic Review, Elsevier, vol. 53(C), pages 30-52.
- Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "The Long March Towards a Multipolar Monetary Regime," La Lettre du CEPII, CEPII research center, issue 308.
- Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor & Francis Journals, vol. 37(17), pages 1979-1990.
- Cheung, Yin-Wong & Lai, Kon S, 1993. "Finite-Sample Sizes of Johansen's Likelihood Ration Tests for Conintegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(3), pages 313-328, August.
- Jeffrey A. Frankel & Shang-Jin Wei, 1994.
"Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies,"
NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, pages 295-333,
National Bureau of Economic Research, Inc.
- Wei, S.J. & Frankel, J.A., 1992. "Yen Bloc or Dollar Bloc: Exchange Rate Policies of the East Asian Economies," Papers 92-08, University of Birmingham - International Financial Group.
- Jeffrey A. Frankel & Shang-Jin Wei, 1992. "Yen bloc or dollar bloc: exchange rate policies of the East Asian economies," Pacific Basin Working Paper Series 93-01, Federal Reserve Bank of San Francisco.
- Shirota, Toyoichiro, 2015. "What is the major determinant of cross-border banking flows?," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 137-147.
- Marcel Förster & Peter Tillmann, 2014. "Reconsidering the International Comovement of Inflation," Open Economies Review, Springer, vol. 25(5), pages 841-863, November.
- repec:zbw:bofitp:2013_012 is not listed on IDEAS
- M. Ayhan Kose & Christopher Otrok & Charles H. Whiteman, 2003. "International Business Cycles: World, Region, and Country-Specific Factors," American Economic Review, American Economic Association, vol. 93(4), pages 1216-1239, September.
- Neely, Christopher J. & Rapach, David E., 2011. "International comovements in inflation rates and country characteristics," Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1471-1490.
- Chang Shu & Dong He & Jinyue Dong & Honglin Wang, 2016. "Regional pull vs global push factors: China and US influence on Asia-Pacific financial markets," BIS Working Papers 579, Bank for International Settlements.
- Chen, Bo & Ma, Hong & Xu, Yuan, 2014. "Measuring China’s trade liberalization: A generalized measure of trade restrictiveness index," Journal of Comparative Economics, Elsevier, vol. 42(4), pages 994-1006.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Sharon Raszap Skorbiansky & Monica Saavoss & Hayden Stewart, 2022. "Cow's milk still leads in the United States: The case of cow's, almond, and soy milk," Agricultural Economics, International Association of Agricultural Economists, vol. 53(2), pages 204-214, March.
- Keddad, Benjamin & Sato, Kiyotaka, 2022. "The influence of the renminbi and its macroeconomic determinants: A new Chinese monetary order in Asia?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
- Massimiliano Caporin & C. Vladimir Rodríguez-Caballero & Esther Ruiz, 2024. "The factor structure of exchange rates volatility: global and intermittent factors," Empirical Economics, Springer, vol. 67(1), pages 31-45, July.
- Kinkyo, Takuji, 2022. "The intermediating role of the Chinese renminbi in Asian currency markets: Evidence from partial wavelet coherence," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
- Xing Yu & Yanyan Li & Xinxin Wang, 2024. "RMB exchange rate forecasting using machine learning methods: Can multimodel select powerful predictors?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(3), pages 644-660, April.
- Keddad, Benjamin, 2024. "Asian stock market volatility and economic policy uncertainty: The role of world and regional leaders," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
- Zuzana Rowland & George Lazaroiu & Ivana Podhorská, 2020. "Use of Neural Networks to Accommodate Seasonal Fluctuations When Equalizing Time Series for the CZK/RMB Exchange Rate," Risks, MDPI, vol. 9(1), pages 1-21, December.
- Liu, Tao & Wang, Xiaosong & Woo, Wing Thye, 2022. "The rise of Renminbi in Asia: Evidence from Network Analysis and SWIFT dataset," Journal of Asian Economics, Elsevier, vol. 78(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Keddad, Benjamin & Sato, Kiyotaka, 2022. "The influence of the renminbi and its macroeconomic determinants: A new Chinese monetary order in Asia?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
- Hwee K. Chow, 2021. "Connectedness of Asia Pacific forex markets: China's growing influence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3807-3818, July.
- Delphine Lahet & Stéphanie Prat, 2021. "Internationalisation of emerging market currencies and original sin: Empirical evidence," The World Economy, Wiley Blackwell, vol. 44(7), pages 1973-2003, July.
