International Currency Exposure

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Yin-Wong Cheung (City University of Hong Kong) Frank Westermann (Herrn Prof. Dr. , Universität Osnabrück)

International Currency Exposure

Yin-Wong Cheung (City University of Hong Kong), Frank Westermann (Herrn Prof. Dr. , Universität Osnabrück), Paul De Grauwe (Katholieke Universiteit Leuven) , Philip R. Lane (Trinity College Dublin)

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English

MIT Press
14 July 2017

Monetary economics; International economics; Political economy; Credit & credit institutions

Series: CESifo Seminar Series

Issues in debates about foreign currency exposure-the denomination of liabilities or assets in foreign currency.

The foreign currency denomination of contracts in international transactions can lead to international currency exposure at the country level with important economic and policy implications. When debts are denominated in foreign currency and revenues in domestic currency, exchange rate fluctuations can result in balance sheet effects for countries with either net asset or liability positions. Moreover, currency mismatch between assets and liabilities can be a cause for crises in developing and emerging economies. This book looks at the issues surrounding foreign currency exposure in today's increasingly integrated world economy.

The contributors draw on cross-country as well as country-specific data. They consider international currency risk after the Swiss franc ended its one-sided peg with the euro, for example, and the foreign exchange positions of firms in Turkey and Russia. Other contributors take macroeconomic perspectives, examining the potential effects of exchange rate realignment, the pressure to appreciate on countries with current account surpluses, and the currency exposure in international trade. Finally, contributors consider the issue from finance and political economy perspectives, addressing the phenomenon of the forward premium puzzle and discussing geopolitical aspects ascending currencies.

Contributors Fatih Altunok, Huseyin Aytug, Agustin S. Benetrix, J rg Breitung, Paul De Grauwe, Eiji Fujii, Peter Garber, Juann H. Hung, Signe Krogstrup, Philip R. Lane, Katja Mann, Arif Oduncu, Gunther Schnabl, Maria V. Sokolova, Cedric Tille

Contributions by: Paul De Grauwe (Katholieke Universiteit Leuven), Philip R. Lane (Trinity College Dublin), Agustin Benetrix (Assitant Professor, Trinity College Dublin)
Edited by: Yin-Wong Cheung (City University of Hong Kong), Frank Westermann (Herrn Prof. Dr. , Universität Osnabrück)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 21mm
ISBN: 9780262036405
ISBN 10: 0262036401
Series: CESifo Seminar Series
Pages: 328
Publication Date: 14 July 2017
Recommended Age: From 18 years
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Yin-Wong Cheung is Hung Hing Ying Chair Professor of International Economics and Director of the Global Research Unit at City University of Hong Kong. Frank Westermann is Professor of Economics and Director of the Institute of Empirical Economic Research at Osnabrueck University, Germany. Paul De Grauwe is Professor of Economics at the Catholic University of Leuven, the author of The Economics of Monetary Union, and the editor of three previous books in the CESifo Seminar series. Peter M. Garber is Global Strategist at Global Markets Research of Deutsche Bank.