International Aspects of the Great Depression and the Crisis of 2007
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
NBER WORKING PAPER SERIES RATE Timothy J. Kehoe
... decrease in TFP. In our model, however, while capital in the nontraded sector is underutilized during the sudden stop, capital in the traded sector is overutilized. Consequently, we find that variable capital utilization alone cannot account for the observed decrease in TFP. Combining the labor adj ...
... decrease in TFP. In our model, however, while capital in the nontraded sector is underutilized during the sudden stop, capital in the traded sector is overutilized. Consequently, we find that variable capital utilization alone cannot account for the observed decrease in TFP. Combining the labor adj ...
Inflation Targeting and the Crisis
... market economies (there is no point in including small poor developing countries since they typically do not have the institutional capability for inflation targeting). We present results for the full sample; but also for subsamples of emerging market and advanced countries. We define emerging marke ...
... market economies (there is no point in including small poor developing countries since they typically do not have the institutional capability for inflation targeting). We present results for the full sample; but also for subsamples of emerging market and advanced countries. We define emerging marke ...
Banking and Currency Crises: How Common Are Twins?
... The potential for a bank run is not directly observable and, once either a bank run or large-scale government intervention has occurred, the situation most likely will have been preceded by a protracted deterioration in the quality of assets held by banks. Identifying banking sector distress by the ...
... The potential for a bank run is not directly observable and, once either a bank run or large-scale government intervention has occurred, the situation most likely will have been preceded by a protracted deterioration in the quality of assets held by banks. Identifying banking sector distress by the ...
Trend Shocks, Risk Sharing and Cross- Country Portfolio Holdings Yavuz ARSLAN Gürsu KELEŞ
... of the world when their …nal (tradable) goods are more expensive. This shows the lack of risk sharing in the international markets because, with risk sharing, countries would consume less when the price of their goods is higher and the correlation between relative consumption and the real exchange r ...
... of the world when their …nal (tradable) goods are more expensive. This shows the lack of risk sharing in the international markets because, with risk sharing, countries would consume less when the price of their goods is higher and the correlation between relative consumption and the real exchange r ...
Determinants of Economic Growth
... outlined four principles of growth: factor accumulation, human capital, institutions, and policy. He also offered three proximate causes of growth: “effort to economize (efficiency); increase of knowledge and its application; and increasing the amount of capital or other resources per head” (Lewis 1 ...
... outlined four principles of growth: factor accumulation, human capital, institutions, and policy. He also offered three proximate causes of growth: “effort to economize (efficiency); increase of knowledge and its application; and increasing the amount of capital or other resources per head” (Lewis 1 ...
Annuities Market in Kenya - Retirement Benefits Authority
... As regards information asymmetry, if it is difficult and/or costly for the purchaser of a financial service to obtain sufficient information on the quality of the service in question, they may be vulnerable to exploitation. This may entail fraudulent, negligent, incompetent or unfair treatment as we ...
... As regards information asymmetry, if it is difficult and/or costly for the purchaser of a financial service to obtain sufficient information on the quality of the service in question, they may be vulnerable to exploitation. This may entail fraudulent, negligent, incompetent or unfair treatment as we ...
View/Open
... (i) MC = 0 at q = 0, (ii) MC > 0 at q > 0 with convex MC curve. In other words, cassava production usually bears positive opportunity costs at most production levels, although it can be minimal at q = 0. The condition (i) is due to the following reasons. First, cassava can grow on marginalized infer ...
... (i) MC = 0 at q = 0, (ii) MC > 0 at q > 0 with convex MC curve. In other words, cassava production usually bears positive opportunity costs at most production levels, although it can be minimal at q = 0. The condition (i) is due to the following reasons. First, cassava can grow on marginalized infer ...
54
... modelling the economy as in the import and export equations of the Treasury’s NIF88 model of the Australian macro-economyo However there has been some debate on the appropriate way to measure competitiveness. This study comments on the standard index (based on trade-weighted relative consumer price ...
... modelling the economy as in the import and export equations of the Treasury’s NIF88 model of the Australian macro-economyo However there has been some debate on the appropriate way to measure competitiveness. This study comments on the standard index (based on trade-weighted relative consumer price ...
