International Capital Markets and Informal Dollar Standards in the CIS and East Asia

Gunther Schnabl

No 26192, Discussion Paper Series from Hamburg Institute of International Economics

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 short-term 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.

Keywords: Financial; Economics (search for similar items in EconPapers)
Pages: 29
Date: 2005
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: International Capital Markets and Informal Dollar Standards in the CIS and East Asia (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:hwwadp:26192

DOI: 10.22004/ag.econ.26192

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