The Dollar-Mark axis |
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Authors: | Gabriele Galati |
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Institution: | (1) Department of Economics, Rutgers University, 75 Hamilton Street, New Brunswick, NJ 08901-1248, USA;(2) International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA;(3) History Department and Woodrow Wilson School, Princeton University, Princeton, NJ 08544, USA |
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Abstract: | The Dollar-Mark Axis. — Over the last two decades, most European currencies have tended to weaken against the mark as the
latter strengthened against the dollar. Moreover, the strength of the response of European cross rates has tended to remain
in the same order over time. The paper first sets out the stylised facts of this phenomenon, referred to as the dollar-mark
axis, and then tries to identify its determinants. In addition to exchange rate policy, the paper examines the correlation
of cyclical fluctuations and trade links and the bias of international investors in the currency composition of their portfolios. |
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Keywords: | F3 F4 F31 F36 |
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