Impact of renminbi exchange rate expectation on China's foreign exchange reserves: an empirical analysis

2014 ◽  
Vol 6 (4) ◽  
pp. 327
Author(s):  
Jiancheng Du ◽  
Jiaoju Ge ◽  
Jin Qiao
Keyword(s):  
Exchange Rate ◽  
Empirical Analysis ◽  
Foreign Exchange ◽  
Foreign Exchange Reserves ◽  
Rate Expectation

scholarly journals ANALYSIS OF MACROECONOMIC EFFECTS ON THE YIELD OF CORPORATE BONDS IN INDONESIA

2020 ◽  
Vol 1 (3) ◽  
pp. 300-310
Author(s):  
Anastasia Sianturi ◽  
Pardomuan Sihombing
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Corporate Bonds ◽  
Oil Price ◽  
Corporate Bond ◽  
Foreign Exchange Reserves ◽  
Monthly Data ◽  
Factors Affecting ◽  
Macroeconomic Effects ◽  
Positive Effect

This study aims to examine and obtain empirical evidence of the effects of inflation, BI rate, exchange rate, foreign exchange reserves and the oil price to yield corporate bonds in Indonesia. An increase in the number of issuers and corporate bond issuance value in Indonesia means that many companies are using and seek financing through the issuance of bonds. Several studies have been conducted, inconsistencies results of research on factors affecting yield corporate bonds in Indonesia. This study uses a quantitative approach to the type of associative causal research. Measurement of variables in this study using a time series analysis were processed using Eviews program 10. This research was conducted using monthly data within the period of 2015 to 2018. The results of this research that inflation positively affects yield corporate bonds. BI rate has a positive effect on the yield of corporate bonds. Exchange rate positive effect on the yield of corporate bonds. Foreign exchange reserves negatively affect yield corporate bonds. Oil price positive effect on the yield of corporate bonds.

scholarly journals Modeling Sources of Asymmetry in the Volatility of the Moroccan Dirham Exchange Rate

2021 ◽  
Vol 8 (4) ◽  
pp. 31
Author(s):  
KHATTAB Ahmed ◽  
SALMI Yahya
Keyword(s):  
Exchange Rate ◽  
Central Bank ◽  
Exchange Rates ◽  
Foreign Exchange ◽  
Selection Criterion ◽  
Econometric Models ◽  
Interbank Market ◽  
Foreign Exchange Reserves ◽  
Central Bank Intervention ◽  
The Exchange Rate

The main objective of this paper is to study the sources of asymmetry in the volatility of the bilateral exchange rates of the Moroccan dirham (MAD), against the EUR and the USD using the asymmetric econometric models of the ARCH-GARCH family. An empirical analysis was conducted on daily central bank data from March 2003 to March 2021, with a sample size of 4575 observations. Central bank intervention in the foreign exchange (interbank) market was found to affect the asymmetry in the volatility of the bilateral EUR/MAD and USD/MAD exchange rates. Specifically, sales of foreign exchange reserves by the monetary authority cause a fall in the exchange rate, which means that the market response to shocks is asymmetric. Finally, the selection criterion (AIC) allowed us to conclude that the asymmetric model AR(1)-TGARCH(1,1) is adequate for modeling the volatility of the exchange rate of the Moroccan dirham.

scholarly journals An Approach of Vector Autoregression Model for Inflation Analysis in Indonesia

2018 ◽  
Vol 20 (3) ◽  
Author(s):  
Idah Zuhroh ◽  
Hendra Kusuma ◽  
Syela Kurniawati
Keyword(s):  
Exchange Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Vector Autoregression ◽  
Negative Relationship ◽  
Foreign Exchange Reserves ◽  
Monthly Data ◽  
Vector Autoregression Model ◽  
Autoregression Model ◽  
The Stability

A control of the inflation rate caused by the fluctuations in foreign exchange reserves, money supply, and exchange rate is required to create the stability of the country's economy. This study aims to analyze the dynamic impact of disturbance factors contained in the variables of foreign exchange reserves, the money supply, and the exchange rate. This research used monthly data from June 2009 to November 2016. It used a method used of Vector Autoregression. The result shows that a foreign exchange reserve has a negative relationship nut not significant effect on inflation, money supply has positive relationship and significant effect on inflation, and exchange rate of rupiah to US dollar has negative relationship and significant effect on inflation. The responce of inflation from shocking occurs to supply, foreign exchange reserves and exchange rate tend to be convergent and the biggest contribution that influences inflation the most is exchange rate beside inflation itself.

