Default, Devaluation and Depression: Argentina after 2001
... extraordinarily successful; but, as Krueger and Fisher (2003) ruefully observe, “the combination of a highly dollarized banking system and a rigid exchange rate regime can result in vulnerabilities that are difficult to manage”. Blame for the end of the currency peg and debt default has been attribu ...
... extraordinarily successful; but, as Krueger and Fisher (2003) ruefully observe, “the combination of a highly dollarized banking system and a rigid exchange rate regime can result in vulnerabilities that are difficult to manage”. Blame for the end of the currency peg and debt default has been attribu ...
Puerto Rico`s debt crisis and economic trends
... On February 4 of 2014, Puerto Rico’s credit rating was downgraded to junk status by US major credit rating agencies. On March 2014, the government issued $3.5 billion of GO bonds with a coupon rate of 8.3%. During the summer of 2014, PR Energy Authority (PREPA) announced to their lenders (banks and ...
... On February 4 of 2014, Puerto Rico’s credit rating was downgraded to junk status by US major credit rating agencies. On March 2014, the government issued $3.5 billion of GO bonds with a coupon rate of 8.3%. During the summer of 2014, PR Energy Authority (PREPA) announced to their lenders (banks and ...
EU policy impacts and perspectives
... Barroso; ‘unsustainable’, root of problems Way for gvts to finance activities Borrow (from banks, funds, public – so it is from us) Repay, with interest Low rate of interest, economic growth, repay easily (-ve real rates of interest for short-term credits, now) ‘unsustainable’ = lenders will not tru ...
... Barroso; ‘unsustainable’, root of problems Way for gvts to finance activities Borrow (from banks, funds, public – so it is from us) Repay, with interest Low rate of interest, economic growth, repay easily (-ve real rates of interest for short-term credits, now) ‘unsustainable’ = lenders will not tru ...
Bolivia_en.pdf
... favourable external context for the Bolivian economy in the first three quarters of 2008, which is when most of the year’s accumulation of net international reserves by the central bank took place. Net domestic credit was reduced by means of open market operations and changes to the legal reserve re ...
... favourable external context for the Bolivian economy in the first three quarters of 2008, which is when most of the year’s accumulation of net international reserves by the central bank took place. Net domestic credit was reduced by means of open market operations and changes to the legal reserve re ...
Introduction: Financial Frictions in Macroeconomics
... have large relative and aggregate effects • In particular, if debts are written in nominal terms, deflation increases their real value • The resulting redistribution matters in the aggregate because debtors have a higher marginal propensity to spend than creditors ...
... have large relative and aggregate effects • In particular, if debts are written in nominal terms, deflation increases their real value • The resulting redistribution matters in the aggregate because debtors have a higher marginal propensity to spend than creditors ...
The DEPRESSION of 2008-09 (The Great Recession)
... In the Current Depression… • A severe banking crisis led to a stock market crash, and a fall in GDP for four straight quarters, for a total drop of almost 4%. • In the last two quarters, GDP has begun to grow again, though unemployment still remains high. • Though states continued to follow thei ...
... In the Current Depression… • A severe banking crisis led to a stock market crash, and a fall in GDP for four straight quarters, for a total drop of almost 4%. • In the last two quarters, GDP has begun to grow again, though unemployment still remains high. • Though states continued to follow thei ...
Economic Policy Objectives and Challenges in Tanzania
... A framework for engagement with successful reformers among low-income countries A non-financial instrument But: Of equal strength as IMF lending facilities ...
... A framework for engagement with successful reformers among low-income countries A non-financial instrument But: Of equal strength as IMF lending facilities ...
Krutzinna Presentation - Carnegie Endowment for International Peace
... 4th June, 2011 EurAsEc Anti Crisis Fund (ACF) approved a $3 billion loan to Belarus to ...
... 4th June, 2011 EurAsEc Anti Crisis Fund (ACF) approved a $3 billion loan to Belarus to ...
The Year in Review Benchmark Returns Ending 12/31/2012
... While our crystal ball remains a bit hazy, there are a few items that have come into focus, the first being the US Dollar. Congress and the President decided to kick the can down the road one more time with the most recent agreement on tax increases. However, this has done nothing to address the spe ...
... While our crystal ball remains a bit hazy, there are a few items that have come into focus, the first being the US Dollar. Congress and the President decided to kick the can down the road one more time with the most recent agreement on tax increases. However, this has done nothing to address the spe ...
Review Guide 2
... The Federal Reserve conducts open-market operations to stimulate the economy, and purchases bonds for $100. Assume the $100 from the Federal Reserve is deposited completely into the bank. What was the money supply before the Fed’s action, and what is the money supply after the Fed’s action? Before: ...
... The Federal Reserve conducts open-market operations to stimulate the economy, and purchases bonds for $100. Assume the $100 from the Federal Reserve is deposited completely into the bank. What was the money supply before the Fed’s action, and what is the money supply after the Fed’s action? Before: ...
