united states securities and exchange commission - corporate
... BCI cautions readers that actual results may differ materially from those described in forward looking information as a result of various factors, some of which are beyond its control, including, but not limited ...
... BCI cautions readers that actual results may differ materially from those described in forward looking information as a result of various factors, some of which are beyond its control, including, but not limited ...
the failure of oca analysis
... adopt a fixed or a flexible exchange rate, one should consider the various criteria that are familiar from the literature on the determination of optimum currency areas”(Frenkel 1985, p. 126).1 Mainstream economists maintain that there are benefits to be derived from a system of fiat fluctuating cur ...
... adopt a fixed or a flexible exchange rate, one should consider the various criteria that are familiar from the literature on the determination of optimum currency areas”(Frenkel 1985, p. 126).1 Mainstream economists maintain that there are benefits to be derived from a system of fiat fluctuating cur ...
Outline
... fundamental (and very difficult to answer) questions such as "why do countries repay" and what do optimal implicit country debt contracts look like. There are a host of interesting policy issues, but these will be treated as subsidiary to primary research questions. Feb. 7: Reputation for repayment ...
... fundamental (and very difficult to answer) questions such as "why do countries repay" and what do optimal implicit country debt contracts look like. There are a host of interesting policy issues, but these will be treated as subsidiary to primary research questions. Feb. 7: Reputation for repayment ...
PDF
... Exchange rates can have a large influence on a sector's competitiveness. For a country experiencing depreciation in the value of its currency, production costs compared to other regions of the world decline, making its goods more competitive in the global market. The recent depreciation of the Unite ...
... Exchange rates can have a large influence on a sector's competitiveness. For a country experiencing depreciation in the value of its currency, production costs compared to other regions of the world decline, making its goods more competitive in the global market. The recent depreciation of the Unite ...
Economics 553: International Monetary Theory and Policy I
... sequence consists of Economics 553 (fall) and 554 (spring). Each of these courses may also be taken individually as an elective. The sequence is mainly designed for graduate students wishing to specialize in International Finance and/or International Monetary Economics. ...
... sequence consists of Economics 553 (fall) and 554 (spring). Each of these courses may also be taken individually as an elective. The sequence is mainly designed for graduate students wishing to specialize in International Finance and/or International Monetary Economics. ...
Technical Notes - The Conference Board
... represent at best relative prices of goods and services that are traded internationally, not the relative value of total domestic output, which also consists of goods, and particularly services, that are not traded internationally. Second, PPPs are more stable than market exchange rates, which can v ...
... represent at best relative prices of goods and services that are traded internationally, not the relative value of total domestic output, which also consists of goods, and particularly services, that are not traded internationally. Second, PPPs are more stable than market exchange rates, which can v ...
CEPAL Review 93 - CEPAL
... An excess supply of international currency at the exchange rate targeted by the central bank is what invalidates the “trilemma” and empowers that bank to set the exchange rate and the interest rate. We believe that this idea is unfamiliar because the specialized literature dealing with monetary auto ...
... An excess supply of international currency at the exchange rate targeted by the central bank is what invalidates the “trilemma” and empowers that bank to set the exchange rate and the interest rate. We believe that this idea is unfamiliar because the specialized literature dealing with monetary auto ...
... longer be pegged. Hence, balance-of-payments crises (i.e. situations in which reserves hit their critical level and force a devaluation) can emerge endogenously in this framework. Our analysis also updates Mundell’s in that the implications of the monetary dynamics of a fixed exchange rate for the r ...
A Modest Proposal for International Monetary Reform – Greenwald
... Bangladesh would. It is plausible that these countries will think it better to invest their money into their own country; and if they do lend their money abroad, they are more likely to put it into Euros or yen, rather than just financing the US deficits by holding dollars, which are a depreciating ...