Risk premium in the Eurozone. Recent evolution and determining
... achieving this integration. The public bonds of different countries were considered as almost interchangeables and risk premium took null values, and even negative values in some years and for some countries (for example in Ireland and in Finland at the end of 2005). Therefore, throughout this perio ...
... achieving this integration. The public bonds of different countries were considered as almost interchangeables and risk premium took null values, and even negative values in some years and for some countries (for example in Ireland and in Finland at the end of 2005). Therefore, throughout this perio ...
Are Developing Asia`s Foreign Exchange Reserves Excessive? An
... reserves. Although both motives are likely to be in play in Asia, a systematic study of the relative importance of the two motives in Asia by Aizenman and Lee (2005) finds stronger empirical support for self-insurance motive. Related to the two main benefits but somewhat different is a third benefit ...
... reserves. Although both motives are likely to be in play in Asia, a systematic study of the relative importance of the two motives in Asia by Aizenman and Lee (2005) finds stronger empirical support for self-insurance motive. Related to the two main benefits but somewhat different is a third benefit ...
on futures contracts
... Key Terms for Futures Contracts • The Futures price: agreed-upon price paid at maturity • Long position: Agrees to purchase the underlying asset at the stated futures price at contract maturity • Short position: Agrees to deliver the underlying asset at the stated futures price at contract maturity ...
... Key Terms for Futures Contracts • The Futures price: agreed-upon price paid at maturity • Long position: Agrees to purchase the underlying asset at the stated futures price at contract maturity • Short position: Agrees to deliver the underlying asset at the stated futures price at contract maturity ...
trento 25/3 1998 - Department of Economics
... In the design of policy regimes, the choice of a nominal anchor is crucial. A nominal anchor is a nominal variable that serves as a target for monetary and fiscal policy. Under specie-convertible regimes, the rule fixing the currency-price of specie (gold and/or silver coin) is the nominal anchor. ...
... In the design of policy regimes, the choice of a nominal anchor is crucial. A nominal anchor is a nominal variable that serves as a target for monetary and fiscal policy. Under specie-convertible regimes, the rule fixing the currency-price of specie (gold and/or silver coin) is the nominal anchor. ...
PDF
... that are exported, and importables, which substitute for imports. Tradeable inputs are imports or substitutes for imports, and exportables, which are inputs that could have been exported had they not been used as inputs in domestic production (Perkins 1994, p. 150). ...
... that are exported, and importables, which substitute for imports. Tradeable inputs are imports or substitutes for imports, and exportables, which are inputs that could have been exported had they not been used as inputs in domestic production (Perkins 1994, p. 150). ...
Four Law Drafts - the Monetary Freedom Handbook workbench!
... be the right thing in the middle of a crisis. With this he understands at least more on this than all bankers and professors taken together for these are continuously demanding a deterioration of money. What Bruening does not know is the following: Legal Tender, i.e. forced value and forced circulat ...
... be the right thing in the middle of a crisis. With this he understands at least more on this than all bankers and professors taken together for these are continuously demanding a deterioration of money. What Bruening does not know is the following: Legal Tender, i.e. forced value and forced circulat ...
DETERMINANTS OF BALANCE OF TRADE IN GHANA
... deficits in their economy. One of the main reasons for such performance is the poor economic strategies that have been adopted by these countries in their economic reforms and also most of these countries usually depends on certain specific primary products for their exports and import a lot of the ...
... deficits in their economy. One of the main reasons for such performance is the poor economic strategies that have been adopted by these countries in their economic reforms and also most of these countries usually depends on certain specific primary products for their exports and import a lot of the ...
Should Hong Kong maintain a linked exchange rate system?
... future, which at the time was adopting a floating exchange rate regime. To restore public confidence in the currency, the Hong Kong dollar was pegged to the US dollar at the rate of HK$ 7.8 = US$1 in 1983, and it has worked basically the same way until now, and the reason for this is because the aut ...
... future, which at the time was adopting a floating exchange rate regime. To restore public confidence in the currency, the Hong Kong dollar was pegged to the US dollar at the rate of HK$ 7.8 = US$1 in 1983, and it has worked basically the same way until now, and the reason for this is because the aut ...
Shockwatch Bulletin Developing countries and the slowdown in China
... From 2002 to 2012 the Chinese economy experienced unprecedented rapid growth and integration into the global economy. However, the Chinese economy has been slowing, and there is increasing concern about sources of vulnerability and risk in its domestic economy. In particular, risks have grown in the ...
