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Journal Article
An appropriate international currency - gold, dollars, or SDRs?
Journal Article
Dollarization as a monetary arrangement for emerging market economies
Official dollarization refers to the adoption of the U.S. dollar as legal tender in place of the national currency. Some Latin American countries have recently dollarized, and others have seriously considered dollarization. This article discusses the reasons behind the surge of interest in dollarization and provides a review of the new academic literature on the topic. It discusses in detail some of the factors that are commonly considered to be the important costs and benefits of dollarizing. The paper also provides an analysis of the existing liability dollarization in several countries and ...
Journal Article
Foreign gold and dollar holdings in 1949
Journal Article
Alternative small dollar loans: creating sound financial products through innovation and regulation
Low- to moderate-income borrowers need alternatives to payday loans to meet their short-term credit needs. This article provides an overview of consumer demand for smaller loans, and discusses how and why mainstream financial institutions should offer less costly alternatives to traditional payday loans. A two-year FDIC pilot, a smalldollar loan pool in Baltimore, and individual case studies suggest that such lending can be viable and profitable. The article concludes with recommendations for how financial institutions and regulators should support this effort.
Journal Article
Hey, Mr. Greenspan, can you spare a dollar?
Working Paper
The Dollar and Corporate Borrowing Costs
We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find that a one standard deviation increase in the dollar index increases spreads by up to 15 basis points and reduces loan amounts and underpricing by up to 2 percent and 7 basis points, respectively. These effects are concentrated in dollar appreciations. Our results suggest that global factors reflected ...
Journal Article
Improving America's competitiveness
Go metric and remove barriers to nationwide branch banking: these are the best ways to improve U.S. export performance in world markets.
Journal Article
President's perspective
Working Paper
Dollar illiquidity and central bank swap arrangements during the global financial crisis
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical studies of the success of these efforts have yielded mixed results, in part because their timing is likely to be endogenous. In this paper, we examine the cross-sectional impact of these interventions. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater ...