We examine 46 cross-listings characterized by varying degrees of order execution from Canada, Brazil, and Mexico onto the NYSE during 2008. We develop a measure of order execution advantage (OEA) and find that OEA and price discovery migrate towards the home market during the financial crisis in the latter part of 2008, and notably more for firms subjected to the short selling ban imposed by the SEC. We show the NYSE’s percent adjustment to exchange rates and differences in price impacts are key variables that capture cross-sectional variation in the NYSE’s share in price discovery.
{"title":"Price Discovery of Internationally Cross-Listed Stocks During the 2008 Financial Crisis","authors":"Jimmy Lockwood, L. Lockwood, Sie Ting Lau","doi":"10.2139/ssrn.2805760","DOIUrl":"https://doi.org/10.2139/ssrn.2805760","url":null,"abstract":"We examine 46 cross-listings characterized by varying degrees of order execution from Canada, Brazil, and Mexico onto the NYSE during 2008. We develop a measure of order execution advantage (OEA) and find that OEA and price discovery migrate towards the home market during the financial crisis in the latter part of 2008, and notably more for firms subjected to the short selling ban imposed by the SEC. We show the NYSE’s percent adjustment to exchange rates and differences in price impacts are key variables that capture cross-sectional variation in the NYSE’s share in price discovery.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125053468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The quantity theory of money is a theory that the quantity of money matters in income creation. Curiously, this theory may be developed in two mutually exclusive manners. One is by thinking that the quantity of money that matters in income creation is the quantity of money “in” circulation because the primary role of money is the role of a “means of exchange.” The other is by thinking that the quantity of money that matters in this sense is the quantity of money “out of” circulation because the primary role of money is the role of a “means of hoarding,” or an “asset.” Keynesian economics (both old and new) and monetarism have evolved from the latter standpoint as portfolio adjustment theories. Moreover, though in general not properly understood, post-war mainstream macroeconomics has always been such portfolio adjustment theories. To tell whether money is really primarily a means of hoarding as literally all current mainstream macroeconomists firmly believe, this paper re-examines the trend of liquidity preference in the inter-war two decades which saw the Great Depression, and also that in the last two decades which saw the Great Recession. In each case, the result is unambiguously in favor of the idea that money is primarily a “means of exchange.” The quantity of money that matters in income creation is the quantity of money “in” circulation, not that out of circulation. Modern macroeconomics must be fundamentally reformed accordingly.
{"title":"Fundamental Re-Examination of Keynesian Economics and Monetarism as Portfolio Adjustment Theories: Towards the Fundamental Reformation of Modern Macroeconomics","authors":"Shigetaro Wakabayashi","doi":"10.2139/ssrn.2845548","DOIUrl":"https://doi.org/10.2139/ssrn.2845548","url":null,"abstract":"The quantity theory of money is a theory that the quantity of money matters in income creation. Curiously, this theory may be developed in two mutually exclusive manners. One is by thinking that the quantity of money that matters in income creation is the quantity of money “in” circulation because the primary role of money is the role of a “means of exchange.” The other is by thinking that the quantity of money that matters in this sense is the quantity of money “out of” circulation because the primary role of money is the role of a “means of hoarding,” or an “asset.” Keynesian economics (both old and new) and monetarism have evolved from the latter standpoint as portfolio adjustment theories. Moreover, though in general not properly understood, post-war mainstream macroeconomics has always been such portfolio adjustment theories. To tell whether money is really primarily a means of hoarding as literally all current mainstream macroeconomists firmly believe, this paper re-examines the trend of liquidity preference in the inter-war two decades which saw the Great Depression, and also that in the last two decades which saw the Great Recession. In each case, the result is unambiguously in favor of the idea that money is primarily a “means of exchange.” The quantity of money that matters in income creation is the quantity of money “in” circulation, not that out of circulation. Modern macroeconomics must be fundamentally reformed accordingly.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134569483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the dynamic interactions between the government bond yields of Germany, Japan and the US and their exchange rate expectations anticipated in the currency options, i.e., risk reversals (put premia) of the US dollar versus the yen and euro. Short-term, one-way information flow from the government bond market to the currency option market was substantial before the introduction of quantitative easing by the US Fed in response to the 2008 global financial crisis; this pattern diminished after the 2013 taper tantrum. The long-term bond yields are important and separable determinants of the risk reversals. The negative relationship between the spreads of the US Treasury yield over the other two countries’ bond yields, and the dollar risk reversals indicating a fall in US dollar interest rate, implies dollar depreciation expectations embedded in currency option prices, not an appreciation, as predicted by uncovered interest rate parity.
