NBER WORKING PAPER SERIES Jeffrey Frankel Working Paper 13050
... The remaining variables capture rates of return. It is not enough simply to add interest rates as a rate of return, and hope for a positive coefficient, because nominal high interest rates in developing countries usually reflect expected inflation, default risk, and devaluation risk. o Real interest ...
... The remaining variables capture rates of return. It is not enough simply to add interest rates as a rate of return, and hope for a positive coefficient, because nominal high interest rates in developing countries usually reflect expected inflation, default risk, and devaluation risk. o Real interest ...
A review of the trade weighted exchange rate index Hannah Kite
... Australian dollar. At the time, there were some reservations expressed about the robustness of the econometric results, and it was concluded there was insufficient formal evidence ...
... Australian dollar. At the time, there were some reservations expressed about the robustness of the econometric results, and it was concluded there was insufficient formal evidence ...
A Long-Term Strategy and a Short
... mean exiting the peg under strong downward speculative pressure, with the result that confidence is undermined and the national balance sheet is weak.16 These points are drawn largely from the experience of emerging markets such as Colombia and Korea in the early 1990s. ...
... mean exiting the peg under strong downward speculative pressure, with the result that confidence is undermined and the national balance sheet is weak.16 These points are drawn largely from the experience of emerging markets such as Colombia and Korea in the early 1990s. ...
China`s Integration into the Global Financial System
... world’s second largest when measured in terms of purchasing-power parities, and its share in world exports is exceeded only by Germany’s and that of the United States. China is Canada’s second-largest trading partner, and trade between the two countries is continuing to grow rapidly. China’s foreign ...
... world’s second largest when measured in terms of purchasing-power parities, and its share in world exports is exceeded only by Germany’s and that of the United States. China is Canada’s second-largest trading partner, and trade between the two countries is continuing to grow rapidly. China’s foreign ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... effective demand. Except for 1958—61 and 1964 when effective demand was restrained by either deflationary monetary and fiscal policy or by political turmoil, investment demand since the Korean War has tended to be excessive relative to the supply of savings, and inflation has been acute. The rate of ...
... effective demand. Except for 1958—61 and 1964 when effective demand was restrained by either deflationary monetary and fiscal policy or by political turmoil, investment demand since the Korean War has tended to be excessive relative to the supply of savings, and inflation has been acute. The rate of ...
Mexico`s Crisis: Looking Back to Assess the Future
... outside Mexico. By March 1995, the peso had fallen more than 50 percent against the dollar, and monthly inflation was growing at an annual rate in excess of 60 percent. Despite a $50 billion financial assistance package arranged in late January by the international community to help shore-up liquidi ...
... outside Mexico. By March 1995, the peso had fallen more than 50 percent against the dollar, and monthly inflation was growing at an annual rate in excess of 60 percent. Despite a $50 billion financial assistance package arranged in late January by the international community to help shore-up liquidi ...
Working Paper # 11 EVERYTHING IS NOT A BUBBLE When The
... However, there are many things wrong with this scenario. In the case of Japan, for example, this accumulation has been occurring since the mid-1970 or more than 35 years. Therefore it is not clear why the Japanese MOF will suddenly change its mind. It is also true that in addition to the Japanese, t ...
... However, there are many things wrong with this scenario. In the case of Japan, for example, this accumulation has been occurring since the mid-1970 or more than 35 years. Therefore it is not clear why the Japanese MOF will suddenly change its mind. It is also true that in addition to the Japanese, t ...
1. Lecture
... What is needed: coordination among central banks to avoid unemployment and inflation whereby surplus countries help to adjust deficit countries. ...
... What is needed: coordination among central banks to avoid unemployment and inflation whereby surplus countries help to adjust deficit countries. ...
The European crisis in the context of the history of previous financial
... place the monetary objective in danger. In the gold standard era, most states had little room (little technical capacity or political consent) to raise large amounts in taxation, and orthodoxy meant in practice a constraint on spending. Nevertheless, spending continued to increase, and more advanced ...
... place the monetary objective in danger. In the gold standard era, most states had little room (little technical capacity or political consent) to raise large amounts in taxation, and orthodoxy meant in practice a constraint on spending. Nevertheless, spending continued to increase, and more advanced ...
Searching for financial stability: the Mexican Moritz Cruz
... or external shocks increased accordingly. Thus, and for operational reasons, the ratio of international reserves to imports (R/M) became the standard measure to define reserve adequacy. In essence, the ratio R/M indicates the number of months that the imports can be financed with the reserves. In t ...
... or external shocks increased accordingly. Thus, and for operational reasons, the ratio of international reserves to imports (R/M) became the standard measure to define reserve adequacy. In essence, the ratio R/M indicates the number of months that the imports can be financed with the reserves. In t ...
Some hypotheses related to the mexican 1994
... From a major devaluation and a two-tiered exchange rate adopted at the end of 1982, the two exchange rates engaged into a gradual convergence path and, eventually, into a crawling peg. The 1986 terms of trade collapse imposed the adoption of new emergency measures that included an inflation-adjusted ...
... From a major devaluation and a two-tiered exchange rate adopted at the end of 1982, the two exchange rates engaged into a gradual convergence path and, eventually, into a crawling peg. The 1986 terms of trade collapse imposed the adoption of new emergency measures that included an inflation-adjusted ...
32 - Long Island University
... – The demand for loanable funds in the loanable funds market increased, which increased the interest rate. – The higher interest rate reduced net capital outflow but this decrease was not as large as the increase caused by capital flight. Therefore, NCO increased. – This increased the supply of peso ...
... – The demand for loanable funds in the loanable funds market increased, which increased the interest rate. – The higher interest rate reduced net capital outflow but this decrease was not as large as the increase caused by capital flight. Therefore, NCO increased. – This increased the supply of peso ...