... Bangladesh would. It is plausible that these countries will think it better to invest their money into their own country; and if they do lend their money abroad, they are more likely to put it into Euros or yen, rather than just financing the US deficits by holding dollars, which are a depreciating ...
The eurozone - Global economy, world economy
... requirements set out in the Maastricht treaty: • Budget deficits no greater than 3 percent of GDP • Government debt no greater than 60 percent of GDP www.theglobaleconomy.com ...
... requirements set out in the Maastricht treaty: • Budget deficits no greater than 3 percent of GDP • Government debt no greater than 60 percent of GDP www.theglobaleconomy.com ...
The Great China Currency Debate: For workers or speculators?
... This logic is best understood as reflective of speculative interests and detrimental to the developmental interests of China given that it would forfeit China’s ability to appreciate through gradually rising wages, contrary to the claims of those leading the debate in the West. Is the renminbi under ...
... This logic is best understood as reflective of speculative interests and detrimental to the developmental interests of China given that it would forfeit China’s ability to appreciate through gradually rising wages, contrary to the claims of those leading the debate in the West. Is the renminbi under ...
Jacob A. Frenkel and Morris Goldstein THE INTERNATIONAL MONETARY SYSTEM: Introduction
... independence could handicap the battle against the cyclical component of high unemployment. In addition, high-inflation countries often suffer from weak fiscal systems with relatively heavy reliance on the inflation tax.6 In this regard, they worry that a lower inflation rate will reduce their reven ...
... independence could handicap the battle against the cyclical component of high unemployment. In addition, high-inflation countries often suffer from weak fiscal systems with relatively heavy reliance on the inflation tax.6 In this regard, they worry that a lower inflation rate will reduce their reven ...
The Real Exchange Rate: Issues Of Concept And Measurement, by
... Ep * / p d answers the question, how many baskets of our imports can we buy with one of our production (GDP) baskets or with one of our consumption (CPI) baskets? This would be my nominee for a RER measure that was tailored to each country’s trade pattern. Why cannot this definition be made into the ...
... Ep * / p d answers the question, how many baskets of our imports can we buy with one of our production (GDP) baskets or with one of our consumption (CPI) baskets? This would be my nominee for a RER measure that was tailored to each country’s trade pattern. Why cannot this definition be made into the ...
What does Brexit mean for UK Automotive, Manufacturing, and
... Even with a trade deal, there is one area where UK auto will definitely lose out, and that is via the ability to influence regulation in the industry. Regulation is not going away and if anything will be become more important as we move towards connected and autonomous cars. The UK will have no infl ...
... Even with a trade deal, there is one area where UK auto will definitely lose out, and that is via the ability to influence regulation in the industry. Regulation is not going away and if anything will be become more important as we move towards connected and autonomous cars. The UK will have no infl ...
Calculating the Unthinkable: Exchange Rate Effects of a Credit Event
... To calculate the EUR-USD exchange rate effects of a credit event of a member of the euro zone, we create a portfolio of credit default swaps (CDS) referencing to the same sovereign entities. For European sovereigns, it is possible to trade CDS that are denominated either in Euro or US-Dollars. These ...
... To calculate the EUR-USD exchange rate effects of a credit event of a member of the euro zone, we create a portfolio of credit default swaps (CDS) referencing to the same sovereign entities. For European sovereigns, it is possible to trade CDS that are denominated either in Euro or US-Dollars. These ...
The Macroeconomics Of The Unofficial Foreign Exchange Market In
... accounts were eased dramatically in 1976-77with the recovery of domestic food production and the arrival of the coffeeboom. By the end of 1977,reserves were at the unprecedented level of nearly 5 months of imports. Fiscal pressures were eased as well, since the Government chose to tax away most of t ...
... accounts were eased dramatically in 1976-77with the recovery of domestic food production and the arrival of the coffeeboom. By the end of 1977,reserves were at the unprecedented level of nearly 5 months of imports. Fiscal pressures were eased as well, since the Government chose to tax away most of t ...