{"title":"Dynamic Interactions between Government Bonds and Exchange Rate Expectations in Currency Options","authors":"C. Hui, Edward Tan","doi":"10.2139/ssrn.2844663","DOIUrl":"https://doi.org/10.2139/ssrn.2844663","url":null,"abstract":"This paper examines the dynamic interactions between the government bond yields of Germany, Japan and the US and their exchange rate expectations anticipated in the currency options, i.e., risk reversals (put premia) of the US dollar versus the yen and euro. Short-term, one-way information flow from the government bond market to the currency option market was substantial before the introduction of quantitative easing by the US Fed in response to the 2008 global financial crisis; this pattern diminished after the 2013 taper tantrum. The long-term bond yields are important and separable determinants of the risk reversals. The negative relationship between the spreads of the US Treasury yield over the other two countries’ bond yields, and the dollar risk reversals indicating a fall in US dollar interest rate, implies dollar depreciation expectations embedded in currency option prices, not an appreciation, as predicted by uncovered interest rate parity.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125042687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Bitcoin is the world’s first peer-to-peer cryptocurrency. VATCoin is similar, but it is used in tax compliance. Both Bitcoin and VATCoin are distributive ledger applications built upon blockchain technology. Bitcoin’s ledger is public; VATCoin’s is private. If adopted, VATCoin could well become the world’s first government-mandated cryptotaxcurrency. Unlike Bitcoin, VATCoin will not be a speculative currency. It is always fixed to the home currency. This paper proposes that the Gulf Cooperation Council (GCC) adopt VATCoin in its VAT Framework. The GCC is expected to have multiple 5% VATs in place by January 1, 2018. There is an ample amount of time to install a VATCoin regime. If VATCoin is adopted by the GCC as the exclusive currency for payment of VAT in the GCC, it will eclipse (by about five years) the 2016 World Economic Forum’s estimated timeline for the first use of blockchain technology in tax collection. Furthermore, if VATCoin is implemented by the GCC in conjunction with a Digital Invoice Customs Exchange (DICE), the Gulf States will have one of the most fiscally efficient, technologically advanced, and fraud-proof VAT systems ever established. With DICE a granular, transaction-level record of commercial activity is captured. With VATCoin no tax is paid or held in real currency; VAT is paid, remitted and collected only in VATCoin. Only the government can convert VATCoin to real currency, and aside from the treasury function they will do so only in a limited number of instances.
{"title":"VATCoin: The GCC's Cryptotaxcurrency","authors":"R. T. Ainsworth, Musaad Alwohaibi, Mike Cheetham","doi":"10.2139/SSRN.2916321","DOIUrl":"https://doi.org/10.2139/SSRN.2916321","url":null,"abstract":"Bitcoin is the world’s first peer-to-peer cryptocurrency. VATCoin is similar, but it is used in tax compliance. Both Bitcoin and VATCoin are distributive ledger applications built upon blockchain technology. Bitcoin’s ledger is public; VATCoin’s is private. If adopted, VATCoin could well become the world’s first government-mandated cryptotaxcurrency. Unlike Bitcoin, VATCoin will not be a speculative currency. It is always fixed to the home currency. \u0000This paper proposes that the Gulf Cooperation Council (GCC) adopt VATCoin in its VAT Framework. The GCC is expected to have multiple 5% VATs in place by January 1, 2018. There is an ample amount of time to install a VATCoin regime. If VATCoin is adopted by the GCC as the exclusive currency for payment of VAT in the GCC, it will eclipse (by about five years) the 2016 World Economic Forum’s estimated timeline for the first use of blockchain technology in tax collection. \u0000Furthermore, if VATCoin is implemented by the GCC in conjunction with a Digital Invoice Customs Exchange (DICE), the Gulf States will have one of the most fiscally efficient, technologically advanced, and fraud-proof VAT systems ever established. \u0000With DICE a granular, transaction-level record of commercial activity is captured. With VATCoin no tax is paid or held in real currency; VAT is paid, remitted and collected only in VATCoin. Only the government can convert VATCoin to real currency, and aside from the treasury function they will do so only in a limited number of instances.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128784992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the symmetric and asymmetric exchange rate exposures of Chinese automobile firms at different time horizons. Empirical findings reveal that firm returns are less likely to be affected by currency movements at short-term (daily) horizons due to restrictions on the currency daily trading band, but (a)symmetric exchange rate exposures appear to be significant at relatively longer horizons after the launch of RMB internationalisation, particularly for monthly horizons. The evidence also show that returns of ordinary auto firms underperform those of Fortune 500 and B-share auto firms in response to exchange rate changes. As for hedging strategies, firms may consider listing shares on foreign stock exchange in addition to the domestic market and produce products simultaneously in foreign nations through international expansion.
