the currencies of carbon and the fungibility of credits in the global
... integration, there remains important hurdles that prevents a truly global market to function. The links between the different Kyoto systems are at the moment rather limited and have been criticized by many (Wara et Victor, 2007; Lohmann, 2005). In the case of the CDM, it is seen as a way to avoid de ...
... integration, there remains important hurdles that prevents a truly global market to function. The links between the different Kyoto systems are at the moment rather limited and have been criticized by many (Wara et Victor, 2007; Lohmann, 2005). In the case of the CDM, it is seen as a way to avoid de ...
Exports and real exchange rates in a small open economy
... RER appears as one of the determinants of aggregate demand, through its impact on exports. Based on this, several studies have analyzed the link between exports and the RER at an aggregate level. In general, these studies found a significant link between exports and RER. However, this paper aims to ...
... RER appears as one of the determinants of aggregate demand, through its impact on exports. Based on this, several studies have analyzed the link between exports and the RER at an aggregate level. In general, these studies found a significant link between exports and RER. However, this paper aims to ...
Boom-Bust Cycles: Facts and Explanation
... financing opportunities, balance sheet effects and currency mismatch play important roles in middle income countries. The fact that credit growth is positively correlated with the ratio of N-to-T output indicates that the N-sector is heavily dependent on bank credit, whereas the T-sector has other ...
... financing opportunities, balance sheet effects and currency mismatch play important roles in middle income countries. The fact that credit growth is positively correlated with the ratio of N-to-T output indicates that the N-sector is heavily dependent on bank credit, whereas the T-sector has other ...
NBER WORKING PAPER SERIES THE FUTURE OF EMU: WHAT DOES
... Federal Reserve Banks issues dollar bills perfectly acceptable in every reserve district a five dollar bill issued by the Federal Reserve Bank of Richmond is always perfectly interchangeable with a five dollar bill issued by any other Federal Reserve Bank. A national monetary union has as a rule one ...
... Federal Reserve Banks issues dollar bills perfectly acceptable in every reserve district a five dollar bill issued by the Federal Reserve Bank of Richmond is always perfectly interchangeable with a five dollar bill issued by any other Federal Reserve Bank. A national monetary union has as a rule one ...
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... The EEAG, which is in toto responsible for this report, consists of a team of eight economists from seven European countries. It is chaired by Giancarlo Corsetti (European University Institute, Florence) and includes Lars Calmfors (University of Stockholm), Seppo Honkapohja (Universities of Helsinki ...
... The EEAG, which is in toto responsible for this report, consists of a team of eight economists from seven European countries. It is chaired by Giancarlo Corsetti (European University Institute, Florence) and includes Lars Calmfors (University of Stockholm), Seppo Honkapohja (Universities of Helsinki ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... sector consists of services. Thus, even if one assumes that the non-traded sector has the least incidence of the corporate form of organization, an overvalued exchange rate, as under the Phase II type of exchange control regime, which (under suitable restrictions) leads to a relative expansion of th ...
... sector consists of services. Thus, even if one assumes that the non-traded sector has the least incidence of the corporate form of organization, an overvalued exchange rate, as under the Phase II type of exchange control regime, which (under suitable restrictions) leads to a relative expansion of th ...
How Much Would Germany Have to Adjust? - PISM-u
... Yet, one may ask whether euro adoption creates risks for these countries? The situation at present in the euro area seems much calmer than it was several months ago when numerous media and politicians were openly expressing concerns about the future of the currency union. Currently, the risk of disi ...
... Yet, one may ask whether euro adoption creates risks for these countries? The situation at present in the euro area seems much calmer than it was several months ago when numerous media and politicians were openly expressing concerns about the future of the currency union. Currently, the risk of disi ...
FACTORS AFFECTING PORTFOLIO INVESTMENT IN PAKISTAN
... part of the company. This type of investment represents usually short-term interest as it is considered more volatile and uncertain. These financial assets, Portfolio Investment, are highly liquid in nature and easy to convert into currency in any time. Asian Economic Crisis of 1997 occurred due to ...
... part of the company. This type of investment represents usually short-term interest as it is considered more volatile and uncertain. These financial assets, Portfolio Investment, are highly liquid in nature and easy to convert into currency in any time. Asian Economic Crisis of 1997 occurred due to ...
