The Experts below are selected from a list of 8490 Experts worldwide ranked by ideXlab platform
Pavel Trunin - One of the best experts on this subject based on the ideXlab platform.
-
Prospects for the Russian Ruble to Become Regional Reserve Currency
2015Co-Authors: Pavel Trunin, Siarhei NarkevichAbstract:2007-2009 global financial crisis demonstrated that financial markets of major countries can be subject to the large scale system shocks. One of the manifestations of the crisis was the slump of the global trade and significant capital outflow from the emerging markets. This papers deals with the issue of the Russian ruble becoming a regional Reserve Currency.
-
Prospects for the Russian Ruble as a Regional Reserve Currency
2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:The paper analyzes the concept of Reserve currencies and their role in today's global payment system. Among the topics considered are the definition of Reserve currencies, their functions in international transactions, as well as the advantages and disadvantages Reserve currencies' emission. The key section is devoted to the analysis and classification of the existing theoretical and empirical models describing the factors of formation of Reserve currencies. The important part of the research is to study the concept of a regional Reserve Currency, and to define the specific factors affecting the development of the Reserve Currency. We evaluate the role of regional Reserve currencies in international transactions and global financial markets. The final part is devoted to the analysis of possible measures aimed at raising the status of the Russian ruble and its transformation into a regional Reserve Currency.
-
Prospects of the Russian Ruble as a Regional Reserve Currency: Theoretical Approach
SSRN Electronic Journal, 2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:In recent years the discussion of the role played by Reserve currencies in the world economy has reached a new level. Problems caused by the domination of a single Reserve Currency have not yet been resolved and it remains unclear when and how they will be solved in the future. At the same time, the discussion quite often does not include necessary theoretical foundations for the different alternatives. In this article we try to develop a rigorous foundation for the concept of a regional Reserve Currency, to present theoretical arguments for the factors relating to the formation of Reserve currencies and to estimate the potential of the Russian ruble as a regional Reserve Currency.
-
Перспективы Российского Рубля Как Региональной Резервной Валюты (Prospects for the Russian Ruble as a Regional Reserve Currency)
SSRN Electronic Journal, 2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:Russian Abstract: Кризисные явления 2007–2009 гг. продемонстрировали, что финансовые рынки ведущих экономик мира могут быть подвержены масштабным системным потрясениям. Одним из проявлений кризиса стало падение объемов международной торговли и значительный отток капитала из развивающихся стран. Данная работа рассматривает вопрос становления российского рубля в качестве региональной резервной валюты.English Abstract: 2007-2009 global financial crisis demonstrated that financial markets of major countries can be subject to the large scale system shocks. One of the manifestations of the crisis was the slump of the global trade and significant capital outflow from the emerging markets. This papers deals with the issue of the Russian ruble becoming a regional Reserve Currency.
-
Резервные валюты: факторы становления и роль в мировой экономике (Reserve Currencies: Factors of Evolution and their Role in the World Economy)
2012Co-Authors: Pavel Trunin, Siarhei NarkevichAbstract:Работа посвящена анализу и классификации существующих теоретических и эмпирических моделей, описывающих факторы становления резервных валют, их роли в современной мировой платежной системе. Важной частью работы является изучение понятия региональной резервной валюты и определение специфики факторов, воздействующих на повышение статуса валюты. Проводится оценка роли региональных резервных валют в международных расчетах и на мировых финансовых рынках. В заключительной части исследования анализируются мероприятия, которые могут способствовать повышению статуса российского рубля и его превращению в региональную резервную валюту.This publication deals with the analysis and classification of the existing theoretical and empirical models describing the factors of establishing Reserve currencies, and their role in today's global payment system. The important part of the study is devoted to the concept of a regional Reserve Currency, and the definition of the specific factors affecting the upgrading of the Currency status. The authors assess the role of regional Reserve currencies in international transactions and global financial markets. In the final part of the study the authors analyze the activities that could enhance the status of the Russian ruble and turn it into a regional Reserve Currency.
Siarhei Narkevich - One of the best experts on this subject based on the ideXlab platform.
-
Prospects for the Russian Ruble to Become Regional Reserve Currency
2015Co-Authors: Pavel Trunin, Siarhei NarkevichAbstract:2007-2009 global financial crisis demonstrated that financial markets of major countries can be subject to the large scale system shocks. One of the manifestations of the crisis was the slump of the global trade and significant capital outflow from the emerging markets. This papers deals with the issue of the Russian ruble becoming a regional Reserve Currency.
-
Prospects for the Russian Ruble as a Regional Reserve Currency
2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:The paper analyzes the concept of Reserve currencies and their role in today's global payment system. Among the topics considered are the definition of Reserve currencies, their functions in international transactions, as well as the advantages and disadvantages Reserve currencies' emission. The key section is devoted to the analysis and classification of the existing theoretical and empirical models describing the factors of formation of Reserve currencies. The important part of the research is to study the concept of a regional Reserve Currency, and to define the specific factors affecting the development of the Reserve Currency. We evaluate the role of regional Reserve currencies in international transactions and global financial markets. The final part is devoted to the analysis of possible measures aimed at raising the status of the Russian ruble and its transformation into a regional Reserve Currency.
