Author(s):Javier Bianchi and César Sosa-Padilla Date:March 2023 Abstract: This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar’s status, and evaluate the welfare implications.
CfP Deadline Date:See conference link for deadlines for each session Conference Event:July 12 – September 16, 2023 Event Location:See conference link for event location for each session Link Conference&CfP: SITE 2023 Conference
By Stephan Luck and Sergio Correia Call reports—regulatory filings in which commercial banks report their assets, liabilities, income, and other information—are one of the most-used data sources in banking and finance. Though call reports were collected as far back as 1867, the underlying data are only easily accessible for the recent past: the mid-1980s onward[…]
Author(s):Katharina Bergant, Gian Maria Milesi-Ferretti, and Martin Schmitz Date:February 2023 Abstract: We provide stylized facts on nonresident holdings of emerging market bonds and analyze the determinants of euro area investors’ purchases of such securities, using a comprehensive security-level dataset that tracks net transactions of individual bonds issued by emerging market economies. Euro area investors show[…]
Author(s):Maurice Obstfeld and Haonan Zhou Date:February 2023 Abstract: The U.S. dollar’s nominal effective exchange rate closely tracks global financial conditions, whichthemselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flowsmove in concert with global growth, especially influencing the fortunes of emerging and developingeconomies (EMDEs). This paper documents that dollar appreciation[…]
Author(s):Mert Onen, Hyun Song Shin and Goetz von Peter Date:February 2023 Abstract: This paper introduces a new dataset on emerging market sovereign bonds, distinguishing between the currency of denomination and the residence of investors. Our dataset is on long-term government bonds and provides a more complete coverage of bonds issued in domestic markets. We document[…]