The Rise of the Dollar and Fall of the Euro as International Currencies

2019 ◽  
Vol 109 ◽  
pp. 521-526 ◽  
Author(s):  
Matteo Maggiori ◽  
Brent Neiman ◽  
Jesse Schreger
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Exchange Rate Regimes ◽  
Bank Loans ◽  
Foreign Exchange Reserves ◽  
Government Bonds ◽  
International Currency ◽  
International Currencies ◽  
Import And Export ◽  
Exchange Markets

International currencies play important roles as foreign exchange reserves but are also most frequently used to denominate corporate and government bonds, bank loans, and import and export invoices. These currencies offer unrivaled liquidity, constituting large shares of the volume on global foreign exchange markets, and are commonly chosen as the anchors targeted by countries with pegged or managed exchange rate regimes. We provide evidence suggesting a recent rise in the use of the dollar, and fall of the use of the euro, with similar patterns manifesting across all these aspects of international currency use.

Policy shocks, current account and the macroeconomy in a developing country

2019 ◽  
Vol 46 (3) ◽  
pp. 710-726
Author(s):  
Moumita Basu ◽  
Ranjanendra Narayan Nag
Keyword(s):  
Exchange Rate ◽  
Developing Country ◽  
Foreign Exchange ◽  
Current Account ◽  
Current Account Balance ◽  
Foreign Exchange Reserves ◽  
Effective Demand ◽  
Content Type ◽  
Traded Goods ◽  
The Current Account

Purpose This is a theoretical paper in the field of international macroeconomics. The purpose of this paper is to focus on a dynamic interaction between current account imbalance and unemployment in response to some policy-induced shocks for a small open economy under a flexible exchange rate. Design/methodology/approach The paper uses a two-sector framework: one sector is traded and another is the non-traded sector that is subject to an effective demand constraint. The current account imbalance arises due to the discrepancy between production of traded goods, household consumption of traded goods and government purchases of importables. The authors keep the asset structure simple by considering only domestic currency and foreign bonds that are imperfect substitutes. The paper considers a standard methodology of dynamic adjustment process involving change in foreign exchange reserves and exchange rate under perfect foresight. The saddle path properties of the equilibrium are also examined. Findings The results of comparative static exercises depend on a set of structural features of a developing country, which include asset substitutability, wage price rigidity and sectoral asymmetries. The paper shows that expansionary monetary policy, balanced budget fiscal expansion and financial liberalization have an ambiguous effect on the current account balance, foreign exchange reserves, non-traded sector and the level of employment. Originality/value The existence of Keynesian unemployment with fixed prices is the key ingredient of this paper. The paper introduces the problem of effective demand to analyze the dynamics of current account balance and exchange rate, which, in turn, determine the sectoral composition of output and level of employment.

scholarly journals Pengaruh ekspor, tingkat inflasi dan nilai tukar mata uang terhadap cadangan devisa (studi di Indonesia dan Malaysia)

2021 ◽  
Vol 9 (1) ◽  
pp. 1-12
Author(s):  
Nanda Eulia ◽  
Syaparuddin Syaparuddin ◽  
Parmadi Parmadi
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Secondary Data ◽  
T Test ◽  
Regression Equations ◽  
Foreign Exchange Reserves ◽  
Test Analysis ◽  
Partial Regression Coefficient ◽  
The Exchange Rate ◽  
Analytical Tools

This study aims at the implications of the development of foreign exchange reserves, exports, inflation, and the exchange rate of the rupiah and Malaysian ringgit for the period 2000-2017, the implications of the effect of exports, inflation, and the rupiah exchange rate on foreign exchange reserves in Indonesia and the effect of exports, inflation and the value of the rupiah. exchange rate ringgit against Foreign Exchange Reserves in Malaysia. The type of data used in this study is secondary data which is periodic data from 2000 – 2017, hypothesis testing itself using multiple linear regression equations. The analytical tools used are the joint test (F-Test), Partial Regression Coefficient Test (t-test), and Classical Assumption Test. Based on the t-test analysis, it can be seen that exports cannot affect foreign exchange reserves. Meanwhile, inflation has a negative and significant effect on foreign exchange reserves with a coefficient of 0.159% and the exchange rate has a positive and significant effect on foreign exchange reserves with a coefficient of 1.446%. Keywords: Exports, Inflation, Exchange rates, Foreign reserves

scholarly journals Changes in Macroeconomic conditions and capital Return in Indonesia

