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( Barry Eichengreen ) 세종대학교 경제통합연구소 2012 Journal of Economic Integration Vol.27 No.2
Proponents of Asian monetary integration have always looked to Europe for inspiration. This paper reconsiders the cas in light of the eurozone crisis. I ask what aspects of the earlier consensus remain intact in the wake of the crisis and what aspects must now be rethought. Is there a danger of "throwing out the baby with the bathwater" - a danger, in other words, that Europe`s negative experience since 2009 will cause Asia to turn away too quickly and completely from monetary integration? Or is it in fact appropriate to "throw out the baby" - to conclude in light of Europe`s example that Asian monetary integration is not an appropriate and desirable goal?
Hedge Fund Leverage Before and after the Crisis
Eichengreen, Barry,Park, Bokyeong 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.1
We present new evidence on the use of leverage by hedge funds and on how this changed following Russia's default and the near failure of Long-Term Capital Management in the summer and fall of 1998. We use regression techniques and survey data to analyze how leverage varies with fund attributes. We show that leverage varies with investment style, regulatory status, and a variety of other fund characteristics. While the use of leverage fell across the board between 1998 and 1999, it appears that hedge funds whose investment styles, regulatory status and other attributes were associated with the greatest utilization of leverage before the crisis reduced their use of it most sharply thereafter.
The Impact of Chinese Exchange Rate Policy on the Rest of the World: Evidence from Firm-Level Data
Barry Eichengreen,HUI TONG 연세대학교 동서문제연구원 2011 Global economic review Vol.40 No.2
This paper aims to gauge the global effect of renminbi revaluation on stock markets. Using data on 12,300 firms in operating in tradable sectors in 44 economies, we find that expectations of renminbi appreciation reduce the relative stock returns of firms providing components or raw materials to China as inputs for that country’s exports. We also find some evidence that expectations of renminbi appreciation reduce the stock prices of financially constrained firms.