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Working Paper
Currency blocs in the 21st century
Fischer, Christoph (2011)
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency bloc affiliation. The dollar bloc differs from the euro bloc in that there exists a group of countries that peg temporarily to the U.S. dollar without having close economic affinities with the bloc. The estimated parameters are consistent with an additive random utility model interpretation. A ...
Globalization Institute Working Papers , Paper 87

Journal Article
Monetary lessons of Hong Kong
Moreno, Ramon (1990)
FRBSF Economic Letter

Working Paper
Monetary policy and the currency denomination of debt: a tale of two equilibria
Velasco, Andres; Chang, Roberto (2004)
Exchange rate policies depend on portfolio choices, and portfolio choices depend on anticipated exchange rate policies. This opens the door to multiple equilibria in policy regimes. We construct a model in which agents optimally choose to denominate their assets and liabilities either in domestic or in foreign currency. The monetary authority optimally chooses to float or to fix the currency, after portfolios have been chosen. We identify conditions under which both fixing and floating are equilibrium policies: if agents expect fixing and arrange their portfolios accordingly, the monetary ...
Working Paper Series , Paper 2004-30

Conference Paper
The relationship between trade and currency zones
Zecchini, Salvatore (1991)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
The discount rate, interest rates and foreign exchange rates: an analysis with daily data
Thornton, Daniel L.; Batten, Dallas S. (1985-02)
Review , Volume 67 , Issue Feb , Pages 22-30

Journal Article
The role of currency derivatives in internationally diversified portfolios
Shrikhande, Milind M.; Abken, Peter A. (1997-07-03)
Diversification is widely practiced by investors seeking to reduce risk. In recent years investors have been turning to foreign markets to obtain even greater scope for diversification than domestic markets offer. With the internationalization of security portfolios, however, also comes an additional risk-foreign exchange risk. ; The use of currency derivatives in internationally diversified portfolios can help mitigate foreign exchange risk. This article investigates the impact of currency hedging on these portfolios, in particular index portfolios of stocks and bonds from markets in seven ...
Economic Review , Volume 82 , Issue Q 3 , Pages 34-59

Journal Article
Why markets in foreign exchange are different from other markets
Wallace, Neil (1990-01)
This paper, originally published in the fall 1979 Quarterly Review, explains why unfettered markets cannot determine a price at which the currency of one country exchanges for that of another. In effect, any price will work--something which is not true in other markets. The paper then argues that the only feasible regimes for these special markets are floating exchange rates with capital controls or fixed exchange rates with monetary and budget policy coordination. ; Originally published in Quarterly Review, Fall 1979.
Quarterly Review , Volume 14 , Issue Win , Pages 12-18

Conference Paper
Currency convertibility in Eastern Europe
Williamson, John; Bergsten, C. Fred (1990)
Proceedings - Economic Policy Symposium - Jackson Hole

Report
Endogenous deposit dollarization
Broda, Christian; Yeyati, Eduardo Levy (2003)
This paper explores sources of deposit dollarization unrelated to standard moral hazard arguments. We develop a model in which banks choose the optimal currency composition of their liabilities. We argue that the equal treatment of peso and dollar claims in the event of bank default can induce banks to attract dollar deposits above the socially desirable level. The distortion arises because dollar deposits are the only source of default risk in the model, but dollar depositors share the burden of the default with peso depositors. The incentive to dollarize is reinforced by common banking ...
Staff Reports , Paper 160

Journal Article
Is the foreign exchange market inefficient?
Hopper, Gregory P. (1994-05)
Business Review , Issue May , Pages 17-27

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