The Effects of Temporary Exchange-Rate-Based Stabilizations when Money Serves a Productive Role

This paper investigates the effects on production, consumption, and welfare that result from a temporary exchange-rate-based (ERB) stabilization plan. The analysis is based on a dynamic optimizing model of a small open economy where real money is assumed to be a factor that is used in the production of goods. The assumption of money serving a productive role makes the model capable of generating a boom-bust cycle in output, as is often experienced during ERB stabilization plans. It is shown that if the stabilization plan is expected not to be too short and/or the costs associated with the breakdown of the plan are not too high, a temporary decrease in the rate of exchange rate devaluation will increase economic welfare. It is also found that if some of the increase in output in the initial phase of the stabilization plan is saved for periods after the plan has broken down, there is a greater chance that the ERB plan will increase economic welfare. On the other hand, if the plan is not sufficiently credible at the outset, or there is not enough intertemporal transference of output, the stabilization plan is likely to be harmful to economic welfare.

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Uncovering emotions and insights evoked by paper currency

Despite the pervasiveness of paper currency in market exchanges, consumer research has focused only on its effects based on denomination and physical appearance. Previous work noted that the physical appearance of paper currency elicits emotions such as disgust and pride. However, no other research to date has uncovered additional emotions elicited by bills. The purpose of this study is twofold: (1) to uncover the series of emotions elicited by paper currency and (2) to expose additional insights. Consumer narratives were collected using the critical incident technique. Both elicited emotions and insights were identified and classified according to existing classifications of emotions and money insights in the literature. Our study revealed a unique set of emotions and insights not previously classified in prior research. Implications for practice and directions for future work are noted.     

Identifying the effects of an exchange rate depreciation on country risk: Evidence from a natural experiment

A natural experiment is used to study exchange rate depreciation and perceived sovereign risk. France suspended coinage of silver in 1876 provoking a significant exogenous depreciation of all silver standard countries versus gold standard currencies like the British pound – the currency in which their debt was payable. The evidence suggests an exchange rate depreciation can significantly increase sovereign risk if a country is exposed to foreign currency debt. We implement a difference-in-differences estimator and find that the average silver country's spread on hard currency debt increased over ten percent relative to non-silver countries.     

人民币国际化进程中的货币反替代研究

人民币国际化有诸多利好,同时也面临着货币替代风险、人民币国际化逆转性风险以及外来资本冲击和货币反替代风险等。货币反替代是人民币国际化渐进进程中的必然现象,这种现象对中国经济的影响有有利的一面,也有妨碍货币政策的独立性并影响货币政策对宏观经济的效用等不利的一面。维持人民币的实际利率,消除社会上已存在的人民币升值顶期,是近中期内要优先考虑的抑制反替代任务之一。     

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。     

A cross-country comparison of accommodation manager perspectives on online review manipulation

Accommodation businesses are increasingly dependent on a limited number of reservation platforms. A significant feature of these platforms is guest evaluations, which are transformed into ratings and rankings. As the positioning of the business in comparison to competitors determines customer demand, accommodation managers have considerable interest in maintaining or improving their online reputation. One response may be to engage in manipulation strategies. This paper presents the results of a survey including 270 hotel managers in five countries, Germany, Israel, Norway, Sweden and Switzerland. Managers confirm growing competition as a result of ratings and rankings, and they report that guests are increasingly aware of the importance of reviews. To avert negative online feedback impacts, managers intervene strategically. The paper discusses new market pressures, emergent consumer judgement culture and consumer citizenship, opportunities for legal redress and the emerging importance of reputation management strategies.     

Geographic Spread of Currency Trading: The Renminbi and Other Emerging Market Currencies

This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using comprehensive data from the Triennial Central Bank Survey of foreign exchange markets. In 2013, Asian centers favored by the policy of RMB internationalization had disproportionate shares in global RMB trading. Over the following three years, RMB trading seemed to converge to the spatial pattern of all currencies, with a half‐life of seven to eight years. The previously most traded emerging market currency, the Mexican peso, shows a similar pattern, although it is converging to the global norm more slowly. Three other emerging market currencies show a qualitatively similar evolution in the geography of their offshore trading. Overall, the RMB's internationalization is tracing an arc from the influence of administrative measures to the working of market forces.     

人民币货币互换与人民币的国际化

次贷危机不但重创美国、西欧等发达国家,金融危机还导致持有大量美元的一些国家经济受到拖累。而为了缓解对美元的依赖,不少国家减少所持美元,使用其他货币进行国际支付与结算,而＂坚挺＂的人民币对它们来说是一种不错的选择,也为人民币的国际化发展提供了一个机遇,人民币货币互换正是我国货币成为国际货币的重要一步。我国完全可以利用人民币货币互换率先在中华区①实现人民币的流通,而后再走区域化和国际化的道路。     

国际金融体系的构造缺陷与亚洲金融危机的内在联系

近年来国际金融危机频发,这些危机的原因除了发生危机的国家的内在因素之外,更主要的还与其外在的整个国际货币金融体系存在着的巨大构造性缺陷息息相关。     

东亚货币合作的层次、障碍和中国的对策

随着世界经济全球化和区域经济一体化,东亚各国货币合作的愿望日益高涨,东亚区域货币合作体系初见端倪。、但由于东亚地区历史、政治、经济、文化的特殊性,东亚货币合作的道路上依然障碍重重．需要分层次、分步骤地稳妥推进。大势所趋之下中国应积极应对,大力推动东亚货币合作的进程。