This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... An alternative story that could be tested empirically is provided by Jin (2009): in a two‐good/two‐factor Hecksher‐Ohlin type of model, poorer countries should specialize in labor‐intensive sectors. Capital account liberalization induces two effects: capital inflows toward the poorer country (“neocl ...
... An alternative story that could be tested empirically is provided by Jin (2009): in a two‐good/two‐factor Hecksher‐Ohlin type of model, poorer countries should specialize in labor‐intensive sectors. Capital account liberalization induces two effects: capital inflows toward the poorer country (“neocl ...
The Global Flow of Funds: Chapter 2
... goods and services, while the capital account documents trade in financial assets. A country's accounts must balance, meaning that any deficit in the current account must be offset by a surplus in the capital account. Thus by definition, a country with a current account deficit consumes more than it ...
... goods and services, while the capital account documents trade in financial assets. A country's accounts must balance, meaning that any deficit in the current account must be offset by a surplus in the capital account. Thus by definition, a country with a current account deficit consumes more than it ...
Real currency appreciation in accession countries
... The papers of Halpern/Wyplosz (1997), Krajnyák/Zettelmeyer (1998) and Begg HWDO (1999) argue that an initial real undervaluation accounts for part of the real appreciation in the first half of the 1990s. They observe a sharp real depreciation for some transition countries at the time they gave up ...
... The papers of Halpern/Wyplosz (1997), Krajnyák/Zettelmeyer (1998) and Begg HWDO (1999) argue that an initial real undervaluation accounts for part of the real appreciation in the first half of the 1990s. They observe a sharp real depreciation for some transition countries at the time they gave up ...
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... result in a benchmark security which market participants will use in setting up their trading, investment / lending and borrowing policies. The financial markets thrive on information. An efficient secondary market will ensure transparency, which is about price discovery, together with investor prot ...
... result in a benchmark security which market participants will use in setting up their trading, investment / lending and borrowing policies. The financial markets thrive on information. An efficient secondary market will ensure transparency, which is about price discovery, together with investor prot ...
Economic Premise - World Bank Group
... attractiveness of the U.S. dollar as a global reserve currency has been market driven, largely by the liquidity and depth of U.S. financial markets. Central banks do not hold U.S. dollars because they are required to, but because they choose to for policy and/or financial reasons. For example, in th ...
... attractiveness of the U.S. dollar as a global reserve currency has been market driven, largely by the liquidity and depth of U.S. financial markets. Central banks do not hold U.S. dollars because they are required to, but because they choose to for policy and/or financial reasons. For example, in th ...
Exchange Rate Volatility and Exports: The Case of Colombia
... between exchange rate volatility and exports. As Clark et al. (2004) note, however, this impact is estimated to be economically small and is “…by no means a robust, universal finding.” Coric and Pugh (2010) provide a more comprehensive survey of the literature, which largely employs country-level a ...
... between exchange rate volatility and exports. As Clark et al. (2004) note, however, this impact is estimated to be economically small and is “…by no means a robust, universal finding.” Coric and Pugh (2010) provide a more comprehensive survey of the literature, which largely employs country-level a ...
On The International Transmission Of Productivity Shocks
... technology shock. This result is particularly relevant because it has strong implications for the international adjustment mechanism. In the current world economy the US are running large trade deficits while experiencing a high productivity growth: the idea is that, under these new results, we cann ...
... technology shock. This result is particularly relevant because it has strong implications for the international adjustment mechanism. In the current world economy the US are running large trade deficits while experiencing a high productivity growth: the idea is that, under these new results, we cann ...
This PDF is a selection from a published volume from... Economic Research
... There are several previous studies that address determinants of debt maturity structure. For example, Rodrik and Velasco (1999) argue that international investors with informational disadvantages may choose to lend short-term to better monitor and discipline borrowers (see also Fukuda 2001 and Jeann ...
... There are several previous studies that address determinants of debt maturity structure. For example, Rodrik and Velasco (1999) argue that international investors with informational disadvantages may choose to lend short-term to better monitor and discipline borrowers (see also Fukuda 2001 and Jeann ...
5-6 November 2008
... training, investment projects, policy lending etc.). It should help strengthen the formulation or implementation of adaptation and mitigation components in climate change strategies; improve dissemination and knowledge management and help build partnerships for knowledge sharing and action at econom ...
... training, investment projects, policy lending etc.). It should help strengthen the formulation or implementation of adaptation and mitigation components in climate change strategies; improve dissemination and knowledge management and help build partnerships for knowledge sharing and action at econom ...
Trends and Leadership Challenges in the Evolution of the Global
... The current changes in the global economic environment were amplified and accelerated by the financial crisis which broke out in the US in 2008. The high speed at which the on-going processes are taking place shows that economic international relations will be challenged by new issues in the next fe ...
... The current changes in the global economic environment were amplified and accelerated by the financial crisis which broke out in the US in 2008. The high speed at which the on-going processes are taking place shows that economic international relations will be challenged by new issues in the next fe ...
The Federal Reserve in a Globalized World Economy John B. Taylor
... stability. The task of monetary policy in each country is to find a policy in which the policy instrument is adjusted so as to reach an efficient point on that tradeoff. In such a model, the problem for the central bank is to decide how to respond to shocks and fluctuations in the economy while not ...
... stability. The task of monetary policy in each country is to find a policy in which the policy instrument is adjusted so as to reach an efficient point on that tradeoff. In such a model, the problem for the central bank is to decide how to respond to shocks and fluctuations in the economy while not ...
as a PDF
... The recent debate over dollarization has been more focused on the motives of the idea than in analyzing the proposal more formally. Here we attempt to prove a very simple point that should be considered as the hardest lesson ever learnt by emergent economies: no stability is achieved without fiscal ...