International Capital Flows, Economic Growth and
... capital given a number of assumptions about the existence of informational, legal and technological frictions and the completeness of financial markets that will determine the optimal capital structure. For example, Razin et al. (1998a, 1998b) use an analogue of the corporate finance theory on optimal ...
... capital given a number of assumptions about the existence of informational, legal and technological frictions and the completeness of financial markets that will determine the optimal capital structure. For example, Razin et al. (1998a, 1998b) use an analogue of the corporate finance theory on optimal ...
FORM 8-K - corporate
... New York - November 21, 2016 - Coty Inc. (NYSE: COTY) announced today that it has completed the acquisition of ghd, a global premium brand in high-end hair styling appliances, further strengthening Coty’s worldwide leading position in professional hair care. The acquisition is expected to be immedia ...
... New York - November 21, 2016 - Coty Inc. (NYSE: COTY) announced today that it has completed the acquisition of ghd, a global premium brand in high-end hair styling appliances, further strengthening Coty’s worldwide leading position in professional hair care. The acquisition is expected to be immedia ...
Sources
... While quantifying the capital accumulation gap is a clearly a difficult task, one way of doing so is to look at the difference between Argentina’s capital-labor ratio and that of the selected peer group of countries. We also compare Argentina’s investment rates and capital-output ratios with estimat ...
... While quantifying the capital accumulation gap is a clearly a difficult task, one way of doing so is to look at the difference between Argentina’s capital-labor ratio and that of the selected peer group of countries. We also compare Argentina’s investment rates and capital-output ratios with estimat ...
HOW INTENSE IS COMPETITION IN INTERNATIONAL MARKETS
... comparative advantages of the country. The worry about excessive exposure to the competitive pressure of low cost competitors instead concerns short run factors influencing the market power of Italian exporters. Nevertheless short and long run considerations may be related. The picture of unchanged ...
... comparative advantages of the country. The worry about excessive exposure to the competitive pressure of low cost competitors instead concerns short run factors influencing the market power of Italian exporters. Nevertheless short and long run considerations may be related. The picture of unchanged ...
The Real-Interest-Differential Model after Twenty Years
... The simple monetary approach to the determination of flexible exchange rates scored some early empirical successes (Frenkel, 1976; Bilson, 1978), but its performance declined as experience with the generalized float accumulated. Suspicion fell on the monetary approach’s assumption of continuous purc ...
... The simple monetary approach to the determination of flexible exchange rates scored some early empirical successes (Frenkel, 1976; Bilson, 1978), but its performance declined as experience with the generalized float accumulated. Suspicion fell on the monetary approach’s assumption of continuous purc ...
Pick Your Poison: The Choices and 1 4
... capital controls, and developing currency swap arrangements. When the Global Financial Crisis hit in 2008, countries adopted a range of policy responses and, in many cases, avoided substantial increases in interest rates. But these policies also created challenges. Countries must “pick their poison” ...
... capital controls, and developing currency swap arrangements. When the Global Financial Crisis hit in 2008, countries adopted a range of policy responses and, in many cases, avoided substantial increases in interest rates. But these policies also created challenges. Countries must “pick their poison” ...
Unit-Labor-Cost Based Competitiveness Indicators for South Africa
... REERs presented here differ from those of the IMF and the South African Reserve Bank (SARB) by including a larger number of developing countries, especially from Africa and Asia, and by considering a larger set of alternative price indexes. The choice of weights matters surprisingly little; the choi ...
... REERs presented here differ from those of the IMF and the South African Reserve Bank (SARB) by including a larger number of developing countries, especially from Africa and Asia, and by considering a larger set of alternative price indexes. The choice of weights matters surprisingly little; the choi ...
New Evidence on the Home Bias in European Investment
... Greece (see Table 2 in the Annex for a country breakdown). By contrast, Belgium, France, Spain, Austria and Italy show a high preference for European equities in their foreign- investment portfolios. It is remarkable that the bias of Portugal, Spain, and France increased strongly from 1997 to 2004. ...
... Greece (see Table 2 in the Annex for a country breakdown). By contrast, Belgium, France, Spain, Austria and Italy show a high preference for European equities in their foreign- investment portfolios. It is remarkable that the bias of Portugal, Spain, and France increased strongly from 1997 to 2004. ...
