欧元vs美元：解决一个历史的难题

Kenen（2002）对美元持续保持最主要的国际货币地位提供了一个很好的统计角度的综述。虽然欧元自1999年1月1日正式流通以来极其成功地统一了欧洲的金融市场,它并没有像很多人所预期的那样,显著地取代美元在国际外汇市场上的中心地位。这个难题包含了两个方面的问题。第一,在战后的美元体系中,为什么在欧洲会形成一个独立的区域性货币？第二,虽然欧洲货币联盟（EMU）直至1999年都很成功,为什么欧元在欧洲以外的地区取代美元作为国际货币的作用却非常有限？通过考虑Kenen提供的证据,我试图对以上两个方面提供解释。     

国际货币竞争与人民币区域化:一个文献综述

通过对国内外相关文献的梳理,对货币竞争理论、货币竞争力影响因素、国际货币竞争格局的现实考察、人民币竞争现状与区域化路径进行了分析,得出对人民币区域化的有益启示,建议人民币区域化必须从市场维持与市场同盟相结合、重点推动人民币成为贸易支付结算货币、提升人民币国际竞争力、为人民币区域化创造稳定的政治环境等方面采取有效的竞争策略。     

One country,two currencies: The adoption of the Hong Kong currency board, 1983

Currency boards have had an enduring attraction as a solution to exchange rate and monetary credibility for small open economies, despite few successful examples. In this context, the case of Hong Kong stands out for its longevity; it survived the handover to China, the Asian financial crises in 1997, and the global crises in 2007–8 and 2020. The 1983 currency crisis and the decision to link the exchange rate to the US$ is usually treated as an outcome of local political uncertainty due to the Sino-British negotiations which set the framework for how Hong Kong would fit with the rest of China after 1997. We present fresh archival evidence from Hong Kong and London to reveal the year-long debates over Hong Kong's monetary system after a drop in the exchange rate in September 1982 and to demonstrate how most of the protagonists in Hong Kong and London came only reluctantly to accept the idea of re-pegging the dollar once public expectations had been raised. We also show how the mixture of currency and banking instability affected the terms of the negotiations in 1982 and 1983 and set the framework for the one country, two currencies system that prevails today.     

Are founding families less willing to bear risk? Evidence from the currency exposure and internationalization strategy of family firms

Although theory predicts that family firms should be less willing to bear risk than nonfamily firms, prior empirical papers have not found support for this prediction. In this paper, we focus on conditional currency risk because founding families can relatively easily influence their firms’ currency exposure. We find that family firms have relatively lower conditional currency exposure. This result holds for both descendant-led and nonfamily-led family firms. Consistent with purposeful actions of founding families, we find that exposure decreases with control-enhancing mechanisms, such as excess voting rights. The findings also support a wealth-preservation motive, evidenced by a finding that exposure declines with the number of family beneficiaries. Additional analysis suggests that family firms achieve the relatively lower risk by reducing internationalization depth and limiting exposure to riskier currencies.     

Central bank digital currency: A review and some macro-financial implications

Central Bank Digital Currencies (CBDC) have attracted considerable interest and its deployment on a global scale is imminent. However, CBDC face several challenges. They include: legal, technological, and political considerations. We summarize those challenges and add a few more that have not received much attention in the literature. We then focus on two forms of CBDC: a narrow version that only replaces notes and coins and a broader form with a deposit feature. The narrow CBDC is the most likely one to be first introduced. Next, relying on evidence of past episodes of financial innovation, and using cross-country data, we explore the hypothetical impact of CBDC on inflation and financial stability, based on the historical behaviour of the velocity of circulation and incorporating a CBDC’s impact using McCallum’s policy rule which sets the stance of monetary policy based on money growth. Our simulations suggest that CBDC need not produce higher inflation, but financial stability remains at risk. We provide some policy implications.     

Afro-Diasporic women navigating the black ceiling: Individual,relational, and organizational strategies

In this article, we describe how the black ceiling—upheld by the powerful institutional logics of patriarchy and white supremacy, inordinately challenging and interlocking systemic barriers to leadership advancement—leads to the dearth of Afro-Diasporic women in senior corporate leadership positions and pathologizes Afro-Diasporic women as multiple outsiders. As a result, Afro-Diasporic women’s well-being in the workplace is compromised and many adopt coping and survival strategies to navigate a myriad of relational and environmental phenomena, such as spirit murder, emotional taxation, social closure, white privilege, and white fragility. To navigate and ameliorate these dynamics, we advance several individual, relational, and organizational strategies that support Afro-Diasporic women thriving in the workplace.     

Prospects for a Monetary Union in the East Africa Community: Some Empirical Evidence

This paper examines generalised purchasing power parity (G-PPP) and business cycle synchronisation in the East Africa Community with the aim of assessing the prospects for a monetary union. The univariate fractional integration analysis shows that the individual series exhibit unit roots and are highly persistent. The fractional bivariate cointegration tests suggest that there exist bivariate fractional cointegrating relationships between the exchange rate of the Tanzanian shilling and those of the other EAC countries, and also between the exchange rates of the Rwandan franc, the Burundian franc and the Ugandan shilling. The Fractionally Cointegrated Vector AutoRegressive (FCVAR) results imply the existence of a single cointegrating relationship between the exchange rates of the EAC countries. On the whole, there is evidence in favour of G-PPP. In addition, there appears to be a high degree of business cycle synchronisation between these economies. On both grounds, one can argue that a monetary union should be feasible.     

Price adjustment after hyperinflation in Zimbabwe

This paper examines—post‐dollarization in Zimbabwe—the extent of price dispersion within Zimbabwe and between Zimbabwe and South Africa. We document the adjustment process, and the mechanisms of price adjustment after the introduction of the new currency system in Zimbabwe. We show that prices converged post‐dollarization. We argue that the fall in price dispersion is not a product or a Southern Africa region effect. Rather it is a Zimbabwe specific effect and given that price convergence happens quicker the closer the month is to the dollarization, we argue that the observed results are driven by the change in currency. Price dispersion happens faster between major cities and secondary cities, suggesting improvements in information and trade signals between major and secondary cities. These results suggest that the positive effects of a stable currency fall disproportionally on secondary cities, implying price stability not only has macroeconomic benefits, but also developmental benefits since secondary cities and rural areas are on average, poorer than main cities.     

Central Bank Digital Currency,Credit Supply,and Financial Stability

We examine the implications of central bank digital currency (CBDC) for credit supply and financial stability using a monetary general equilibrium model. The introduction of deposits in CBDC account decreases credit supply by banks, raising the nominal interest rate and lowering a bank's reserve-deposit ratio. This increases the likelihood of bank panic in which banks exhaust cash reserves. However, once the central bank can lend all the deposits in CBDC account to banks, an increase in the quantity of CBDC which does not require reserve holdings can enhance financial stability by increasing credit supply and lowering nominal interest rate.