- Kinkyo, Takuji, 2020. "Growing influences of the Chinese renminbi on Asian exchange rates: Evidence from a wavelet analysis of dynamic spillovers," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
- Delphine Lahet & Stéphanie Prat, 2023. "Local-currency debt and currency internationalization dynamics: A nonlinear framework," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(1), pages 215-254, February.
- Robert N McCauley & Chang Shu, 2018. "Recent RMB policy and currency co-movements," BIS Working Papers 727, Bank for International Settlements.
- Ito, Hiro & McCauley, Robert N., 2019.
"A key currency view of global imbalances,"
Journal of International Money and Finance, Elsevier, vol. 94(C), pages 97-115.
- Robert N McCauley & Hiro Ito, 2018. "A key currency view of global imbalances," BIS Working Papers 762, Bank for International Settlements.
- Shekhar Hari Kumar & Vimal Balasubramaniam & Ila Patnaik & Ajay Shah, 2020. "Who cares about the Renminbi?," 2020 Papers pha1373, Job Market Papers.
- He, Qing & Liu, Junyi & Yu, Jishuang, 2023. "Dancing with dragon: The RMB and developing economies’ currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
- An, Jiyoun & Kim, Hyo Sang & Park, Bokyeong, 2024. "Do China's policy measures for RMB internationalization foster currency co-movements?," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 1033-1050.
- Kinkyo, Takuji, 2021. "Region-wide connectedness of Asian equity and currency markets," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
- Yang‐Chao Wang & Jui‐Jung Tsai & Shushu Li & Yiying Huang, 2023. "The impacts of RMB internationalization on onshore and offshore RMB markets," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 502-523, September.
- Kumar, Shekhar Hari & Patnaik, Ila, 2018.
"Internationalisation of the Rupee,"
Working Papers
18/222, National Institute of Public Finance and Policy.
- Shekhar Hari Kumar & Ila Patnaik, 2018. "Internationalisation of the Rupee," Working Papers id:12551, eSocialSciences.
- Eswar S. Prasad & Lei Ye, 2011.
"The renminbi’s role in the global monetary system,"
Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 127-197.
- Prasad, Eswar & Ye, Lei (Sandy), 2012. "The Renminbi's Role in the Global Monetary System," IZA Discussion Papers 6335, Institute of Labor Economics (IZA).
- Daniela Marconi, "undated".
"Currency Co-Movements In Asia-Pacific: The Regional Role Of The Renminbi,"
GRU Working Paper Series
GRU_2016_023, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Marconi, Daniela, 2017. "Currency co-movements in Asia-Pacific: The regional role of the Renminbi," BOFIT Discussion Papers 10/2017, Bank of Finland Institute for Emerging Economies (BOFIT).
- Daniela Marconi, 2016. "Currency co-movements in Asia-Pacific: the regional role of the renminbi," Questioni di Economia e Finanza (Occasional Papers) 341, Bank of Italy, Economic Research and International Relations Area.
- Kinkyo, Takuji, 2020. "Time-frequency dynamics of exchange rates in East Asia," Research in International Business and Finance, Elsevier, vol. 52(C).
- Chien-Chiang Lee & Chun-Ping Chang, 2006. "The Long-Run Relationship Between Defence Expenditures And Gdp In Taiwan," Defence and Peace Economics, Taylor & Francis Journals, vol. 17(4), pages 361-385.
- Chang Sik Kim & Sunghyun Kim & Yunjong Wang, 2018. "RMB Bloc in East Asia: Too Early to Talk About It?," Asian Economic Papers, MIT Press, vol. 17(3), pages 31-48, Fall.
- Chiappini, Raphaël & Groslambert, Bertrand & Bruno, Olivier, 2024.
"A method to measure bank output while excluding credit risk and retaining liquidity effects,"
The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 167-179.
- Raphaël Chiappini & Bertrand Groslambert & Olivier Bruno, 2024. "A method to measure bank output while excluding credit risk and retaining liquidity effects," Post-Print hal-04452785, HAL.
- Chen, Yu-Lun & Mo, Wan-Shin & Qin, Rong-Ling & Yang, J. Jimmy, 2023. "Return spillover across China's financial markets," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
More about this item
JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- F15 - International Economics - - Trade - - - Economic Integration
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
NEP fields
This paper has been announced in the following NEP Reports:- NEP-OPM-2022-01-17 (Open Economy Macroeconomics)
- NEP-SEA-2022-01-17 (South East Asia)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03431453. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.