Corporate Leverage and Currency Crises - S-WoPEc
... pegged to the foreign one. The government can make investments feasible by not defending the currency and thus letting it ‡oat. The resulting equilibrium currency depreciation increases the pro…tability of new investments when revenues from the new investments are in a foreign currency and costs den ...
... pegged to the foreign one. The government can make investments feasible by not defending the currency and thus letting it ‡oat. The resulting equilibrium currency depreciation increases the pro…tability of new investments when revenues from the new investments are in a foreign currency and costs den ...
NBER WORKING PAPER SERIES INTERNATIONAL BORROWING TO FINANCE INVESTMENT Working Paper No. 1865
... We would like to thank the Macroeconomics Workshop at the University of Virginia for useful comments. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. ...
... We would like to thank the Macroeconomics Workshop at the University of Virginia for useful comments. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. ...
Chapter 08
... • Brings jobs that otherwise would not be created - Direct: Hiring host-country citizens - Indirect: • Jobs created by local suppliers • Jobs created by increased spending by employees of the multi-national enterprise ...
... • Brings jobs that otherwise would not be created - Direct: Hiring host-country citizens - Indirect: • Jobs created by local suppliers • Jobs created by increased spending by employees of the multi-national enterprise ...
NORMAL BALANCE
... helps in the recording process 2 Define debits and credits and explain how they are used to record business transactions 3 Identify the basic steps in the recording process 4 Explain what a journal is and how it helps in the recording process ...
... helps in the recording process 2 Define debits and credits and explain how they are used to record business transactions 3 Identify the basic steps in the recording process 4 Explain what a journal is and how it helps in the recording process ...
Asymmetric investment returns and the
... compensation. The latter are relatively small and can be ignored. The US primary deficit is largely the trade deficit (5.8 per cent of GDP in 2005), but also includes a fairly constant deficit on net current transfers (0.7 per cent of GDP in 2005). A more appropriate denominator would be output of t ...
... compensation. The latter are relatively small and can be ignored. The US primary deficit is largely the trade deficit (5.8 per cent of GDP in 2005), but also includes a fairly constant deficit on net current transfers (0.7 per cent of GDP in 2005). A more appropriate denominator would be output of t ...
Causality between Capital Flow, Human Capital
... some observers argue that greater financial openness may even yield better macroeconomic policy, as countries are subject to the discipline of outside capital markets. In support of capital liberalization, the Classical economic theorists predict that capital should flow from rich countries to poor ...
... some observers argue that greater financial openness may even yield better macroeconomic policy, as countries are subject to the discipline of outside capital markets. In support of capital liberalization, the Classical economic theorists predict that capital should flow from rich countries to poor ...
Crises and the Collapse of World Trade: The Shift to Lower
... A large number of recent papers have provided explanations to the decrease in the volume of world trade during the crisis that started in 2007. First, the availability of trade finance instruments such as letters of credit may be a source of trade collapse. Indeed, exporting and importing firms typi ...
... A large number of recent papers have provided explanations to the decrease in the volume of world trade during the crisis that started in 2007. First, the availability of trade finance instruments such as letters of credit may be a source of trade collapse. Indeed, exporting and importing firms typi ...
THE PROPOSED ECO: SHOULD WEST AFRICA
... The literature on optimal currency area emphasises trade as the main channel through which benefits from a common currency will be enjoyed. The more countries trade with each other, especially in a particular region, the more they will value regional exchange rate stability. In other words, the larg ...
... The literature on optimal currency area emphasises trade as the main channel through which benefits from a common currency will be enjoyed. The more countries trade with each other, especially in a particular region, the more they will value regional exchange rate stability. In other words, the larg ...
On the value of virtual currencies
... goods and services. These currencies may move outside the scope of current financial institutions. That is, their supply is not necessarily controlled by central banks, and they allow distant payments to be made directly between consumers and merchants without the use of any financial intermediaries. ...
... goods and services. These currencies may move outside the scope of current financial institutions. That is, their supply is not necessarily controlled by central banks, and they allow distant payments to be made directly between consumers and merchants without the use of any financial intermediaries. ...
