Ronald I. McKinnon AN INTERNATIONAL GOLD STANDARD WITHOUT GOLD
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
Working Paper 113 - Lessons from Italian Monetary Unification
... Do monetary unions create their own conditions for success? Or by stimulating intraunion trade do they encourage regional specialisation that creates vulnerability to asymmetric shocks? The introduction of the Euro gave a special urgency for answers to these questions. Without independent monetary i ...
... Do monetary unions create their own conditions for success? Or by stimulating intraunion trade do they encourage regional specialisation that creates vulnerability to asymmetric shocks? The introduction of the Euro gave a special urgency for answers to these questions. Without independent monetary i ...
CMC-Q1-2016-New Complaints Management Framework
... Complaints relating to transactions spanning up to 7 years or beyond may require more time to enable firms respond to allegations. Complaints that include criminal elements which are referred to the Exchange, these complaints are not likely to be concluded within 20 working days. Appeals against dir ...
... Complaints relating to transactions spanning up to 7 years or beyond may require more time to enable firms respond to allegations. Complaints that include criminal elements which are referred to the Exchange, these complaints are not likely to be concluded within 20 working days. Appeals against dir ...
devaluation and its impact on ethiopian economy
... Depreciation: is the loss of value of a country's currency with respect to another currency. In other words if the nation obligated to use more domestic currencies in order to get the same amount of foreign currency, we call the domestic currency loses its purchasing power or depreciated. The revers ...
... Depreciation: is the loss of value of a country's currency with respect to another currency. In other words if the nation obligated to use more domestic currencies in order to get the same amount of foreign currency, we call the domestic currency loses its purchasing power or depreciated. The revers ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... authors show that persistent parameter instability does not worsen forecasting accuracy; on the contrary, it induces substantial improvements. However, there is no reason to think that structural changes are temporary. On the contrary, significant changes in the macroeconomic environment are very li ...
... authors show that persistent parameter instability does not worsen forecasting accuracy; on the contrary, it induces substantial improvements. However, there is no reason to think that structural changes are temporary. On the contrary, significant changes in the macroeconomic environment are very li ...
Testing for efficiency and rationality in foreign exchange markets—a
... P. Wang, T. Jones / Journal of International Money and Finance 21 (2002) 223–239 ...
... P. Wang, T. Jones / Journal of International Money and Finance 21 (2002) 223–239 ...
No Slide Title
... Notes: "H" means translation at the historic rate (prevailing when the position is first created), "C" means translation at the current rate (prevailing on the date of consolidation). "Mixed H" refers to sums of terms added at various moments in time, at the then prevailing rate. "Average" means an ...
... Notes: "H" means translation at the historic rate (prevailing when the position is first created), "C" means translation at the current rate (prevailing on the date of consolidation). "Mixed H" refers to sums of terms added at various moments in time, at the then prevailing rate. "Average" means an ...
Foreign Banks in the CESE Countries
... domestic banks in the GFC. Their overarching conclusion is that MNBs mitigate domestic financial shocks but transmit foreign shocks and, in the process, exacerbate shocks to the real sector in the host country. The authors find some evidence that weak parents may use internal capital market to repat ...
... domestic banks in the GFC. Their overarching conclusion is that MNBs mitigate domestic financial shocks but transmit foreign shocks and, in the process, exacerbate shocks to the real sector in the host country. The authors find some evidence that weak parents may use internal capital market to repat ...
How to Recover From Financial Crises Caused by a Fragile... The Case of Turkish Banking Crises of 2001
... Thursday”, was ‘the event’ that positioned the global economy into a panic situation. After a huge speculative rise in the late 1920s, based partly on the rise of new industries such as radio broadcasting and car making, shares fell by 13 percent on one day, and despite efforts of market authorities ...
