Monetary Issues in the Middle East and North Africa Region
... those which leave rates to trade near the floor, with different consequences for monetary transmission and market development. In view of the structural excess liquidity in most of the countries represented, this section also discusses the causes of surplus liquidity and whether banks can, or should ...
... those which leave rates to trade near the floor, with different consequences for monetary transmission and market development. In view of the structural excess liquidity in most of the countries represented, this section also discusses the causes of surplus liquidity and whether banks can, or should ...
NBER WORKING PAPER SERIES COUNTRY RISK, ASYMMETRIC INFORMATION AND DOMESTIC POLICIES Joshua Aizenman
... domestic distortion. Next, we derive the cost-minimizing domestic policies needed in the presence of such a distortion. It is shown that cost-minimizing policies for a country that wishes to service its debt in the presence of country risk calls for a combination of borrowing taxes and time varying ...
... domestic distortion. Next, we derive the cost-minimizing domestic policies needed in the presence of such a distortion. It is shown that cost-minimizing policies for a country that wishes to service its debt in the presence of country risk calls for a combination of borrowing taxes and time varying ...
7 Research Department Working Paper ... The Central Bank of the Republic of Turkey
... of the Central Bank Board, which is an arrangement aiming to increase the coordination between fiscal and monetary policy. ...
... of the Central Bank Board, which is an arrangement aiming to increase the coordination between fiscal and monetary policy. ...
Why Do British Nationals Emigrate to the United States of America?
... during the years in question and considering the type of people looking for work in the United States it is difficult to assume much of their income was being sent home. Mishra and Spilimbergo's paper tries to link changes in the exchange rate to changes in wages caused by changes in the supply of l ...
... during the years in question and considering the type of people looking for work in the United States it is difficult to assume much of their income was being sent home. Mishra and Spilimbergo's paper tries to link changes in the exchange rate to changes in wages caused by changes in the supply of l ...
Official PDF , 24 pages
... measuring rod-was therefore used to value the product of every country or supercountry. The same is not true of the phase IV results, because the exercise has been regionalized. For example, comparisons among fifteen participating African countries were carried out using average African prices to va ...
... measuring rod-was therefore used to value the product of every country or supercountry. The same is not true of the phase IV results, because the exercise has been regionalized. For example, comparisons among fifteen participating African countries were carried out using average African prices to va ...
High Inflation: Causes and Consequences
... in 1987 and 1988, real GDP at the end of 1988 was still below the 1983 level (especially in per capita terms). While the official numbers exclude illegal and underground activities, the failure to achieve positive growth of real per capita GDP is surely the most disappointing feature of the NEP. But ...
... in 1987 and 1988, real GDP at the end of 1988 was still below the 1983 level (especially in per capita terms). While the official numbers exclude illegal and underground activities, the failure to achieve positive growth of real per capita GDP is surely the most disappointing feature of the NEP. But ...
NBFR WORKING PAPER SERIES COMPARING THE GLOBAL PERFORMANCE OF ALTENATIVE EXCHANGE ARRANGEMENTS
... The numerical analysis in this paper was implemented on a PC using the GAUSS program from Applied Technical Systems. We thank Lee Edlefsen and Sam Jones at Applied Technical Systems for their excellent technical support of this program. We also thank Max Corden for many interesting discussions and R ...
... The numerical analysis in this paper was implemented on a PC using the GAUSS program from Applied Technical Systems. We thank Lee Edlefsen and Sam Jones at Applied Technical Systems for their excellent technical support of this program. We also thank Max Corden for many interesting discussions and R ...
Introducing financial frictions and unemployment into a small open
... three differences in Section 4. GST assume wage-setting frictions of the Calvo type, while we instead work with Taylor-type frictions. GST shut down the intensive margin of labor supply in their empirical specification, while we allow for variation in this margin. An important step forward is that we ...
... three differences in Section 4. GST assume wage-setting frictions of the Calvo type, while we instead work with Taylor-type frictions. GST shut down the intensive margin of labor supply in their empirical specification, while we allow for variation in this margin. An important step forward is that we ...
Chapter 1
... • The Stock Market – is heard about most often (every day) – is an index of expectations for the future • a high value means that investors expect economic growth to be rapid, profits to be high, and unemployment to be low ...
... • The Stock Market – is heard about most often (every day) – is an index of expectations for the future • a high value means that investors expect economic growth to be rapid, profits to be high, and unemployment to be low ...
Collateral Damage: Dollar Strength and Emerging Markets
... associated with growth in emerging markets. We argue that the role of the multilateral value of the dollar can be directly tied to these different growth patterns. The main transmission channel is through an income effect owing to the impact of the U.S. dollar on global commodity prices.2 As the dol ...
... associated with growth in emerging markets. We argue that the role of the multilateral value of the dollar can be directly tied to these different growth patterns. The main transmission channel is through an income effect owing to the impact of the U.S. dollar on global commodity prices.2 As the dol ...
Retailer Pass-Through and its Determinants Using Scanner Data
... higher degree of pass-through) source from small, inefficient, low quality exporters, while small retailers source from large, efficient, and high quality exporters. We view this scenario as less likely than one where retailers play an independent role, in addition to exporters and wholesalers, in s ...
... higher degree of pass-through) source from small, inefficient, low quality exporters, while small retailers source from large, efficient, and high quality exporters. We view this scenario as less likely than one where retailers play an independent role, in addition to exporters and wholesalers, in s ...