-
Prospects of the Russian Ruble as a Regional Reserve Currency: Theoretical Approach
SSRN Electronic Journal, 2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:In recent years the discussion of the role played by Reserve currencies in the world economy has reached a new level. Problems caused by the domination of a single Reserve Currency have not yet been resolved and it remains unclear when and how they will be solved in the future. At the same time, the discussion quite often does not include necessary theoretical foundations for the different alternatives. In this article we try to develop a rigorous foundation for the concept of a regional Reserve Currency, to present theoretical arguments for the factors relating to the formation of Reserve currencies and to estimate the potential of the Russian ruble as a regional Reserve Currency.
-
Перспективы Российского Рубля Как Региональной Резервной Валюты (Prospects for the Russian Ruble as a Regional Reserve Currency)
SSRN Electronic Journal, 2013Co-Authors: Siarhei Narkevich, Pavel TruninAbstract:Russian Abstract: Кризисные явления 2007–2009 гг. продемонстрировали, что финансовые рынки ведущих экономик мира могут быть подвержены масштабным системным потрясениям. Одним из проявлений кризиса стало падение объемов международной торговли и значительный отток капитала из развивающихся стран. Данная работа рассматривает вопрос становления российского рубля в качестве региональной резервной валюты.English Abstract: 2007-2009 global financial crisis demonstrated that financial markets of major countries can be subject to the large scale system shocks. One of the manifestations of the crisis was the slump of the global trade and significant capital outflow from the emerging markets. This papers deals with the issue of the Russian ruble becoming a regional Reserve Currency.
-
Резервные валюты: факторы становления и роль в мировой экономике (Reserve Currencies: Factors of Evolution and their Role in the World Economy)
2012Co-Authors: Pavel Trunin, Siarhei NarkevichAbstract:Работа посвящена анализу и классификации существующих теоретических и эмпирических моделей, описывающих факторы становления резервных валют, их роли в современной мировой платежной системе. Важной частью работы является изучение понятия региональной резервной валюты и определение специфики факторов, воздействующих на повышение статуса валюты. Проводится оценка роли региональных резервных валют в международных расчетах и на мировых финансовых рынках. В заключительной части исследования анализируются мероприятия, которые могут способствовать повышению статуса российского рубля и его превращению в региональную резервную валюту.This publication deals with the analysis and classification of the existing theoretical and empirical models describing the factors of establishing Reserve currencies, and their role in today's global payment system. The important part of the study is devoted to the concept of a regional Reserve Currency, and the definition of the specific factors affecting the upgrading of the Currency status. The authors assess the role of regional Reserve currencies in international transactions and global financial markets. In the final part of the study the authors analyze the activities that could enhance the status of the Russian ruble and turn it into a regional Reserve Currency.
Yiping Huang - One of the best experts on this subject based on the ideXlab platform.
-
Will the Renminbi become a Reserve Currency
China Economic Journal, 2015Co-Authors: Daili Wang, Yiping Huang, Gang FanAbstract:In recent years, the authorities in the People’s Republic of China (PRC) have made great efforts to internationalize its Currency. Will Renminbi (RMB) finally become a Reserve Currency? This paper addresses the above question from an institutional analytical framework. We find that if only economic fundamentals are used in the prediction, the expected share of the RMB in global Currency Reserves could reach 10% at the end of 2011. However, if institutional variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. The work then proposes reform actions in developing China’s institutional environment so as to facilitate the RMB to realize the 10% potential. In general, we believe that the RMB’s international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
paths to a Reserve Currency internationalization of the renminbi and its implications
2014Co-Authors: Yiping Huang, Daili Wang, Gang FanAbstract:In this paper we try to address the question of what could help make the renminbi (RMB) a Reserve Currency. In recent years, the authorities in the People's Republic of China (PRC) have made efforts to internationalize its Currency through a two-track strategy: promotion of the use of the RMB in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the RMB in global Reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other Reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the RMB: (i) increasing the opportunities of using RMB in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using RMB, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using RMB, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the RMB's international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications
2014Co-Authors: Yiping Huang, Daili Wang, Gang FanAbstract:In this paper we try to address the question of what could help make the renminbi a Reserve Currency. In recent years, the authorities in the People’s Republic of China (PRC) have made efforts to internationalize its Currency through a two-track strategy : promotion of the use of the renminbi in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the renminbi in global Reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other Reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the renminbi : (i) increasing the opportunities of using renminbi in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using renminbi, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using renminbi, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the renminbi’s international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
Intraregional Cross-holding of Reserve Currencies: A Proposal for Asia to Deal with the Global Reserve Risks
China & World Economy, 2013Co-Authors: Gang Fan, Bijun Wang, Yiping HuangAbstract:Economists have put forward various proposals to deal with the growing risks of the global Reserve Currency system. In this paper we recommend that Asian economies hold each other's currencies as part of their foreign Reserves. Different from crisis-fighting Currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that Reserves would be held, with a regular arrangement in place and on an ongoing basis. We propose that the global Reserve system should be pushed in the direction of diversification, which could be a transitional step toward a new single Reserve system. This mechanism would not necessitate any Currency being a globally accepted Reserve Currency but would mean that every Currency carried some weight in the Reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.
