The price, real and financial effects of exchange rates

Bank for International Settlements

No 96 in BIS Papers from Bank for International Settlements

Abstract: The Hong Kong Monetary Authority and the Bank for International Settlements (BIS) co-hosted a research conference on "The price, real and financial effects of exchange rates " on 28-29 August 2017 in Hong Kong. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific on exchange rates that had been endorsed by the Asian Consultative Council of central bank Governors in February 2016. The conference brought together senior officials and researchers from central banks, international organisations and academia. This volume is a collection of the speeches, papers and prepared discussant remarks from the conference. Topics covered include exchange rate puzzles; deviations from covered interest parity; devaluations and intraregional trade; exchange rates and corporate risk-taking; FX hedging and creditors' rights; and a risk-taking channel of FX reserves accumulation. The foreword summarises the contents of the conference and provides a synopsis of the discussions for time-constrained readers.

Date: 2018 Written 2018-03
ISBN: ISBN 978-92-9259-147-2
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http://www.bis.org/publ/bppdf/bispap96.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap96.htm (text/html)

Chapters in this book:

Opening remarks , pp 1-2

Arthur Yuen

Revisiting exchange rate puzzles , pp 3-11

Charles Engel and Feng Zhu

Discussion of Charles Engel and Feng Zhu’s paper , pp 12-18

Michael Devereux

FX hedging and creditor rights , pp 19-36

Madhusudan Mohanty and Suresh Sundaresan

Discussion of M S Mohanty and Suresh Sundaresan’s paper , pp 37-40

Vidhan Goyal

Does the accumulation of foreign currency reserves affect risk-taking? An event study approach , pp 41-52

Rasmus Fatum and James Yetman

Discussion of Rasmus Fatum and James Yetman’s paper , pp 53-56

Hans Genberg

Breakdown of covered interest parity: mystery or myth? , pp 57-78

Alfred Wong and Jiayue Zhang

Discussion of Alfred Wong and Jiayue Zhang’s paper , pp 79-80

Yiping Huang

Finding equilibrium: on the relation between exchange rates and monetary policy , pp 81-107

Sebastian Edwards

Dollar invoicing, exchange rates and international trade , pp 108-121

David Cook and Nikhil Patel

Discussion of David Cook and Nikhil Patel’s paper , pp 122-125

Jian Wang

Discussion of Sebnem Kalemli-Ozcan, Xiaoxi Liu and Ilhyock Shim’s paper , pp 127-129

Filippo di Mauro

Exchange rate challenges: how should policymakers respond? , pp 130-132

Grant Spencer

Exchange rate puzzles and dilemmas: how can policymakers respond? , pp 133-143

Diwa C Guinigundo

Exchange rate puzzles and dilemmas: how can policymakers respond? , pp 144-147

Sebastian Edwards

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Persistent link: https://EconPapers.repec.org/RePEc:bis:bisbps:96

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