Exchange rate movements and firm value: Evidence from
... emerging from micro level studies that focus on ER fluctuations and individual stock returns (Agyei-Ampomah et al., 2013; Amihud, 1994; Bartov and Bodnar, 1994; Dominguez and Tesar, 2006; Hutson and Stevenson, 2010; Marston, 2001) are mixed. This leaves the question of the impact of ER exposure (the ...
... emerging from micro level studies that focus on ER fluctuations and individual stock returns (Agyei-Ampomah et al., 2013; Amihud, 1994; Bartov and Bodnar, 1994; Dominguez and Tesar, 2006; Hutson and Stevenson, 2010; Marston, 2001) are mixed. This leaves the question of the impact of ER exposure (the ...
To what Extent Do Oil Prices Depend on the Value of US
... Traditionally, behind the increase or drop of oil prices is more than one factor. In addition to the fundamental market factors (Supply and demand) there are many others, such as, speculation in the crude oil markets, the less predictable factors (political instability hurricanes, tsunami, etc.), th ...
... Traditionally, behind the increase or drop of oil prices is more than one factor. In addition to the fundamental market factors (Supply and demand) there are many others, such as, speculation in the crude oil markets, the less predictable factors (political instability hurricanes, tsunami, etc.), th ...
18Future Contracts,Options and Swaps
... This is because when you buy an option; you have to be correct in determining not only the direction of the stock's movement, but also the magnitude and the timing of this movement. To succeed, you must correctly predict whether a stock will go up or down, and you have to be right about how much the ...
... This is because when you buy an option; you have to be correct in determining not only the direction of the stock's movement, but also the magnitude and the timing of this movement. To succeed, you must correctly predict whether a stock will go up or down, and you have to be right about how much the ...
The Case against Capital Controls Free-Trade Argument Executive Summary
... for some closing of the world trading and financial system, the Asian crisis of 1997–98 afforded a chance to compare the effects different policies on capital flows across the region. Only Malaysia instituted capital controls in an attempt to reduce investment in that country. And Malaysia’s seeming ...
... for some closing of the world trading and financial system, the Asian crisis of 1997–98 afforded a chance to compare the effects different policies on capital flows across the region. Only Malaysia instituted capital controls in an attempt to reduce investment in that country. And Malaysia’s seeming ...
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus
... liberalize outflows to manage the concerns posed by surging NKI for fear of losing these revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the ...
... liberalize outflows to manage the concerns posed by surging NKI for fear of losing these revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the ...
Slow disinflation process willl delay policy rate cuts
... inflation to target this year, or in 2008 if the effect of cuts in indirect taxes is excluded. It now appears obvious that this process will not take place as quickly as had been expected. Chart I-3 summarises the main forecast findings. It shows that, in order to attain the inflation target within ...
... inflation to target this year, or in 2008 if the effect of cuts in indirect taxes is excluded. It now appears obvious that this process will not take place as quickly as had been expected. Chart I-3 summarises the main forecast findings. It shows that, in order to attain the inflation target within ...
The Yen and The Competitiveness of Japanese Firms Since 1985
... that Japanese average costs at the industry level have risen substantially between 1985 and 1995.1 Since then, Japan-U.S. gaps in average costs have narrowed somewhat, largely owing to more rapid wage increases in the U.S. In some key Japanese industries, productivity growth was rapid, helping close ...
... that Japanese average costs at the industry level have risen substantially between 1985 and 1995.1 Since then, Japan-U.S. gaps in average costs have narrowed somewhat, largely owing to more rapid wage increases in the U.S. In some key Japanese industries, productivity growth was rapid, helping close ...
100 Percent Reserve Banking and the Path to a
... where business venture becomes largely a speculation on the future of monetary policy. (p. 55) ...
... where business venture becomes largely a speculation on the future of monetary policy. (p. 55) ...
FDI in Poland: Determinants and Implications for Countries in Transition
... The Polish economic transformation took place in a highly inflationary environment. During this period, prices of goods and services increased by almost 8000%. In the first years of changes, prices increased one hundred fold and in the later years ten-fold. Such large inflationary increases were ass ...
... The Polish economic transformation took place in a highly inflationary environment. During this period, prices of goods and services increased by almost 8000%. In the first years of changes, prices increased one hundred fold and in the later years ten-fold. Such large inflationary increases were ass ...
The Economic Impact of the Stock Market Boom and Crash of 1929
... empirically how much impact the movements of the stock market had upon the economy. The first task is to obtain, from the vast bulk of the literature on the great crash, a set of well-defined hypotheses as to how the boom and crash might have had their effect. In terms of modern macroeconomic theory ...
... empirically how much impact the movements of the stock market had upon the economy. The first task is to obtain, from the vast bulk of the literature on the great crash, a set of well-defined hypotheses as to how the boom and crash might have had their effect. In terms of modern macroeconomic theory ...
RELATIONSHIP BETWEEN MACROECONOMIC FUNDAMENTALS
... ship between stock market index and macroeconomic variable. Nevertheless, one should keep in mind that the stock market is affected by economic activity to the extent that this affects general earnings, but stocks are also dependent on specific company and industry fundamentals. Although literature ...
... ship between stock market index and macroeconomic variable. Nevertheless, one should keep in mind that the stock market is affected by economic activity to the extent that this affects general earnings, but stocks are also dependent on specific company and industry fundamentals. Although literature ...
the International Monetary System and The Balance of Payments
... meet obligations (Triffin Paradox) ...
... meet obligations (Triffin Paradox) ...