... V = Velocity of money; P = General Price level; T = The volume of transactions directly reflects in a rising level of prices for a given quantity of output. In Fisher’s view, the velocity of money is assumed to be constant, as it only depends on the payment habits of the economic entities, which sta ...
McGraw-Hill/Irwin
... may have to print money to buy bonds to keep its government running when it runs a deficit. They recognize that printing too much money causes inflation, but they must choose between inflation and the consequences of not funding the government deficit. ...
... may have to print money to buy bonds to keep its government running when it runs a deficit. They recognize that printing too much money causes inflation, but they must choose between inflation and the consequences of not funding the government deficit. ...
Document
... • Provides incentive for firms to increase supply If an economy or market is operating inefficiently, limited resources are not allocated to their most productive markets ...
... • Provides incentive for firms to increase supply If an economy or market is operating inefficiently, limited resources are not allocated to their most productive markets ...
Size, Openness, and Macroeconomic Interdependence
... Our model reduces to a standard closed economy textbook macroeconomic model for N = 1. Novelty comes solely from the country dimension. In our set up, the world consists of N countries indexed by i ∈ {1, 2, ..., N } where country 1 is chosen as a numeraire (without the loss of generality). Each coun ...
... Our model reduces to a standard closed economy textbook macroeconomic model for N = 1. Novelty comes solely from the country dimension. In our set up, the world consists of N countries indexed by i ∈ {1, 2, ..., N } where country 1 is chosen as a numeraire (without the loss of generality). Each coun ...
Grenada Prospectus June 2009
... The Constitution and the Public Finance Management Act 2007 establish the legal framework for Government’s budget process. The Minister of Finance is responsible for presenting the Estimates of Revenue and Expenditure (Budget) to the House of Representatives each year. Both houses of Parliament must ...
... The Constitution and the Public Finance Management Act 2007 establish the legal framework for Government’s budget process. The Minister of Finance is responsible for presenting the Estimates of Revenue and Expenditure (Budget) to the House of Representatives each year. Both houses of Parliament must ...
slovak republic
... trade and current account surpluses. However, the country’s negative net investment position deteriorated marginally and gross external debt rose (Annex IV), mainly reflecting an increase in the share of non-resident holdings of government debt (now more than 50 percent) as part of the authorities’ ...
... trade and current account surpluses. However, the country’s negative net investment position deteriorated marginally and gross external debt rose (Annex IV), mainly reflecting an increase in the share of non-resident holdings of government debt (now more than 50 percent) as part of the authorities’ ...
Slide 1
... There are many different definitions of “expenditures,” “revenues,” and “deficit”: Some numbers refer to the budget of the federal Government. Some numbers consolidate the accounts of the federal, state, and local governments. One set of numbers is based on the government accounting system; anot ...
... There are many different definitions of “expenditures,” “revenues,” and “deficit”: Some numbers refer to the budget of the federal Government. Some numbers consolidate the accounts of the federal, state, and local governments. One set of numbers is based on the government accounting system; anot ...
World Economic Situation Prospects
... with growth rates falling from 5.1 per cent in 2014 to an estimated 4.5 per cent in 2015. Weaker export demand from emerging economies, lower commodity prices, net capital outflows, and weak investment growth—and, in some cases, military conflicts, natural disasters and adverse weather effects on ag ...
... with growth rates falling from 5.1 per cent in 2014 to an estimated 4.5 per cent in 2015. Weaker export demand from emerging economies, lower commodity prices, net capital outflows, and weak investment growth—and, in some cases, military conflicts, natural disasters and adverse weather effects on ag ...
Debt Dynamics, Fiscal Deficit, and Stability in Government
... In analyzing fiscal health at the subnational level, this paper focuses attention on revenue deficit, primary deficit, and gross fiscal deficit. The problems of fiscal deficit and public debt in an economy have been accumulated through a long-run process. The revenue deficits at the subnational leve ...