The move to inflation targeting
... them are committed by law to achieving price stability—that is, ensuring that the rate at which price levels change is low and steady. Price instability causes uncertainty, distorting economic decision making and hampering economic growth. More often than not, the instability is the result of inflat ...
... them are committed by law to achieving price stability—that is, ensuring that the rate at which price levels change is low and steady. Price instability causes uncertainty, distorting economic decision making and hampering economic growth. More often than not, the instability is the result of inflat ...
9 Exports, Imports, and International Investment M
... goods relative to foreign prices will work in the opposite direction. The prices of U.S. tradable goods can change relative to the price of foreign goods in two ways: first, and obviously, if the U.S. inflation rate is lower or higher than the average inflation rate of trading partners; and second, ...
... goods relative to foreign prices will work in the opposite direction. The prices of U.S. tradable goods can change relative to the price of foreign goods in two ways: first, and obviously, if the U.S. inflation rate is lower or higher than the average inflation rate of trading partners; and second, ...
Fix What Broke: Building an Orderly and Ethical International Monetary System Judy Shelton
... engulfed the global economy even as major industrial countries found themselves suffering unprecedented levels of inflation; a new phenomenon called “stagflation” combined rising prices with high unemployment. The price of gold soared to more than 10 times its value under the former gold exchange sy ...
... engulfed the global economy even as major industrial countries found themselves suffering unprecedented levels of inflation; a new phenomenon called “stagflation” combined rising prices with high unemployment. The price of gold soared to more than 10 times its value under the former gold exchange sy ...
The Research of Exchange Rate Change, Export Structure and
... amount in all kinds of countries, thus change the international trade structure all over the world, and augment the imbalance of the world economy. More and more researchers pointed it out that the imbalance of the world economy3 is up to the imbalance of trade structure of different countries, whic ...
... amount in all kinds of countries, thus change the international trade structure all over the world, and augment the imbalance of the world economy. More and more researchers pointed it out that the imbalance of the world economy3 is up to the imbalance of trade structure of different countries, whic ...
Restoring confidence in the financial sector –
... It is a pleasure to be in Hong Kong today. Hong Kong is a traditional gateway between the East and West. It is a dynamic, service-based, open economy where the European presence is significant, in particular in the financial sector. Europe and Hong Kong share close economic and commercial links. I u ...
... It is a pleasure to be in Hong Kong today. Hong Kong is a traditional gateway between the East and West. It is a dynamic, service-based, open economy where the European presence is significant, in particular in the financial sector. Europe and Hong Kong share close economic and commercial links. I u ...
Central banking authority, economic stability and the rule of law
... Act of 1958 include: issuance of legal tender currency, banker and financial adviser to the Federal Government, lender of last resort to banks, maintenance of external reserves to safeguard the international value of the currency, promotion of monetary stability and a sound and efficient financial s ...
... Act of 1958 include: issuance of legal tender currency, banker and financial adviser to the Federal Government, lender of last resort to banks, maintenance of external reserves to safeguard the international value of the currency, promotion of monetary stability and a sound and efficient financial s ...
the equilibrium real exchange rate
... balance of payments crises. [1] In such a volatile environment, economists are faced with the difficult task of identifying causes and real consequences of the fluctuations in the exchange rate markets. It is of considerable importance to have information about the causes of exchange rate changes si ...
... balance of payments crises. [1] In such a volatile environment, economists are faced with the difficult task of identifying causes and real consequences of the fluctuations in the exchange rate markets. It is of considerable importance to have information about the causes of exchange rate changes si ...
Maurice Obstfeld Working
... The main motivation to adjust exchange rates, in the present rarefied setup, would be to offset an excessive trend inflation rate in the center country. I have relegated this consideration ...
... The main motivation to adjust exchange rates, in the present rarefied setup, would be to offset an excessive trend inflation rate in the center country. I have relegated this consideration ...