... Thursday”, was ‘the event’ that positioned the global economy into a panic situation. After a huge speculative rise in the late 1920s, based partly on the rise of new industries such as radio broadcasting and car making, shares fell by 13 percent on one day, and despite efforts of market authorities ...
money and exchange-rate regimes
... sist. However, they do not doubt that the price mechanism is the most efficient means of resource allocation. It is the belief in the ultimately benign nature of the price mechanism, regardless of temporary imperfections and rigidities, that induce the “long-run neutral view” proponents to prescribe ...
... sist. However, they do not doubt that the price mechanism is the most efficient means of resource allocation. It is the belief in the ultimately benign nature of the price mechanism, regardless of temporary imperfections and rigidities, that induce the “long-run neutral view” proponents to prescribe ...
Capital Account Liberalization
... IV. Implications for China 3. Exchange Rate Regime • Capital account liberalization will require substantially flexible exchange rates if the central bank wishes to have autonomous monetary policy • Exchange rate regime must be consistent with the overall macroeconomic policy framework • The presen ...
... IV. Implications for China 3. Exchange Rate Regime • Capital account liberalization will require substantially flexible exchange rates if the central bank wishes to have autonomous monetary policy • Exchange rate regime must be consistent with the overall macroeconomic policy framework • The presen ...
the role of the euro in sub-saharan Africa and in the CFA franc zone
... (see detailed table by SSA countries in Annex). In southern Africa the SouthAfrican Rand has the main role as a reference currency whereas in eastern Africa currency arrangements tend to be heterogeneous while giving little importance to the euro. However, the euro is an important reference currenc ...
... (see detailed table by SSA countries in Annex). In southern Africa the SouthAfrican Rand has the main role as a reference currency whereas in eastern Africa currency arrangements tend to be heterogeneous while giving little importance to the euro. However, the euro is an important reference currenc ...
Why is services inflation higher than goods inflation in the euro area?
... openness to foreign trade and the value of the euro. With regard to increased openness to foreign trade, it is argued that greater global competition affects goods price inflation more than services price inflation because the international trade in goods is considerably larger. The degree of euro a ...
... openness to foreign trade and the value of the euro. With regard to increased openness to foreign trade, it is argued that greater global competition affects goods price inflation more than services price inflation because the international trade in goods is considerably larger. The degree of euro a ...
CHANGES IN THE CHARACTERISTICS OF THE
... is to counter excessive pressures on goods prices arising from other factors driving the business cycle. However, it also means that monetary policy errors may be transmitted to the economy through wealth effects. Thus excessively easy monetary policy may give rise to asset price inflation in the fi ...
... is to counter excessive pressures on goods prices arising from other factors driving the business cycle. However, it also means that monetary policy errors may be transmitted to the economy through wealth effects. Thus excessively easy monetary policy may give rise to asset price inflation in the fi ...
determinants of the choice of exchange rate regime in resource
... This research studies the speci c determinants of the choice of exchange rate regime in resource-rich countries. We run multinomial logit regressions for an unbalanced panel data set of 145 countries over the 1975-2004 period. We nd that resource-rich countries are more likely to adopt a xed excha ...
... This research studies the speci c determinants of the choice of exchange rate regime in resource-rich countries. We run multinomial logit regressions for an unbalanced panel data set of 145 countries over the 1975-2004 period. We nd that resource-rich countries are more likely to adopt a xed excha ...
Economic fundamentals do matter for the NZD/AUD exchange rate occasional paper
... import prices to influence inflation. This implied that interest rates were often set with the objective of influencing the near-term level of the exchange rate. In more recent times the RBNZ has been less concerned with the direct influence of the exchange rate on inflation. However, the indirect e ...
... import prices to influence inflation. This implied that interest rates were often set with the objective of influencing the near-term level of the exchange rate. In more recent times the RBNZ has been less concerned with the direct influence of the exchange rate on inflation. However, the indirect e ...
NBER WORKING PAPER SERIES THE U.S. CURRENT ACCOUNT AND THE DOLLAR
... First, an increase in the U.S. demand for foreign goods, partly because of relatively higher U.S. growth, partly because of shifts in demand away from U.S. goods towards foreign goods. Second, an increase in the foreign demand for U.S. assets, starting with high foreign private demand for U.S. equit ...
