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URL :  Impact of Yuan Internationalization
Author : Agnès Bénassy-Quéré - Yeganeh Forouheshfar
Detail : eBook Edition: 2013
 
We study the implication of a multipolarization of the international monetary system on cross-currency volatility. More specifically, we analyze whether the internationalization of the yuan could modify the impact of asset supply and trade shocks on the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the internationalization of the yuan (defined as a rise in the yuan in international portfolios) would be either neutral or stabilizing for the euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the internationalization of the yuan would make exchange-rate variations more efficient to stabilize net foreign asset positions after a trade shock(From Author)

eBook Contents

Highlights - Abstract - Points clefs - Résumé court - Introduction - The model - Resolution under each regime - The impact of yuan internationalization on the euro-dollar exchange rate - A dynamic model - Conclusion - References - Appendix A: Analytical resolution of the static model - Appendix B: Linearization and simulation around

eBook License: Copyrighted (Personal Use Only by downloading from CEPII)

Free PDF eBook - 658 Kb - 31 Pages
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