{"title":"Does the Currency Exposure Matter in the Chinese Automobile Industry?","authors":"Bo Tang","doi":"10.2139/ssrn.2804229","DOIUrl":"https://doi.org/10.2139/ssrn.2804229","url":null,"abstract":"This study examines the symmetric and asymmetric exchange rate exposures of Chinese automobile firms at different time horizons. Empirical findings reveal that firm returns are less likely to be affected by currency movements at short-term (daily) horizons due to restrictions on the currency daily trading band, but (a)symmetric exchange rate exposures appear to be significant at relatively longer horizons after the launch of RMB internationalisation, particularly for monthly horizons. The evidence also show that returns of ordinary auto firms underperform those of Fortune 500 and B-share auto firms in response to exchange rate changes. As for hedging strategies, firms may consider listing shares on foreign stock exchange in addition to the domestic market and produce products simultaneously in foreign nations through international expansion.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114401757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The S&P500 or DAX30 are important benchmarks for the financial industry. These and other indices describe different compositions of certain segments of the financial markets. For currency markets, the IMF offers the index SDR. Prior to the Euro, the ECU existed, which was an index representing the development of European currencies. It is surprising, though, to see that the common index providers have not mapped emerging e-coins into an index yet because with cryptos like Bitcoin, a new kind of asset of great public interest has arisen. Index providers decide on a fixed number of index constituents which will represent the market segment. It is a huge challenge to set this fixed number and develop the rules to find the constituents, especially since markets change and this has to be taken into account. A method relying on the AIC is proposed to quickly react to market changes and therefore enable us to create an index, referred to as CRIX, for the cryptocurrency market.
{"title":"CRIX an Index for Blockchain Based Currencies","authors":"Simon Trimborn, W. Härdle","doi":"10.2139/ssrn.2800928","DOIUrl":"https://doi.org/10.2139/ssrn.2800928","url":null,"abstract":"The S&P500 or DAX30 are important benchmarks for the financial industry. These and other indices describe different compositions of certain segments of the financial markets. For currency markets, the IMF offers the index SDR. Prior to the Euro, the ECU existed, which was an index representing the development of European currencies. It is surprising, though, to see that the common index providers have not mapped emerging e-coins into an index yet because with cryptos like Bitcoin, a new kind of asset of great public interest has arisen. Index providers decide on a fixed number of index constituents which will represent the market segment. It is a huge challenge to set this fixed number and develop the rules to find the constituents, especially since markets change and this has to be taken into account. A method relying on the AIC is proposed to quickly react to market changes and therefore enable us to create an index, referred to as CRIX, for the cryptocurrency market.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125911208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the central bank's crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill this critical gap by bringing the central bank into the study of currency internationalization. A conventional understanding of currency internationalization is that it tends to reduce monetary policy autonomy, which implies a natural tendency of the central bank to oppose it. This study shows, however, that currency internationalization does not necessarily reduce the central bank's monetary policy autonomy, and may in fact even strengthen it. It shows that currency internationalization is likely to strengthen the central bank's independence as well. Based on these findings, this study argues that a central bank with weak monetary policy autonomy and low independence is more likely to support the internationalization of its country's currency. These arguments are empirically verified, mainly by in-depth analysis of the case of the People's Bank of China and the renminbi.
{"title":"Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization","authors":"Hyoung‐kyu Chey, Y. Li","doi":"10.2139/ssrn.2736663","DOIUrl":"https://doi.org/10.2139/ssrn.2736663","url":null,"abstract":"Despite the central bank's crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill this critical gap by bringing the central bank into the study of currency internationalization. A conventional understanding of currency internationalization is that it tends to reduce monetary policy autonomy, which implies a natural tendency of the central bank to oppose it. This study shows, however, that currency internationalization does not necessarily reduce the central bank's monetary policy autonomy, and may in fact even strengthen it. It shows that currency internationalization is likely to strengthen the central bank's independence as well. Based on these findings, this study argues that a central bank with weak monetary policy autonomy and low independence is more likely to support the internationalization of its country's currency. These arguments are empirically verified, mainly by in-depth analysis of the case of the People's Bank of China and the renminbi.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125344092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
After a slowdown in reform momentum during the global financial crisis, there is a clear push towards reform, especially in terms of RMB internationalisation. During the same period, though, China’s debt has doubled, reaching levels that are clearly above those of most emerging markets. This increases the risks embedded in financial reform and, in particular, capital account liberalisation. At this juncture, however, China has no option but to press for reform since the current growth model is no longer working and China urgently needs to better allocate its savings.