... First, an increase in the U.S. demand for foreign goods, partly because of relatively higher U.S. growth, partly because of shifts in demand away from U.S. goods towards foreign goods. Second, an increase in the foreign demand for U.S. assets, starting with high foreign private demand for U.S. equit ...
PDF
... The hourly compensation data in this report differ from those in “International Comparisons of Manufacturing Productivity and Unit Labor Cost Trends.” The data in the two reports are not comparable: data in this report relate to all employees in manufacturing, are derived primarily from establishmen ...
... The hourly compensation data in this report differ from those in “International Comparisons of Manufacturing Productivity and Unit Labor Cost Trends.” The data in the two reports are not comparable: data in this report relate to all employees in manufacturing, are derived primarily from establishmen ...
Chapter 22
... The CPP was designed to help FIs increase their capital with the aim of increasing lending to the general public Lending fell in 2008, 2009, and 2010, so in this sense, the program was a failure, although presumably lending would have fallen even farther without it and more failures may have occur ...
... The CPP was designed to help FIs increase their capital with the aim of increasing lending to the general public Lending fell in 2008, 2009, and 2010, so in this sense, the program was a failure, although presumably lending would have fallen even farther without it and more failures may have occur ...
2004 m
... Bachelor studies, 2013/14 academic year, autumn semester, Vilnius University, Institute of Political Science and International Relations. Lecturer: Assoc. Prof., Dr. Stasys Kropas, [email protected], phone: 8 685 00624 Time and location: Monday 16.45-18.15; Vokiečių 10, room 102. Subject Outline: This ...
... Bachelor studies, 2013/14 academic year, autumn semester, Vilnius University, Institute of Political Science and International Relations. Lecturer: Assoc. Prof., Dr. Stasys Kropas, [email protected], phone: 8 685 00624 Time and location: Monday 16.45-18.15; Vokiečių 10, room 102. Subject Outline: This ...
Investor Grievance Handling Mechanism
... the Investors who are interested to trade through us before signing a well drafted Know Your Client (KYC) form, which is framed according to the Circular/guidelines by SEBI. After signing of the KYC along with all required documents, a Unique Client Code is assigned to each investor and uploaded wit ...
... the Investors who are interested to trade through us before signing a well drafted Know Your Client (KYC) form, which is framed according to the Circular/guidelines by SEBI. After signing of the KYC along with all required documents, a Unique Client Code is assigned to each investor and uploaded wit ...
Capital-Account Crisis and Credit Contraction
... rollover by foreign investors and shortage of international reserves. Reckless overborrowing by the private sectors of developing Asia in the precrisis period is well corroborated by data (see below), yet the underlying cause of the overborrowing is still hotly debated. Even if we confine ourselves ...
... rollover by foreign investors and shortage of international reserves. Reckless overborrowing by the private sectors of developing Asia in the precrisis period is well corroborated by data (see below), yet the underlying cause of the overborrowing is still hotly debated. Even if we confine ourselves ...
Class Room Experiment
... • See question 12 – effect on consumer surplus is ambiguous • Some people lose out – can no longer get a loan. • Is market for loans perfectly competitive? – If so, interest rates represent cost of providing loans – If barriers to entry, scope for government involvement (see monopoly topics…) ...
... • See question 12 – effect on consumer surplus is ambiguous • Some people lose out – can no longer get a loan. • Is market for loans perfectly competitive? – If so, interest rates represent cost of providing loans – If barriers to entry, scope for government involvement (see monopoly topics…) ...
NBER WORKING PAPER SERIES COMPOSITIONAL EFFECTS OF GOVERNMENT SPENDING
... a simple way the impact of domesticgovernmentspending composition changes on real exchange rates. With the real exchange rate results, the impact on world real derive in ...
... a simple way the impact of domesticgovernmentspending composition changes on real exchange rates. With the real exchange rate results, the impact on world real derive in ...