Profile picture
Hyun Song Shin
@HyunSongShin
, 9 tweets, 2 min read Read on Twitter
Exchange rates and monetary policy frameworks in emerging market economies bis.org/speeches/sp190…
Public lecture at the London School of Economics
Exchange rate pass-through over the last twenty years
Ratio of global exports to global GDP fluctuates with financial conditions
Exports to GDP ratio is a useful proxy for global value chain activity - an activity that is highly finance-dependent
Issuing debt in local currency is only an imperfect insulation against global liquidity conditions
FX intervention provides buffer but also shapes terms of trade-off for monetary policy in a favorable way
Macroprudential framework is third corner of the policy triangle (together with monetary policy and FX intervention)
Question time: chaired by Andres Velasco
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Hyun Song Shin
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @HyunSongShin see all

Profile picture
Hyun Song Shin
@HyunSongShin
My presentation at G20-IMF seminar on global imbalances
Current account balances show imprint of global firms through corporate saving (ie, undistributed profit of firms)
Side note: corporate saving does not mean firms add to cash holdings; retained profit can be used for fixed investment as well as adding to cash balances
Read 10 tweets
Profile picture
Hyun Song Shin
@HyunSongShin
Podcast draws on references cited in this text bis.org/speeches/sp180…
I recommend the paper by Gur Huberman et al. and the paper by Bruno Biais et al.

Links are here:

papers.ssrn.com/sol3/papers.cf…

tse-fr.eu/sites/default/…
Huberman et al describe how congestion in bitcoin is not just a side effect but an essential feature of its economics
Read 8 tweets
Profile picture
Hyun Song Shin
@HyunSongShin
BIS working paper on the dollar funding of global banks and their business models
Diversity in business models explains why market anomalies such as the deviation from covered interest parity differs so much across currencies
Also examines how banks’ reliance on US money market funds for dollar funding has evolved since the crisis
Read 3 tweets

Related threads

Profile picture
Arpit Gupta
@arpitrage
Live tweeting the Stern Household Finance conference!

Thanks to @stroebel_econ and Theresa Kuchler for organizing
First up @Kutbil_Ik with Janice Eberly and Gene Amromin on a somewhat informatively titled paper: "Who Pays for College? The Effect of Liquidity Constraints and Student Loans"

Document that parental support for children varies with housing cycles
Adds to long literature on how collateralized borrowing in real estate is special in allowing households to borrow much more, for lower interest rates, than uncollateralized lending.

Student loans also special, since not dischargeable in bankruptcy.
Read 52 tweets
Profile picture
Mona Eltahawy
@monaeltahawy
I am glad to see @PatrickStrud’s article quoting 5 British feminist academics who quite rightly remind us that feminism must include rights of trans women. It reminds me of an argument that happened after 1 of my talks in #London when 2 white lesbians bombarded me w/ transphobia
I mention that the 2 transphobic lesbians were white because they followed me to dinner after my talk where a gay #Saudi man, a bisexual Saudi woman and I defended trans rights against those two. In no other country have transphobes followed me to dinner after my talk to argue.
I wanted to eat & to talk w/my friends and the transphobes wanted to lecture. I told them that as far as I was concerned trans women are women and the fight against patriarchy had to include trans rights.And then I said i had just spent 90mins on a lecture & Q&A & I wanted to eat
Read 11 tweets
Profile picture
Alex Krüger 🇦🇷
@Crypto_Macro
Ray Dalio talks #economics. Must watch. Here he covers emerging markets economic crises as well as how the next big crisis will shape up.
Ray Dalio's investing approach is centered around processing data into actionable conclusions. His goal has been to understand how the economic machine works. History repeats itself, he claims. His hedge fund, Bridgewater Associates, embraces econometrics.
In contrast, the Austrian School of Economics generally rejects econometrics and dismisses empirical evidence. Instead of trying to understand the economic machine, they fight it. Listening to an Austrian economist is listening to never ending bashing of fiat currencies.
Read 8 tweets
Profile picture
Monica de Bolle
@bollemdb
Why the recent crisis in Argentina is so interesting, and why they were right in calling in the Fund. 1/n

Context: Argentina faced a classic currency crisis with a floating exchange rate regime and inflation targeting, not a fixed exchange rate as in the past.
2/n
1. It has long been known that inflation targeting EMEs cannot ignore the effects of exchange rate pass-through on inflation;
3/n
2. Partially dollarized economies like Argentina still (probably) retain a fairly high degree of exchange rate pass-through, even if pass-through has come down somewhat for most EMEs.
Read 10 tweets
Profile picture
Felicity Callard
@felicitycallard
Over the weekend, I have been fixated on trying to understand all that happened in 2014 as key to the current (2018) university pensions crisis #ucustrike #ussstrike. An earlier thread is attached below. #ucustrike #ussstrikes
When I'm not on strike, I usually research by piecing together published, archival & grey literatures to build up a rich tapestry through which to get a grip on shifting phenomena. How do 'objects' & phenomena gain consistency & tractability? How do they change in form?
So here are some of the things (official lit, grey literatures, weblinks, newspaper/magazine articles etc.) that are currently in my "What happened around pensions, USS & UUK in 2014?" folder #ucustrike #ussstrikes
Read 114 tweets

Trending hashtags

#MasterBuilder #law #ICRC #certification #RustReach #DNCemails #Lloyds #domestic #French #NM02 #RATES #subsidy #conspiracy #Investigators #WTO #economies #Twickenham #scam #actuallyautistic #Criminallaw #Nigeria #retailer #business #gearbox #SelectCommittee
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!