... From 2002 to 2012 the Chinese economy experienced unprecedented rapid growth and integration into the global economy. However, the Chinese economy has been slowing, and there is increasing concern about sources of vulnerability and risk in its domestic economy. In particular, risks have grown in the ...
Profitability Performance of Banks in the EU: Allaina K. Propst
... historic lows. In the mean time, emerging Asian economies and oil-rich nations were entering into a time of fantastic economic abundance. Consumption in these economies lagged behind rising income levels. For example, China ran huge trade surpluses with the U. S. and other developed countries, which ...
... historic lows. In the mean time, emerging Asian economies and oil-rich nations were entering into a time of fantastic economic abundance. Consumption in these economies lagged behind rising income levels. For example, China ran huge trade surpluses with the U. S. and other developed countries, which ...
Expectations of future income and real exchange rate
... the literature are productivity, foreign direct investment (FDI), government expenditures, openness, interest rate differentials, and TsOT, stock of net foreign assets, among others. We obtained the data used in this study from the Asian Development Bank, Economist Intelligence Unit (EIU), IMF and N ...
... the literature are productivity, foreign direct investment (FDI), government expenditures, openness, interest rate differentials, and TsOT, stock of net foreign assets, among others. We obtained the data used in this study from the Asian Development Bank, Economist Intelligence Unit (EIU), IMF and N ...
The value creation through Mergers and Acquisitions on bidder
... and 2004. According to their results, bidders have a significantly negative CAARs for all samples during a three-day window, and the CAARs for the [-10, 1] and the [-2, 2] windows are -0.18% and -0.32%, respectively. The main finding reveals that bidder banks shareholders in Europe have not any stat ...
... and 2004. According to their results, bidders have a significantly negative CAARs for all samples during a three-day window, and the CAARs for the [-10, 1] and the [-2, 2] windows are -0.18% and -0.32%, respectively. The main finding reveals that bidder banks shareholders in Europe have not any stat ...
Doc
... (1) The National Bank of Romania, while observing the general rules on liquidity and risk specific for foreign assets, sets and holds international reserves, in such a way as to periodically assess their exact size; these reserves are made up, cumulatively or selectively, of the following elements: ...
... (1) The National Bank of Romania, while observing the general rules on liquidity and risk specific for foreign assets, sets and holds international reserves, in such a way as to periodically assess their exact size; these reserves are made up, cumulatively or selectively, of the following elements: ...
A Model of the Twin Ds: Optimal Default and Devaluation ∗ S. Na
... the joint occurrence of large devaluations and sovereign default. An additional benefit of considering the decentralized version of the Eaton-Gersovitz economy is that it allows for the characterization of the equilibrium allocation when the devaluation policy is not set optimally. Motivated by the ...
... the joint occurrence of large devaluations and sovereign default. An additional benefit of considering the decentralized version of the Eaton-Gersovitz economy is that it allows for the characterization of the equilibrium allocation when the devaluation policy is not set optimally. Motivated by the ...
The Brilliant Economic Theory of Everything: Q. E. D.
... In small open economy, the exchange rate pass-through has a considerable effect on inflation and output fluctuations. The exchange rate transmits the impact of any shock on the economy through its effect on import prices and relative prices. Under this circumstance, exchange rate channel plays a rol ...
... In small open economy, the exchange rate pass-through has a considerable effect on inflation and output fluctuations. The exchange rate transmits the impact of any shock on the economy through its effect on import prices and relative prices. Under this circumstance, exchange rate channel plays a rol ...
NBER WORKING PAPERS SERIES OPENNESS AND INFLATION: THEORY AND EVIDENCE David Romer
... (1983), is that there are institutions or mechanisms that largely eliminate policy-makers' tendency to attempt systematically to cause surprise inflation. Governments appear to be able to largely overcome the dynamic inconsistency problem in other contexts; for example, it would not be correct to de ...
... (1983), is that there are institutions or mechanisms that largely eliminate policy-makers' tendency to attempt systematically to cause surprise inflation. Governments appear to be able to largely overcome the dynamic inconsistency problem in other contexts; for example, it would not be correct to de ...