The Price, Real and Financial Effects of Exchange Rates

162 Pages Posted: 6 Apr 2018

Date Written: March 2018


The Hong Kong Monetary Authority and the Bank for International Settlements (BIS) co-hosted a research conference on "The price, real and financial effects of exchange rates" on 28-29 August 2017 in Hong Kong. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific on exchange rates that had been endorsed by the Asian Consultative Council of central bank Governors in February 2016.

The conference brought together senior officials and researchers from central banks, international organisations and academia. This volume is a collection of the speeches, papers and prepared discussant remarks from the conference. Topics covered include exchange rate puzzles; deviations from covered interest parity; devaluations and intraregional trade; exchange rates and corporate risk-taking; FX hedging and creditors' rights; and a risk-taking channel of FX reserves accumulation. The foreword summarises the contents of the conference and provides a synopsis of the discussions for time-constrained readers.

While the full publication can be downloaded using the above link, individual contributions are available separately.

Foreword to: The Price, Real and Financial Effects of Exchange Rates

Revisiting Exchange Rate Puzzles

FX Hedging and Creditor Rights

Does the Accumulation of Foreign Currency Reserves Affect Risk-Taking? An Event Study Approach

Breakdown of Covered Interest Parity: Mystery or Myth?

Finding Equilibrium: On the Relation Between Exchange Rates and Monetary Policy

Dollar Invoicing, Exchange Rates and International Trade

Suggested Citation

Settlements, Bank for International, The Price, Real and Financial Effects of Exchange Rates (March 2018). BIS Paper No. 96, Available at SSRN:

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

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