Browsing by Subject "JPY"

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  • Korhonen, Tapio (2006)
    EURO & TALOUS 2
    Euro on vakiinnuttanut asemansa dollarin jälkeen toiseksi tärkeimpänä valuuttana maailman valuuttamarkkinoilla.Eurolla on keskeinen asema yhä lähinnä vain euroalueen lähiympäristössä.
  • He, Xinhua; Qin, Duo; Liu, Yimeng (2011)
    BOFIT Discussion Papers 22/2011
    Published in Journal of Chinese Economic and Business Studies, Volume 10, Issue 3, August 2012, Pages 247-266
    The familiar claim of Chinese currency manipulation is generally asserted without reference to empirical evidence. To investigate the legitimacy of the claim, we ask if the undervalued misalignment found in the real effective exchange rate (REER) of the Chinese renminbi (RMB) over the past decade has any recent historical precedents. Four cases are examined: the Japanese yen, the Deutsche mark, the Singapore dollar and the Taiwan dollar. Panel-based misalignment estimates of the REER of the four currencies are obtained using quarterly data from the late 1970s to the early 2000s. Our estimates suggest that there are precedents to the recent misalignment of the RMB in terms of magnitude, duration or breadth of currency coverage, and that a net build-up in foreign asset does not necessarily result in currency misalignment. In addition to finding little empirical justification for the claim of Chinese currency manipulation, we note that REER misalignment runs a risk of propagating inflation in the home economy.
  • Vanhala, Juuso (2007)
    EURO & TALOUS 2
    Japanin keskuspankki on yksi maailman merkittävimmistä raha-poliittisista päättäjistä. Viime vuosina se on joutunut harjoittamaan rahapolitiikkaa oloissa, joista teollisuusmailla ei ole aiempaa kokemusta. Japani ajautui 1990-luvulla sitkeään taantumaan, jota seurasi kuluttajahintojen lasku. Talous ajautui deflaatiokierteeseen, ja keskuspankki laski vuosikymmenen lopulla korot nollaan. Tämäkään ei riittänyt, vaan vuonna 2001 keskuspankki joutui omaksumaan ns. määrällisen keventämisen rahapolitiikan eli keventämään rahapolitiikkaa likviditeettiä lisäämällä.
  • Lanne, Markku; Vesala, Timo (2006)
    Bank of Finland Research Discussion Papers 11/2006
    Ilmestynyt myös European University Institute ; Department of Economics ; EUI working paper ; 2005/19.
    We argue that a transaction tax is likely to amplify, not dampen, volatility in the foreign exchange markets.Our argument stems from the decentralised trading practice and the presumable discrepancy between informed and uninformed traders valuations.Since informed traders valuations are likely to be less dispersed, a transaction tax penalises informed trades disproportionately, leading to increased volatility.Empirical support for this prediction is found by investigating the effect of transaction costs on the volatility of DEM/USD and JPY/USD returns. High-frequency data are used and an increase in transaction costs is found to have a significant positive effect on volatility. Key words: transaction tax, exchange rates, volatility JEL classification numbers: F31, F42, G15, G28