The Curious Case Of The Yen As A Safe Haven Currency

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The Curious Case Of The Yen As A Safe Haven Currency

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Author : Mr.Dennis P. J. Botman
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-06

The Curious Case Of The Yen As A Safe Haven Currency written by Mr.Dennis P. J. Botman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-06 with Business & Economics categories.

During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

Safe Haven Currencies

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Author : Jasmin Chuiying Ho
language : en
Publisher:
Release Date : 2010

Safe Haven Currencies written by Jasmin Chuiying Ho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Carry trades (Foreign exchange) categories.

Safe Haven Currency And Market Uncertainty

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Author : Yuki Masujima
language : en
Publisher:
Release Date : 2017

Safe Haven Currency And Market Uncertainty written by Yuki Masujima and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

Imf Research Bulletin December 2013

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-17

Imf Research Bulletin December 2013 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-17 with Business & Economics categories.

In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.

Japan

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-02

Japan written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-02 with Business & Economics categories.

This Selected Issues paper discusses the findings of the IMF staff research focusing on labor market dynamics, economic growth, the financial sector, private investment, and monetary policy in Japan. Japan’s labor market has fared relatively well considering the occasional substantial output losses, with unemployment remaining low. Although Japan’s employment responsiveness to the cyclical position has been relatively low, it has been rising over time reflecting the higher share of the nonregular workforce. The lower employment response to output compared with other countries during the Great Recession reflects the quick implementation of an employment subsidy program, a more flexible wage system, and strong employment protection.

China S Growing Influence On Asian Financial Markets

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Author : Mr.Serkan Arslanalp
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-20

China S Growing Influence On Asian Financial Markets written by Mr.Serkan Arslanalp and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-20 with Business & Economics categories.

This paper finds that financial spillovers from China to regional markets are on the rise. The main transmission channel appears to be trade linkages, although direct financial linkages are playing an increasing role. Without an impact on global risk premiums, China’s influence on regional markets is not yet to the level of the United States, but comparable to that of Japan. If China-related shocks are coupled with a rise in global risk premiums, as in August 2015 and January 2016, spillovers to the region could be significantly larger. Over the medium term, China’s financial spillovers could rise further with tighter financial linkages with the region, including through the ongoing internationalization of the renminbi and China’s capital account liberalization.

Blockchain And Cryptocurrencies

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Author : Saralees Nadarajah
language : en
Publisher: MDPI
Release Date : 2021-01-13

Blockchain And Cryptocurrencies written by Saralees Nadarajah and has been published by MDPI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-13 with Business & Economics categories.

Blockchain and cryptocurrencies have recently captured the interest of academics and those in industry. Cryptocurrencies are essentially digital currencies that use blockchain technology and cryptography to facilitate secure and anonymous transactions. The cryptocurrency market is currently worth over $500 billion. Many institutions and countries are starting to understand and implement the idea of cryptocurrencies in their business models. This Special Issue will provide a collection of papers from leading experts in the area of blockchain and cryptocurrencies. The topics covered in this Special Issue will include but are not limited to the following: academic research on blockchain and cryptocurrencies; industrial applications of blockchain and cryptocurrencies; applications of fintech in academia and industry; the economics of blockchain technology, and the financial analysis and risk management with cryptocurrencies.

Anatomy Of Sudden Yen Appreciations

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Author : Mr.Fei Han
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-01

Anatomy Of Sudden Yen Appreciations written by Mr.Fei Han and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-01 with Business & Economics categories.

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

Anatomy Of Sudden Yen Appreciations

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Author : Mr.Fei Han
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-01

Anatomy Of Sudden Yen Appreciations written by Mr.Fei Han and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-01 with Business & Economics categories.

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

2013 Spillover Report Analytical Underpinnings And Other Background

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-03

2013 Spillover Report Analytical Underpinnings And Other Background written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-03 with Business & Economics categories.

High uncertainty in general, and high policy uncertainty more specifically, can have important impact on global investment and output growth. Much of the recent policy uncertainty emanated from the United States and Europe—the world’s two largest economies. Spillovers from policy uncertainty can occur through several channels. Trade can be affected if increased policy uncertainty adversely affects economic activity and import demand in the United States and Europe. Policy uncertainty could also raise global risk aversion, resulting in sharp corrections in financial markets and capital outflows from emerging markets. This background note attempts to quantify the impact of U.S. and European policy uncertainty on other regions. Specifically, it addresses the following questions: What do we mean by policy uncertainty? How well can we measure it? How has policy uncertainty in the United States and Europe evolved during the past several decades? And how large are the spillovers to economic activity in other regions? The analysis suggests that sharp increases in U.S. and European policy uncertainty in the past have temporarily lowered investment and output in other regions to varying degrees. It also suggests that a marked decrease in policy uncertainty in the United States and Europe in the near term could help boost global investment and output.