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Exchange rate fluctuations and the financial channel in emerging economies
(30.08.2021)
BOFIT Discussion Papers 11/2021
BOFIT Discussion Papers 11/2021
This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic ...
Volatility transmission and volatility impulse response functions in the main and the satellite Renminbi exchange rate markets
(06.10.2020)
BOFIT Discussion Papers 22/2020
BOFIT Discussion Papers 22/2020
We analyse volatility spillovers between the on- and offshore (CNY and CNH) Renminbi exchange rates towards the US dollar (USD). The volatility impulse response (VIRF) methodology introduced by Hafner and Herwatz (2006) ...
Corporate investment and the exchange rate : The financial channel
(27.02.2020)
BOFIT Discussion Papers 6/2020
BOFIT Discussion Papers 6/2020
Using firm-level data for 18 major global economies, we find that the exchange rate affects corporate investment through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage ...
The RMB’s global role as an anchor currency : no evidence
(23.04.2024)
BOFIT Discussion Papers 5/2024
BOFIT Discussion Papers 5/2024
This study examines the role of the Chinese renminbi (RMB) as an international anchor currency. After China abandoned its tight US dollar (USD) peg in 2005, the RMB found greater popularity as a reserve currency. This ...
China’s macroeconomic policies and spillover effects
(26.09.2023)
BOFIT Discussion Papers 5/2023
BOFIT Discussion Papers 5/2023
This paper provides a brief overview of China’s capital controls, external asset holdings and the real interest rate, and analyzes the quantitative effects of China’s macroeconomic policies between 2000 and 2015, including ...