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Journal Article
The dollar and U.S. imports after 1985
Klitgaard, Thomas (1993-10)
Despite a steep drop in the dollar's value, imports continued to grow much faster than domestic sales after 1985. The resilience in the demand for imports raised concern that foreign producers in the first half of the 1980s had gained long-term advantages in U.S. markets that diminished the impact of the dollar's fall. This article investigates whether the dollar in fact retained its power to influence the demand for foreign goods.
Quarterly Review , Volume 18 , Issue Aut

Journal Article
Financial implications of the U.S. external deficit
Rodrigues, Anthony P.; Pigott, Charles; Hung, Juann H. (1988-01)
Quarterly Review , Volume 13 , Issue Win , Pages 33-51

Report
Interest rate options dealers' hedging in the US dollar fixed income market
Kambhu, John (1997)
The potential for the dynamic hedging of written options to lead to positive feedback in asset price dynamics has received repeated attention in the literature on financial derivatives. Using data on OTC interest rate options from a recent survey of global derivatives markets, this paper addresses the question whether that potential for positive feedback is likely to be realized. With the possible exception of the medium term segment of the term structure, transaction volume in available hedging instruments is sufficiently large to absorb the demands resulting from the dynamic hedging of US ...
Research Paper , Paper 9719

Report
Currency composition of developing country debt: the impact of dollar depreciation
Sweet, Lawrence M. (1987)
Research Paper , Paper 8702

Report
Fiscal policy and the dollar: a post-plaza perspective
Islam, Shafiqul (1986)
Research Paper , Paper 8607

Speech
What the euro crisis means for taxpayers and the U.S. economy
Dudley, William (2011)
Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
Speech , Paper 71

Report
Borrowing without debt? Understanding the U.S. international investment position
Higgins, Matthew; Klitgaard, Thomas; Tille, Cedric (2006)
Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such concerns are the stability of U.S. net external liabilities and the minimal net income payments made by the United States on these liabilities. We show that the stability of the external position reflects sizable capital gains stemming from strong foreign equity markets and a weaker dollar - conditions ...
Staff Reports , Paper 271

Report
Macroeconomic interdependence and the international role of the dollar
Goldberg, Linda S.; Tille, Cedric (2008)
The U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U.S. exports and imports are invoiced in dollars; second, trade flows that do not involve the United States are often invoiced in dollars, a fact that has received relatively little attention. Using a simple center-periphery model, we show that the second dimension magnifies the exposure of periphery countries to the center's monetary policy, even when direct trade flows between the center and the periphery are limited. When intra-periphery trade volumes are sensitive to the ...
Staff Reports , Paper 316

Report
The determinants of international flows of U.S. currency
Hellerstein, Rebecca; Ryan, William (2009)
This paper examines the determinants of cross-border flows of U.S. dollar banknotes, using a new panel data set of bilateral flows between the United States and 103 countries from 1990 to 2007. We show that a gravity model explains international flows of currency as well as it explains international flows of goods and financial assets. We find important roles for market size and transaction costs, consistent with the traditional gravity framework, as well as roles for financial depth, the behavior of the nominal exchange rate, the size of the informal sector, the amount of remittance credits, ...
Staff Reports , Paper 400

Report
Central bank dollar swap lines and overseas dollar funding costs
Goldberg, Linda S.; Kennedy, Craig; Miu, Jason (2010)
Following a scarcity of dollar funding available internationally to financial institutions, in December 2007 the Federal Reserve began to establish or expand Temporary Reciprocal Currency Arrangements with fourteen other central banks. These central banks had the capacity to use the swap facilities to provide dollar liquidity to institutions in their jurisdictions. This paper presents the developments in the dollar swap facilities through the end of 2009. The facilities were a response to dollar funding shortages outside the United States and were effective at making dollars more broadly ...
Staff Reports , Paper 429

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