... The recent debate over dollarization has been more focused on the motives of the idea than in analyzing the proposal more formally. Here we attempt to prove a very simple point that should be considered as the hardest lesson ever learnt by emergent economies: no stability is achieved without fiscal ...
Exchange rate movements and export market dynamics: evidence
... foreign exchange rate fluctuations and firms’ export market dynamics using a firm-level production data from China National Bureau of Statistics and a firm-level trade data from China Customs over the period of 2000-2006. We adopt a discrete-time survival model in our empirical investigation and fur ...
... foreign exchange rate fluctuations and firms’ export market dynamics using a firm-level production data from China National Bureau of Statistics and a firm-level trade data from China Customs over the period of 2000-2006. We adopt a discrete-time survival model in our empirical investigation and fur ...
77045063I_en.pdf
... appeared, the international private-sector banking system undertook large-scale lending in Latin America. The external debt crisis and the efforts made to cope with it, particularly the Brady Plan, gave rise to markets for debt instruments and to the region’s capital market. On average, net fund tra ...
... appeared, the international private-sector banking system undertook large-scale lending in Latin America. The external debt crisis and the efforts made to cope with it, particularly the Brady Plan, gave rise to markets for debt instruments and to the region’s capital market. On average, net fund tra ...
productivity, commodity prices and the real exchange rate
... nontraded sectors, and detrending controls for the effect of these changes. As an alternative way to account for the effect of the nontraded goods productivity ratio, Figure 3 examines the behavior of the log of Canada-U.S. labor productivity ratio in Manufacturing relative to the Business sector ( ...
... nontraded sectors, and detrending controls for the effect of these changes. As an alternative way to account for the effect of the nontraded goods productivity ratio, Figure 3 examines the behavior of the log of Canada-U.S. labor productivity ratio in Manufacturing relative to the Business sector ( ...
monetary policy and stock market performance in nigeria
... downturn or persistent fall in stock prices which culminates into lower earnings per share. A stock market crash reduces aggregate demand, putting downward pressure on output and employment. The standard response is for the Central Bank to lower interest rates by increasing money supply. However, fo ...
... downturn or persistent fall in stock prices which culminates into lower earnings per share. A stock market crash reduces aggregate demand, putting downward pressure on output and employment. The standard response is for the Central Bank to lower interest rates by increasing money supply. However, fo ...
Can macroeconomic indicators predict a currency crisis? Evidence
... crises. Kamin and Rogers (1996) point out that exchange rate based stabilization policies are useful in accelerating a disinflation process, but they typically lead to overvalued exchange rates and large current account deficits. These factors, in turn, make it difficult to sustain exchange rate peg ...
... crises. Kamin and Rogers (1996) point out that exchange rate based stabilization policies are useful in accelerating a disinflation process, but they typically lead to overvalued exchange rates and large current account deficits. These factors, in turn, make it difficult to sustain exchange rate peg ...
1. Introduction DRAFT The New Zealand Treasury Model (NZTM) K L Szeto
... The household sector models households’ consumption decision based on their income and wealth. Households not only supply the labour input for the production process but business capital as well. Households are assumed to allocate their total consumption between housing services and other consumptio ...
... The household sector models households’ consumption decision based on their income and wealth. Households not only supply the labour input for the production process but business capital as well. Households are assumed to allocate their total consumption between housing services and other consumptio ...
Monetary targeting and financial system characteristics: An
... of capital and money within the economy. As a result of these changes, it became difficult for central banks to control domestic credit and broad money supply. Under these circumstances, central banks frequently missed money growth targets and eventually abandoned MT. While there is an extensive lit ...
... of capital and money within the economy. As a result of these changes, it became difficult for central banks to control domestic credit and broad money supply. Under these circumstances, central banks frequently missed money growth targets and eventually abandoned MT. While there is an extensive lit ...
Consequences of a current account surplus
... A current account surplus is partly due to high exports, but the other side of the equation is imports and domestic demand. A country may have a large current account surplus because of relatively weak domestic demand. This weak demand leads to lower consumer spending, and lower spending on imports. ...
... A current account surplus is partly due to high exports, but the other side of the equation is imports and domestic demand. A country may have a large current account surplus because of relatively weak domestic demand. This weak demand leads to lower consumer spending, and lower spending on imports. ...
The Determinants of Pakistan`s Trade Balance
... trade balance, empirical work tends to suggest mixed results. Among 30 countries studied, Rose (1990) finds that the impact of devaluation on the trade balance is insignificant for 28 countries, while one country shows a negative impact. He concludes that devaluation does not necessarily lead to an ...
... trade balance, empirical work tends to suggest mixed results. Among 30 countries studied, Rose (1990) finds that the impact of devaluation on the trade balance is insignificant for 28 countries, while one country shows a negative impact. He concludes that devaluation does not necessarily lead to an ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER Macroeconomics Annual 2008, Volume 23
... economies. One common strategy has been to model the EA economy using only EA aggregates. Examples include evidence based on VARs (Peersman and Smets 2003), more structural models (the ECB area‐wide model [AWM]; Fagan, Henry, and Mestre 2005), and optimization‐based macroeconomic models (Smets and W ...
... economies. One common strategy has been to model the EA economy using only EA aggregates. Examples include evidence based on VARs (Peersman and Smets 2003), more structural models (the ECB area‐wide model [AWM]; Fagan, Henry, and Mestre 2005), and optimization‐based macroeconomic models (Smets and W ...