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Title:International Capital Markets and Informal Dollar Standards in the CIS and East Asia PDF Logo
Authors:Schnabl, Gunther
Issue Date:2005
Series/Report no.:HWWA Discussion Paper 326
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.
Subjects:CIS
East Asia
Informal Dollar Standard
Liability Dollarization
Asset Dollarization
Competitive Depreciation
Competitive Appreciation
JEL:F32
F31
Document Type:Working Paper
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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