Mexico_en.pdf
... boost liquidity in the currency market, the stock market and the banking system. Dollars were injected into the currency market through extraordinary and daily auctions, and nominimum-bid auctions were instituted in March 2009. Other contingent mechanisms were put in place to temporarily supply bank ...
... boost liquidity in the currency market, the stock market and the banking system. Dollars were injected into the currency market through extraordinary and daily auctions, and nominimum-bid auctions were instituted in March 2009. Other contingent mechanisms were put in place to temporarily supply bank ...
GLOSSARY OF KEY TERMS DISCUSSED IN
... of short term (less than one year) securities representing high-quality, liquid debt and monetary instruments. Monetary Policy Committee (MPC) Government body that sets the bank rate (commonly referred to as being base rate). Its primary target is to keep inflation within plus or minus 1% of a centr ...
... of short term (less than one year) securities representing high-quality, liquid debt and monetary instruments. Monetary Policy Committee (MPC) Government body that sets the bank rate (commonly referred to as being base rate). Its primary target is to keep inflation within plus or minus 1% of a centr ...
Christodoulakis_ppt
... 1.Recapitalize Banks via EFSF, not Greek Debt (Financial Times, editorial, 22/2/2013) ...
... 1.Recapitalize Banks via EFSF, not Greek Debt (Financial Times, editorial, 22/2/2013) ...
Jamaica_en.pdf
... of quantitative targets and completed a number of reforms under the EFF programme. A recent World Bank report suggests a significant rise in the Doing Business Index which, together with a number of structural reforms, should increase the confidence of both domestic and international investors in th ...
... of quantitative targets and completed a number of reforms under the EFF programme. A recent World Bank report suggests a significant rise in the Doing Business Index which, together with a number of structural reforms, should increase the confidence of both domestic and international investors in th ...
Brazil_en.pdf
... Development Bank (BNDES) lending in the first three quarters of 2011 compared with the same period in 2010. In November 2011 the 12-month variation in inflation was 6.6%. This is the first time that this indicator has gone down after rising continuously since September 2010, when it stood at 7.1%. T ...
... Development Bank (BNDES) lending in the first three quarters of 2011 compared with the same period in 2010. In November 2011 the 12-month variation in inflation was 6.6%. This is the first time that this indicator has gone down after rising continuously since September 2010, when it stood at 7.1%. T ...
Sustainability
... seems unthinkable -- or does it? – Even at net foreign liabilities equal to 100% of GDP, we might pay 5% of GDP per year, say, on interest -- quite high, but not totally crushing. – Expectations, however, might complicate matters. – On the other hand, the U.S. is currently soaking up some 70% of the ...
... seems unthinkable -- or does it? – Even at net foreign liabilities equal to 100% of GDP, we might pay 5% of GDP per year, say, on interest -- quite high, but not totally crushing. – Expectations, however, might complicate matters. – On the other hand, the U.S. is currently soaking up some 70% of the ...
“The exorbitant priviledge” (Giscard d`Estaing)
... Inflation targeting priority over growth, jobs, health or other social outcomes to protect value of investment capital ...
... Inflation targeting priority over growth, jobs, health or other social outcomes to protect value of investment capital ...
... the 2.4% recorded in 2014. Towards the end of the year, inflation breached the ceiling of the target range set by the monetary authorities. The fiscal position deteriorated in the face of falling public revenues and rising expenditure, while the balance-of-payments current account improved slightly, ...
Costa_Rica_en.pdf
... Investors Service upgraded the country’s government bond rating from Ba1 to investment grade of Baa3. ...
... Investors Service upgraded the country’s government bond rating from Ba1 to investment grade of Baa3. ...
Public Expenditures Reduction
... Set of property laws Law on restitution adopted on 9. April 2004 Restitution Fund is established 20 municipality commissions started to work Commissions submitted to Fund 167 legal decisions amounted to 28.5 ml • Until now owners got 6.17 ml, ¼ in cash and 13.4 ml in bonds ...
... Set of property laws Law on restitution adopted on 9. April 2004 Restitution Fund is established 20 municipality commissions started to work Commissions submitted to Fund 167 legal decisions amounted to 28.5 ml • Until now owners got 6.17 ml, ¼ in cash and 13.4 ml in bonds ...
China
... • Resulting loss of monetary value caused many debtors to be unable to pay foreign debt, leading to the collapse of many banks and businesses, including Thailand’s largest bank, Financial One • IMF Bailed Thailand out by providing $20 Billion in relief funds ...
... • Resulting loss of monetary value caused many debtors to be unable to pay foreign debt, leading to the collapse of many banks and businesses, including Thailand’s largest bank, Financial One • IMF Bailed Thailand out by providing $20 Billion in relief funds ...