{"title":"Internationalising the Currency While Leveraging Massively: The Case of China","authors":"A. Garcia-Herrero","doi":"10.2139/ssrn.2842518","DOIUrl":"https://doi.org/10.2139/ssrn.2842518","url":null,"abstract":"After a slowdown in reform momentum during the global financial crisis, there is a clear push towards reform, especially in terms of RMB internationalisation. During the same period, though, China’s debt has doubled, reaching levels that are clearly above those of most emerging markets. This increases the risks embedded in financial reform and, in particular, capital account liberalisation. At this juncture, however, China has no option but to press for reform since the current growth model is no longer working and China urgently needs to better allocate its savings.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123479996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I refer in this research to the example like Japan, where initially are increased the interest rates on bonds. Only after the Bank of Japan made move the turnaround in interest rates took place then provided actually an economic crash in Japan. The International Monetary Fund (IMF) is currently investigating the inclusion of the Chinese currency, the yuan, in the currency basket of the IMF. To this date only the euro, the US dollar, the Japanese yen and the British pound are represented. Thus, China will play an increasingly larger role in the future in world monetary matters. The drama surrounding Greece is indeed close to the end - but how the solution will actually look like it is not yet clear. Basically, it can only rely on some sort of compromise. This puts the major stock exchanges in Europe and the US on alert. In the second half of 2015 international financial markets should fluctuate significantly more than in the first six months of 2015. Many parallels arise with the crisis year of 2008. At that time, the stock markets massively collapsed in the second half of a year. Smartphones and tablets as well as TVs and other consumer electronics are supplied by the Korean company. In particular, the smartphone boom has given the Samsung a great name. The task is whether the Giant Group can also offer a lot to investors. Despite the tension around the Greek crisis, the mood in the Switzerland is positive. Swiss investors are really something special. This is certainly due to the specific situation with its own currency in the middle of Europe.
{"title":"The Chinese Yuan vs. Swiss Franc as a New Gold Standard for World Currency","authors":"Doc. Dr. Aleksandar Arsov","doi":"10.2139/SSRN.2635100","DOIUrl":"https://doi.org/10.2139/SSRN.2635100","url":null,"abstract":"I refer in this research to the example like Japan, where initially are increased the interest rates on bonds. Only after the Bank of Japan made move the turnaround in interest rates took place then provided actually an economic crash in Japan. The International Monetary Fund (IMF) is currently investigating the inclusion of the Chinese currency, the yuan, in the currency basket of the IMF. To this date only the euro, the US dollar, the Japanese yen and the British pound are represented. Thus, China will play an increasingly larger role in the future in world monetary matters. The drama surrounding Greece is indeed close to the end - but how the solution will actually look like it is not yet clear. Basically, it can only rely on some sort of compromise. This puts the major stock exchanges in Europe and the US on alert. In the second half of 2015 international financial markets should fluctuate significantly more than in the first six months of 2015. Many parallels arise with the crisis year of 2008. At that time, the stock markets massively collapsed in the second half of a year. Smartphones and tablets as well as TVs and other consumer electronics are supplied by the Korean company. In particular, the smartphone boom has given the Samsung a great name. The task is whether the Giant Group can also offer a lot to investors. Despite the tension around the Greek crisis, the mood in the Switzerland is positive. Swiss investors are really something special. This is certainly due to the specific situation with its own currency in the middle of Europe.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115872925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
O. Blanchard, Gustavo Adler, Irineu de Carvalho Filho
Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the response of different countries to plausibly exogenous gross inflows, and explore the cross country variation of FXI and exchange rate responses. Consistent with the portfolio balance channel, we find that larger FXI leads to less exchange rate appreciation in response to gross inflows.
{"title":"Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?","authors":"O. Blanchard, Gustavo Adler, Irineu de Carvalho Filho","doi":"10.2139/ssrn.2688758","DOIUrl":"https://doi.org/10.2139/ssrn.2688758","url":null,"abstract":"Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the response of different countries to plausibly exogenous gross inflows, and explore the cross country variation of FXI and exchange rate responses. Consistent with the portfolio balance channel, we find that larger FXI leads to less exchange rate appreciation in response to gross inflows.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131161719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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