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  • 1
    Online Resource
    Online Resource
    Establishing a foreign exchange futures market in China (2021)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1785997009
    Format: 1 Online-Ressource (circa 22 Seiten) , Illustrationen
    ISBN: 9781513584843
    Series Statement: IMF working paper WP/21, 268
    Content: During China's transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781513584843.001
    URL: kostenfrei
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Central bank balance sheet policies and spillovers to emerging markets (2017)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_896064816
    Format: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    ISBN: 9781484311417
    Series Statement: IMF working paper WP/17, 172
    Content: We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, id est, the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools-capital controls and/or macro-prudential policy-to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781484311417.001
    URL: kostenfrei
    URL: Volltext
    URL: Volltext
    Author information: Kumar, Manmohan S.
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    Stabi Berlin
  • 3
    Online Resource
    Online Resource
    The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings (2021)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1769575170
    Format: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    ISBN: 9781513571959
    Series Statement: IMF working paper WP/21, 126
    Content: Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce adjustments to the real exchange rate through domestic prices. We find that countries that intervene more heavily in response to external shocks experience greater general and asset price volatility, which is not conducive to countering the impact of external shocks. We show that China's macroeconomic responses to external shocks are broadly consistent with international experiences among intervening countries. The simple methodological framework adopted in this paper is meant to examine a broad set of macroeconomic variables and bears limitations; our findings serve to motivate more structural analysis on FXI's macroeconomic impacts going forward
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781513571959.001
    URL: kostenfrei
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    Renminbi from Marketization to Internationalization (2022)
    Milton : Taylor & Francis Group
    Details
    UID:
    b3kat_BV048324169
    Format: 1 Online-Ressource (143 Seiten)
    ISBN: 9781000618006
    Series Statement: China Finance 40 Forum Bks
    Note: Cover -- Half Title -- Series Information -- Title Page -- Copyright Page -- Table of Contents -- Figures -- Tables -- Preface -- 1 The Macroeconomic Impact of Foreign Exchange Intervention: Cross-Country Empirical Studies -- The Macroeconomic Impact of Foreign Exchange Intervention: Background and Methodology -- Cross-Country Empirical Findings -- FXI Responses and the Nominal Exchange Rate -- Responses of the Real Exchange Rate -- Direct Costs of FXI -- China Case Study and Conclusion -- The Significance of Exchange Rate Flexibility in the Context of the Three Exchange Rate Policy Adjustments in China and ... -- Notes -- References -- 2 Laying a Solid Foundation and Moving Toward a Free-Floating Exchange Rate Regime: A Successful Floating Exchange Rate ... -- Achieving Integration Between Floating Exchange Rates and Currency Stability -- Macro and Micro Conditions for Moving Toward a Floating RMB Regime -- Macroeconomic Vulnerability Assessment Approach -- Systemic Risk Tracker -- Mitigating Balance Sheet Effects When Implementing a Floating Exchange Rate Regime -- Overcoming the "Fear of Floating": Individual Countries' Experience -- Overcoming the "Fear of Exchange Rate Overshooting" -- Notes -- References -- 3 Further Developing the FX Derivatives Market and Allowing for a More Market-Based Regulatory Approach in China -- Why Is a Foreign Exchange Futures Market Needed? -- Empirical Study: "Stabilizer" Or "Risk Amplifier" -- Empirical Results and Main Findings -- Regulatory Design: Moving Toward a More Market-Based Approach -- Choice of Platforms for Establishing an FX Futures Market in China -- Notes -- References -- 4 Floating Exchange Rate and the Internationalization of the RMB -- Liberalizing the Capital Market Further -- Supporting Measures for Liberalizing the Capital Market -- Conclusion -- Notes -- References -- Epilogue , Appendix 1 Empirical Results and Robustness Checks: India, Russia, and South Africa -- India -- Russia -- South Africa -- Robustness Check -- Appendix 2 An Overview of the International Foreign Exchange Futures Market -- An Overview of the FX Derivatives Markets in the US and Japan -- Foreign Exchange Policies and the Foreign Exchange Futures Market in Brazil -- Characteristics of the Brazilian FX Derivatives Market -- An Overview of India's FX Futures Market -- Russia: Committing to a Floating Exchange Rate Regime and Capital Account Convertibility Despite Adverse External Environment -- Index
    Additional Edition: Erscheint auch als Druck-Ausgabe Jin, Zhongxia Renminbi from Marketization to Internationalization Milton : Taylor & Francis Group,c2022 ISBN 9781032305509
    Language: English
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    HWR Berlin
  • 5
    Online Resource
    Online Resource
    Renminbi from marketization to internationalization (2022)
    London : Routledge, Taylor & Francis Group
    Details
    UID:
    gbv_1807352714
    Format: 1 online resource (xiii, 128 Seiten) , Diagramme
    ISBN: 9781003305668 , 1003305660
    Series Statement: China finance 40 forum books
    Content: The macroeconomic impact of foreign exchange intervention: cross-country empirical studies -- Laying a solid foundation and moving toward a free floating exchange rate regime -- Further developing FX derivatives market and allowing for a more market-based regulatory approach in China -- Floating exchange rate and the internationalization of the RMB.
    Note: Includes bibliographical references and index
    Additional Edition: ISBN 9781032305509
    Additional Edition: ISBN 1032305509
    Additional Edition: ISBN 9781032305516
    Additional Edition: ISBN 1032305517
    Additional Edition: Erscheint auch als Druck-Ausgabe Jin, Zhongxia Renminbi from marketization to internationalization Milton Park, Abingdon, Oxon : Routledge, 2022 ISBN 9781032305509
    Additional Edition: ISBN 9781032305516
    Language: English
    DOI: 10.4324/9781003305668
    URL: lizenzpflichtig
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    Stabi Berlin
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