The 1980s financial liberalization in the Nordic
... interest rates low. Investments by companies and households were also supported by generous tax benefits. For example, interest payments on loans were largely or fully tax-deductible. Investment was supported in order to achieve rapid growth. Economic thinking that ascribed a minimal role to the int ...
... interest rates low. Investments by companies and households were also supported by generous tax benefits. For example, interest payments on loans were largely or fully tax-deductible. Investment was supported in order to achieve rapid growth. Economic thinking that ascribed a minimal role to the int ...
The Great Depression and the New Deal Study Guide Study Guide
... 27. What was the result of the widespread collapse of the American banking system between 1929 and 1932? 28. What is a protective tariff? 29. After the 1929 stock market crash, how did Congress try to help American business? 30. Identify the Hawley-Smoot Tariff (Tariff Act of 1930). 31. Congress int ...
... 27. What was the result of the widespread collapse of the American banking system between 1929 and 1932? 28. What is a protective tariff? 29. After the 1929 stock market crash, how did Congress try to help American business? 30. Identify the Hawley-Smoot Tariff (Tariff Act of 1930). 31. Congress int ...
Chapter 1 Introduction
... bank, but is legally part of the the parent. Subject to both the banking regulations of home country and foreign country. Can provide a much fuller range of services than a representative office. Branch Banks are the most popular way for domestic banks to expand overseas. ...
... bank, but is legally part of the the parent. Subject to both the banking regulations of home country and foreign country. Can provide a much fuller range of services than a representative office. Branch Banks are the most popular way for domestic banks to expand overseas. ...
NBER WORKING PAPER SERIES DOLLAR SHORTAGES AND CRISES Raghuram G. Rajan Working Paper
... distress in predictable ways. For example, those who suffer the most adversity can fall back on an explicit social safety net – a minimum level of unemployment insurance. Debtors and creditors can appeal to bankruptcy proceedings to determine their relative shares. Given that there is an explicit an ...
... distress in predictable ways. For example, those who suffer the most adversity can fall back on an explicit social safety net – a minimum level of unemployment insurance. Debtors and creditors can appeal to bankruptcy proceedings to determine their relative shares. Given that there is an explicit an ...
routes to financial instability is iceland going down this route?
... TURKEY IN 2000- HAS IN SOME WAY INVOLVED A FIXED OR PEGGED EXCHANGE RATE REGIME. AT THE SAME TIME, COUNTRIES THAT DID NOT HAVE PEGGED RATES - AMONG THEM SOUTH AFRICA, ISRAEL IN 1998, MEXICO IN 1998 - AVOIDED CRISES OF THE TYPE THAT AFFLICTED EMERGING MARKET COUNTRIES WITH ...
... TURKEY IN 2000- HAS IN SOME WAY INVOLVED A FIXED OR PEGGED EXCHANGE RATE REGIME. AT THE SAME TIME, COUNTRIES THAT DID NOT HAVE PEGGED RATES - AMONG THEM SOUTH AFRICA, ISRAEL IN 1998, MEXICO IN 1998 - AVOIDED CRISES OF THE TYPE THAT AFFLICTED EMERGING MARKET COUNTRIES WITH ...
The Operation and Demise of the Bretton Woods
... section 5. This event revealed the Fund’s inability to deter a major power from following its sovereign interest. Third was Canada’s decision to float its currency in 1950 again in violation of the Articles. The Fund was highly critical of the action. The Canadian authorities assured the Fund that ...
... section 5. This event revealed the Fund’s inability to deter a major power from following its sovereign interest. Third was Canada’s decision to float its currency in 1950 again in violation of the Articles. The Fund was highly critical of the action. The Canadian authorities assured the Fund that ...
The International Role of the Dollar and Trade Balance
... they have become more expensive, or increasing demand for imports if they have become relatively cheap. If the exporters adjust their own profit margins to insulate foreign prices from exchange rate fluctuations, nominal trade balance implications arise purely due to revenue effects of exchange rate ...
... they have become more expensive, or increasing demand for imports if they have become relatively cheap. If the exporters adjust their own profit margins to insulate foreign prices from exchange rate fluctuations, nominal trade balance implications arise purely due to revenue effects of exchange rate ...
Slides
... current offering grows larger and the optimal level of Investment shifts to the right ...
... current offering grows larger and the optimal level of Investment shifts to the right ...
china`s foreign exchange black market and exchange flight
... Province, being adjacent to Hong Kong, is the main center for smuggling gold into and out of China. The total value of black market gold transactions was estimated at U.S.$500 million annually in the late 1980s (Cowitt 1989). (ii) Automobile smuggling. The Chinese tariff rate imposed on automobiles ...
... Province, being adjacent to Hong Kong, is the main center for smuggling gold into and out of China. The total value of black market gold transactions was estimated at U.S.$500 million annually in the late 1980s (Cowitt 1989). (ii) Automobile smuggling. The Chinese tariff rate imposed on automobiles ...
Paul de Grauwe
... The decline of the euro during 1999 -2000 has come as a surprise to most observers. Few people would have believed when the euro was launched on January 1, 1999, that in less than one and a half year it would lose 25% of its value against the dollar. Many explanations have been given for this surpri ...
... The decline of the euro during 1999 -2000 has come as a surprise to most observers. Few people would have believed when the euro was launched on January 1, 1999, that in less than one and a half year it would lose 25% of its value against the dollar. Many explanations have been given for this surpri ...
S t+1 - Harvard Kennedy School
... Sum across investors i to get the aggregate demand for assets, which must equal supply in the market. ...
... Sum across investors i to get the aggregate demand for assets, which must equal supply in the market. ...