... In analyzing fiscal health at the subnational level, this paper focuses attention on revenue deficit, primary deficit, and gross fiscal deficit. The problems of fiscal deficit and public debt in an economy have been accumulated through a long-run process. The revenue deficits at the subnational leve ...
LCcarL173_en.pdf
... positions. The conclusion is similar when comparing fiscal balances between 2007 and 2006, but the countries change. Within the seven MDCs, Barbados, Belize, Guyana and Jamaica recorded persistent fiscal deficits. On the contrary, Trinidad and Tobago shows recurrent fiscal surpluses, whereas Surinam ...
... positions. The conclusion is similar when comparing fiscal balances between 2007 and 2006, but the countries change. Within the seven MDCs, Barbados, Belize, Guyana and Jamaica recorded persistent fiscal deficits. On the contrary, Trinidad and Tobago shows recurrent fiscal surpluses, whereas Surinam ...
The Demand for Liquid Assets, Corporate Saving
... higher than in other countries; iii) with temporary increases in TFP growth. While the rst two situations can be studied analytically, we use numerical simulations to examine temporary shocks. Importantly, we do not assume that the emerging country is more impatient by imposing dierent preferences ...
... higher than in other countries; iii) with temporary increases in TFP growth. While the rst two situations can be studied analytically, we use numerical simulations to examine temporary shocks. Importantly, we do not assume that the emerging country is more impatient by imposing dierent preferences ...
Regional profile of West Africa 2014 and prospects 2015
... as well as a substantial growth in the relative share of the telecommunications sector. 14. Within the UEMOA space which account for 14.6% of GDP for the ECOWAS region, economic growth would rise from 5.8% to 6.8% between 2013 and 2014. This situation stemmed from an accelerated economic growth i ...
... as well as a substantial growth in the relative share of the telecommunications sector. 14. Within the UEMOA space which account for 14.6% of GDP for the ECOWAS region, economic growth would rise from 5.8% to 6.8% between 2013 and 2014. This situation stemmed from an accelerated economic growth i ...
Design and Implementation of a Common Currency Area in the East
... synchronization has increased since 2000, when the EAC treaty came into force. Debrun, Masson, and Pattillo (2010) go beyond to the traditional approaches to develop a full-fledged cost-benefit analysis of monetary integration, calibrated to African data. They apply it to some actual and proposed cu ...
... synchronization has increased since 2000, when the EAC treaty came into force. Debrun, Masson, and Pattillo (2010) go beyond to the traditional approaches to develop a full-fledged cost-benefit analysis of monetary integration, calibrated to African data. They apply it to some actual and proposed cu ...
A Modest Proposal for Reforming the Undergraduate
... economy (One prominent example of such a relationship is: while the net financial wealth of each person might be positive or negative, it must necessarily be zero in a closed economy or in the world.) But although this fallacy of composition is often mentioned, it is not treated systematically. This ...
... economy (One prominent example of such a relationship is: while the net financial wealth of each person might be positive or negative, it must necessarily be zero in a closed economy or in the world.) But although this fallacy of composition is often mentioned, it is not treated systematically. This ...
Does China`s Trade Expansion Help African Development? - Hal-SHS
... negative impacts on African local producers and the Chinese exportation has small impacts on African exportation in the third countries. These studies, nevertheless, have been criticized for having too aggregated and hiding some important specific impacts that can be found only with firmlevel method ...
... negative impacts on African local producers and the Chinese exportation has small impacts on African exportation in the third countries. These studies, nevertheless, have been criticized for having too aggregated and hiding some important specific impacts that can be found only with firmlevel method ...
To hedge or not to hedge? Evaluating currency
... 4 One could argue for a dynamic, yet strategic, approach to currency management to capture the dynamic nature of currency-asset correlations. Although this is not our approach here, see Opie, Brown, and Dark (2012) for a discussion of dynamic currency hedging. 5 It is important to remember that a ...
... 4 One could argue for a dynamic, yet strategic, approach to currency management to capture the dynamic nature of currency-asset correlations. Although this is not our approach here, see Opie, Brown, and Dark (2012) for a discussion of dynamic currency hedging. 5 It is important to remember that a ...