Factors influencing development of financial derivatives markets: a
... OTC derivatives have grown faster than the exchangetraded contracts in the recent years. According to Pandey (2005), financial derivative instruments have mushroomed very quickly from simple financial futures to a wide variety of exotic and complicated securities. The four basic types of derivative ...
... OTC derivatives have grown faster than the exchangetraded contracts in the recent years. According to Pandey (2005), financial derivative instruments have mushroomed very quickly from simple financial futures to a wide variety of exotic and complicated securities. The four basic types of derivative ...
Central Bank Involvement in Banking Crises in Latin America
... a working assumption, troubled banks are assumed to encompass those institutions that were intervened or subject to bank resolution, plus other institutions that received government support or extended emergency assistance from the central bank—in an amount that exceeded their individual equity. The ...
... a working assumption, troubled banks are assumed to encompass those institutions that were intervened or subject to bank resolution, plus other institutions that received government support or extended emergency assistance from the central bank—in an amount that exceeded their individual equity. The ...
Equilibrium Real Exchange Rate, Misalignment, and Export
... After the crisis, real exchange rate undervaluation was evident in many Asian countries such as People’s Republic of China (PRC), Malaysia, and Thailand. This study also shows that real exchange rate misalignment could have a negative impact on export performance in developing Asia. With its implica ...
... After the crisis, real exchange rate undervaluation was evident in many Asian countries such as People’s Republic of China (PRC), Malaysia, and Thailand. This study also shows that real exchange rate misalignment could have a negative impact on export performance in developing Asia. With its implica ...
Competition and Cooperation among Exchanges
... such as Israel, India, and China have listed not only on the NYSE, but on various other American and European exchanges such as the NASDAQ and the London Stock Exchange (LSE). In addition to public companies seeking “dual listings,” some firms are choosing to go public for the first time on an overs ...
... such as Israel, India, and China have listed not only on the NYSE, but on various other American and European exchanges such as the NASDAQ and the London Stock Exchange (LSE). In addition to public companies seeking “dual listings,” some firms are choosing to go public for the first time on an overs ...
Revised draft, April 1998
... Nordhaus (1975) assumed adaptive expectations. More recently, Persson and Tabelini (1990) showed that Nordhaus-type cycles can also emerge in models with rational expectations. Voters are assumed not to know the policy makers’ competence (asymmetric information), and they have to infer it from obser ...
... Nordhaus (1975) assumed adaptive expectations. More recently, Persson and Tabelini (1990) showed that Nordhaus-type cycles can also emerge in models with rational expectations. Voters are assumed not to know the policy makers’ competence (asymmetric information), and they have to infer it from obser ...
Macroprudential Policy: What Instruments and How to Use
... which instruments—and under what conditions—appear to have been most effective. Macroprudential instruments are typically introduced with the objective of reducing systemic risk, either over time or across institutions and markets. Countries use a variety of tools, including credit-related, liquidit ...
... which instruments—and under what conditions—appear to have been most effective. Macroprudential instruments are typically introduced with the objective of reducing systemic risk, either over time or across institutions and markets. Countries use a variety of tools, including credit-related, liquidit ...
Early Warning Systems for Banking Crises: Political and Economic
... conditions in developing EWS for systemic banking crises which can further capture disparate sources of speculative attacks. Given some similarities between crises (Reinhart & Rogoff 2009), such as the importance of investors’ confidence, the developed EWS using 1997-98 Asian crises can further pred ...
... conditions in developing EWS for systemic banking crises which can further capture disparate sources of speculative attacks. Given some similarities between crises (Reinhart & Rogoff 2009), such as the importance of investors’ confidence, the developed EWS using 1997-98 Asian crises can further pred ...
Transparency and Bypass in Electronic Financial
... reservation systems (CRSs) [MCD093]. It was alleged that collusive signalling was occurring among the 2 million price and schedule changes made daily over the CRSs. It was charged that airlines would post higher prices in hopes of encouraging competitors to match the fares, and to draw customers int ...
... reservation systems (CRSs) [MCD093]. It was alleged that collusive signalling was occurring among the 2 million price and schedule changes made daily over the CRSs. It was charged that airlines would post higher prices in hopes of encouraging competitors to match the fares, and to draw customers int ...