AMPF Papers

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Commissioned Paper

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May 2018

Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Hyun Song SHIN, Stefan AVDJIEV, Bat-el BERGER
We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of bank...
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AMPF Papers

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Commissioned Paper

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May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
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AMPF Papers

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Commissioned Paper

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May 2017

Systematic Managed Floating

Jeffrey FRANKEL
A majority of countries neither freely float their currencies nor firmly peg. But most of the remainder in practice also don’t obey such well-defined intermediate exchange rate regimes as target zones. This paper proposes to define an intermediate regime, to be called “systematic managed floatin...
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AMPF Papers

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Commissioned Paper

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May 2016

Currency Wars, Coordination, and Capital Controls

Olivier BLANCHARD
The strong monetary policy actions undertaken by advanced economies’ central banks have led to complaints of currency wars by some emerging market economies, and to widespread demands for more macroeconomic policy coordination. This chapter revisits these issues. It concludes that, while advanced ...
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AMPF Papers

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Commissioned Paper

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May 2015

Financial Development in Asia: The Role of Policy and Institutions, with Special Reference to China

Barry EICHENGREEN
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