2020 ◽  
Vol 11 (3) ◽  
pp. 320-328
Author(s):  
Andesta Selvi ◽  
Adam Mohammad ◽  
. Suhel
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Stock Returns ◽  
Money Supply ◽  
Foreign Exchange ◽  
Capital Market ◽  
Company Performance ◽  
Foreign Exchange Reserves ◽  
Exchange Rate Changes ◽  
Investment Process

Purpose: this study aims to examine the influence of changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in SBIS, changes in foreign exchange reserves and changes in interest rates on the return of Indonesian Islamic stocks.Methods: this study is focused on looking at conditions of macroeconomic changes that have an impact on the activity of the Islamic capital market, particularly on the return of Islamic stocks listed in the Jakarta Islamic Index. This empirical evidence is related to variable macroeconomic changes, namely changes in inflation, rupiah exchange rate, money supply, foreign exchange reserves, Indonesian Syariah Bank Certificates (SBIS) and interest rates on sharia stock returns for the period January 2014 – December 2019 obtained from Financial publications. Service Authority (OJK) and Bank Indonesia. The analysis technique used is quantitative analysis using multiple regression analysis tools.Results: the results of this study are (1) Variable Changes in Inflation, Changes in the Amount of Money Supply, Changes in Foreign Exchange Reserves, Changes in SBIS have a positive and significant effect on Stock Returns listed on the Jakarta Islamic Index, (2) changes in exchange rates have a negative and significant effect on Stock Returns listed in Jakarta Islamic. Index, (3) the Interest Rate variable has no effect on Stock Returns listed on the Jakarta Islamic Index.Conclusions and Relevance: the approach used by each variable starts with the conventional followed by the study of Islamic macroeconomics, in order to provide a philosophy of science and economics that refers to Baqir Sadr in the Iqtishaduna book. In this study, researchers examined macroeconomic variables on sharia stock returns to prioritize people's welfare and pay close attention to every investment process based on sharia principles. Therefore the public, entrepreneurs, investors and company performance must pay attention to information regarding changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in Bank Indonesia Sharia Certificates (SBIS), changes foreign exchange reserves, and changes in interest rates in order to minimize risks for both investors and entrepreneurs. This variable can affect the movement of the capital market so that the return on Islamic stocks also has an effect.

scholarly journals PENGARUH INFLASI, JUB, SBI, SERTA CADANGAN DEVISA TERHADAP NILAI TUKAR RUPIAH TAHUN 2017-2020

2021 ◽  
Vol 6 (2) ◽  
pp. 60-72
Author(s):  
Duwik Tri Utami ◽  
Fitrah Sari Islami
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Open Economy ◽  
The United States ◽  
Foreign Exchange Reserves ◽  
Short Term ◽  
The Exchange Rate

Indonesia's economy refers to an open economy. In conducting international trade, countries must compare their currencies with currencies belonging to other countries. Where, the United States currency, namely the dollar, is still the standard of world exchange rates and is used in international transactions. The effect of fluctuations in the exchange rate of the rupiah with the dollar is the occurrence of depreciation or appreciation which will affect Indonesia's economic activities. The purpose of this study is to determine the effect of inflation, the money supply (M2), the SBI interest rate, and foreign exchange reserves on the rupiah exchange rate in the short and long term. The variables that are thought to be able to influence changes in the rupiah exchange rate are the inflation rate, the money supply (M2), the SBI interest rate, and foreign exchange reserves. This research was conducted during January 2017 to December 2020, using the Error Correction Model (ECM). The result is a long-term and short-term relationship. In the short term, foreign exchange reserves and the money supply (M2) significantly affect the exchange rate. Meanwhile, in the long term, the SBI interest rate, money supply (M2), and foreign exchange reserves significantly affect the exchange rate.

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