منابع مشابه
Information Costs and International Currencies
This paper develops a unified framework for examining international payment patterns. Using an open-economy search model with competing monetary assets, I show how information costs and government transaction policies interact to produce a structure of world payments reminiscent with what is observed in practice. Agents’ decision to acquire information shapes exchange patterns by affecting a cu...
متن کاملFinancial Intermediation, International Risk Sharing, and Reserve Currencies
I provide a framework for understanding the global financial architecture as an equilibrium outcome of the risk sharing between countries with different levels of financial development. The country that has the most developed financial sector takes on a larger proportion of global fundamental and financial risk because its financial intermediaries are better able to deal with funding problems f...
متن کاملOnline Appendix Financial Intermediation, International Risk Sharing, and Reserve Currencies
The Brownian motion in equation (1) is defined on a complete probability space and generates a filtration F . Throughout this appendix, “adapted process” means F (t) adapted. Lemma 1. Let me scale all variables by output. Then, given the conjecture that the saver’s value function only depends on scaled deposits and scaled net transfers, U(D̃,Π̃), the optimization problem is solved by the followin...
متن کاملFinancial crises and dynamic linkages among international currencies
This paper investigates the interdependence of US dollar exchange rates expressed in other major currencies. Focusing on different phases of the Global financial crisis (GFC) and the Eurozone Sovereign Debt Crisis (ESDC), we adopt a dynamic conditional correlation model into a multivariate Fractionally Integrated Asymmetric Power ARCH (FIAPARCH) framework, during the period 2004–2011. The findi...
متن کاملCorrelation Networks Among Currencies
By analyzing the foreign exchange market data of various currencies, we derive a hierarchical taxonomy of currencies constructing minimal-spanning trees. Clustered structure of the currencies and the key currency in each cluster are found. The clusters match nicely with the geographical regions of corresponding countries in the world such as Asia or East Europe, the key currencies are generally...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economic Annals
سال: 2012
ISSN: 0013-3264,1820-7375
DOI: 10.2298/eka1294031r