Economics at your fingertips  

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

Gunther Schnabl ()

No 326, HWWA Discussion Papers from Hamburg Institute of International Economics (HWWA)

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.

Keywords: CIS; East Asia; Informal Dollar Standard; Liability Dollarization; Asset Dollarization; Competitive Depreciation; Competitive Appreciation (search for similar items in EconPapers)
JEL-codes: F32 F31 (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in HWWA Discussion Papers from Hamburg Institute of International Economics (HWWA) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - German National Library of Economics ().

Page updated 2018-07-11
Handle: RePEc:zbw:hwwadp:26192