Baris Kocaarslan - One of the best experts on this subject based on the ideXlab platform.
-
dynamic correlations between oil prices and the stock prices of clean energy and technology firms the role of Reserve Currency us dollar
Energy Economics, 2019Co-Authors: Baris Kocaarslan, Ugur SoytasAbstract:Abstract There is increased interest in the dynamic relationships between the stock prices of clean energy and technology firms and oil prices in the literature. Existing works suggest a time-dependent link between them, but there is a gap of knowledge regarding the drivers of this time-dependent relationship. To contribute to this literature, we first identify dynamic conditional correlations (DCCs) between the prices of clean energy and technology stocks and oil prices to investigate the nature of these dynamic correlations. Our findings suggest the existence of significant asymmetric effects in the DCCs. Using the autoregressive distributed lag (ARDL) model, we then investigate the impact of Reserve Currency (US dollar) value changes on the DCCs while also controlling for business cycles, monetary conditions, and financial stress. Our results highlight the dominant role of US dollar appreciations in driving the DCCs. This role intensifies when asymmetric impacts are taken into account. The implications of this study are important for clean energy investments and for optimal risk management strategies in the energy and financial markets.
-
dynamic correlations between oil prices and the stock prices of clean energy and technology firms the role of Reserve Currency us dollar
2019Co-Authors: Baris Kocaarslan, Ugur SoytasAbstract:There is increased interest in the dynamic relationships between the stock prices of clean energy and technology firms and oil prices in the literature. Existing works suggest a time-dependent link between them, but there is a gap of knowledge regarding the drivers of this time-dependent relationship. To contribute to this literature, we first identify dynamic conditional correlations (DCCs) between the prices of clean energy and technology stocks and oil prices to investigate the nature of these dynamic correlations. Our findings suggest the existence of significant asymmetric effects in the DCCs. Using autoregressive distributed lag (ARDL) model, we then investigate the impact of Reserve Currency (US dollar) value changes on the DCCs while also controlling for business cycles, monetary conditions, and financial stress. Our results highlight the dominant role of US dollar appreciations in driving the DCCs. This role intensifies when asymmetric impacts are taken into account. The implications of this study are important for clean energy investments and for optimal risk management strategies in the energy and financial markets.
Gang Fan - One of the best experts on this subject based on the ideXlab platform.
-
Will the Renminbi become a Reserve Currency
China Economic Journal, 2015Co-Authors: Daili Wang, Yiping Huang, Gang FanAbstract:In recent years, the authorities in the People’s Republic of China (PRC) have made great efforts to internationalize its Currency. Will Renminbi (RMB) finally become a Reserve Currency? This paper addresses the above question from an institutional analytical framework. We find that if only economic fundamentals are used in the prediction, the expected share of the RMB in global Currency Reserves could reach 10% at the end of 2011. However, if institutional variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. The work then proposes reform actions in developing China’s institutional environment so as to facilitate the RMB to realize the 10% potential. In general, we believe that the RMB’s international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
paths to a Reserve Currency internationalization of the renminbi and its implications
2014Co-Authors: Yiping Huang, Daili Wang, Gang FanAbstract:In this paper we try to address the question of what could help make the renminbi (RMB) a Reserve Currency. In recent years, the authorities in the People's Republic of China (PRC) have made efforts to internationalize its Currency through a two-track strategy: promotion of the use of the RMB in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the RMB in global Reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other Reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the RMB: (i) increasing the opportunities of using RMB in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using RMB, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using RMB, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the RMB's international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications
2014Co-Authors: Yiping Huang, Daili Wang, Gang FanAbstract:In this paper we try to address the question of what could help make the renminbi a Reserve Currency. In recent years, the authorities in the People’s Republic of China (PRC) have made efforts to internationalize its Currency through a two-track strategy : promotion of the use of the renminbi in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the renminbi in global Reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other Reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the renminbi : (i) increasing the opportunities of using renminbi in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using renminbi, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using renminbi, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the renminbi’s international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global Reserve Currency.
-
Intraregional Cross-holding of Reserve Currencies: A Proposal for Asia to Deal with the Global Reserve Risks
China & World Economy, 2013Co-Authors: Gang Fan, Bijun Wang, Yiping HuangAbstract:Economists have put forward various proposals to deal with the growing risks of the global Reserve Currency system. In this paper we recommend that Asian economies hold each other's currencies as part of their foreign Reserves. Different from crisis-fighting Currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that Reserves would be held, with a regular arrangement in place and on an ongoing basis. We propose that the global Reserve system should be pushed in the direction of diversification, which could be a transitional step toward a new single Reserve system. This mechanism would not necessitate any Currency being a globally accepted Reserve Currency but would mean that every Currency carried some weight in the Reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.
