@techreport{Schnabl2005International,
abstract = {Although most CIS and East Asian countries are de jure classified as free floaters, they
de facto pursue (tight) dollar pegs. This paper emphasizes dollar denomination of shortterm
and long-term payment flows as reasons for exchange rate stabilization. Based on
the analysis of ?competitive depreciations? and ?competitive appreciations? among the
CIS and East Asian currencies it is argued that the adherence to a common external
anchor currency enhances macroeconomic stability. Finally, the potential of euro and
ruble (CIS) as well as yen and yuan (East Asia) to challenge the dollar as anchor
currencies in the respective regions is explored.},
author = {Gunther Schnabl},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F32; F31; 330; CIS; East Asia; Informal Dollar Standard; Liability Dollarization; Asset Dollarization; Competitive Depreciation; Competitive Appreciation; Wechselkurspolitik; Reservew\"{a}hrung; W\"{a}hrungssubstitution; Wechselkurssystem; GUS-Staaten; Ostasien},
language = {eng},
number = {326},
title = {International Capital Markets and Informal Dollar Standards in the CIS and East Asia},
type = {HWWA Discussion Paper},
url = {http://hdl.handle.net/10419/19294},
year = {2005}
}
