Effects of Political Crises Events on the Venezuelan
... foreign reserves, causing financial and political shocks.13 The government would have to devalue the currency again in 1986. The results of these two trends, the overpowering strength of the political party system and the fall in oil income, are the political crisis years that peak from 1989 to 1993 ...
... foreign reserves, causing financial and political shocks.13 The government would have to devalue the currency again in 1986. The results of these two trends, the overpowering strength of the political party system and the fall in oil income, are the political crisis years that peak from 1989 to 1993 ...
The Inflation-Openness Payoff Revisited: A Note on Romer vs
... using data from the 1990s. Our results suggest the negative openness-inflation correlation strengthened 1990s, across all country groups. And contrary to Terra’s (1998) findings for the 1980s, the inflation-openness relationship is now more predictable among less indebted countries. More open econom ...
... using data from the 1990s. Our results suggest the negative openness-inflation correlation strengthened 1990s, across all country groups. And contrary to Terra’s (1998) findings for the 1980s, the inflation-openness relationship is now more predictable among less indebted countries. More open econom ...
Paul Krugman
... current travails not because economic policies had not been reformed, but because they had. Around the world countries responded to the very real flaws in post-Depression policy regimes by moving back toward a regime with many of the virtues of pre-Depression free-market capitalism. However, in brin ...
... current travails not because economic policies had not been reformed, but because they had. Around the world countries responded to the very real flaws in post-Depression policy regimes by moving back toward a regime with many of the virtues of pre-Depression free-market capitalism. However, in brin ...
Monetary policy challenges in New Zealand: how are we different?
... UK. The start date of 1993 was chosen because Sweden and the UK adopted inflation targeting after being pushed out of fixed exchange rate regimes in 1992. Accordingly, Sweden and the UK had very high real interest rates for some time post-1992 as the central banks rebuilt lost credibility and leaned ...
... UK. The start date of 1993 was chosen because Sweden and the UK adopted inflation targeting after being pushed out of fixed exchange rate regimes in 1992. Accordingly, Sweden and the UK had very high real interest rates for some time post-1992 as the central banks rebuilt lost credibility and leaned ...
Foreign currency borrowing by small firms in emerging markets
... expatriate depositors and other regional investors, were more than $80 billion by the end of 2008. A large share of deposits – roughly 70% – is dollar deposits (Fig. 1). Depositors continue to deposit in dollars because of a perceived currency risk despite a de facto peg of the domestic currency (Le ...
... expatriate depositors and other regional investors, were more than $80 billion by the end of 2008. A large share of deposits – roughly 70% – is dollar deposits (Fig. 1). Depositors continue to deposit in dollars because of a perceived currency risk despite a de facto peg of the domestic currency (Le ...
A Twelve-Area Model for the Equilibrium Nominal Chinese Yuan/US
... FABEER model from a five-area (US, Euro area, Japan, UK and the rest of the world) model to a twelve-area model. We include China and its eleven main trade partners; i.e. Australia, Canada, Euro area, Hong Kong, Japan, Korea, Malaysia, Singapore, Thailand, United States and the United Kingdom. The c ...
... FABEER model from a five-area (US, Euro area, Japan, UK and the rest of the world) model to a twelve-area model. We include China and its eleven main trade partners; i.e. Australia, Canada, Euro area, Hong Kong, Japan, Korea, Malaysia, Singapore, Thailand, United States and the United Kingdom. The c ...
Venezuela Economics-Assessing default risks and haircut scenarios
... liability management and rollover from bonds held in PdVSA’s pension fund) and in 2Q 2017 (USD7.3bn). In addition, Venezuela is paying off its debt with China with oil shipments at a pace of USD1.8bn per quarter. As shown in table 7, if the price for the Venezuelan mix were to average USD32 per doll ...
... liability management and rollover from bonds held in PdVSA’s pension fund) and in 2Q 2017 (USD7.3bn). In addition, Venezuela is paying off its debt with China with oil shipments at a pace of USD1.8bn per quarter. As shown in table 7, if the price for the Venezuelan mix were to average USD32 per doll ...
laura a. wolff - Pearson Higher Education
... 19. The requirement that borrowing nations change their policies so that the economic crisis cannot recur as a condition of taking a loan __________________ 20. The right of nations to pursue domestic policies that they perceive to be in their national interest and to be free from the intervention o ...
... 19. The requirement that borrowing nations change their policies so that the economic crisis cannot recur as a condition of taking a loan __________________ 20. The right of nations to pursue domestic policies that they perceive to be in their national interest and to be free from the intervention o ...
Monetary Policy and Green Finance
... Within the current IMS, central bank mandates differ widely across countries. Several central banks in the G20 economies have a mandate covering two or more objectives, for example, price stability, financial stability, full employment and output growth. Others only focus on price stability. A simil ...
... Within the current IMS, central bank mandates differ widely across countries. Several central banks in the G20 economies have a mandate covering two or more objectives, for example, price stability, financial stability, full employment and output growth. Others only focus on price stability. A simil ...
![demographics and global savings glut[1]](http://s1.studyres.com/store/data/004066353_1-3a1bf46bb044c14c6a59b2aaaffe732d-300x300.png)
demographics and global savings glut[1]
... may not resolve the problem of poor capital allocation, but it protects the virtuous cycle from premature disruption from an external crisis. This is why Japan and now China were able to maintain hypergrowth over very long periods of time despite worries about their banking system. In contrast, the ...
... may not resolve the problem of poor capital allocation, but it protects the virtuous cycle from premature disruption from an external crisis. This is why Japan and now China were able to maintain hypergrowth over very long periods of time despite worries about their banking system. In contrast, the ...
PowerShares Dynamic US Market UCITS ETF 31 May 2017
... Persons interested in acquiring the ETF should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile: (ii) any foreign exchange controls: and (iii) tax consequences which might be relevant. This document is marketing mater ...
... Persons interested in acquiring the ETF should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile: (ii) any foreign exchange controls: and (iii) tax consequences which might be relevant. This document is marketing mater ...
Some Further Evidence on Exchange
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
Stability in International Economy: The LINK Experience The
... expenditure multiplier in the older version of the Wharton Model. It settled down at about 3.5 after growing for three to four years. In that system exports were in a distributed lag relation; therefore, the initial impact was compounded in the dynamic solution. If this effect is eliminated, the lon ...
... expenditure multiplier in the older version of the Wharton Model. It settled down at about 3.5 after growing for three to four years. In that system exports were in a distributed lag relation; therefore, the initial impact was compounded in the dynamic solution. If this effect is eliminated, the lon ...
Does exchange rate depreciation have contractionary effects on firm
... rate depreciation (appreciation) has a contractionary (expansionary) impact on firms’ investment. In the absence of foreign currency debt, exchange rate movements do not translate into investment fluctuations. And these results hold while controlling for foreign currency assets. In addition, we show ...
... rate depreciation (appreciation) has a contractionary (expansionary) impact on firms’ investment. In the absence of foreign currency debt, exchange rate movements do not translate into investment fluctuations. And these results hold while controlling for foreign currency assets. In addition, we show ...
Developing Countries
... Where exchange rates are not pegged outright (as in China), they tend to be managed more heavily by developing-country governments. Government measures to limit exchange rate flexibility reflect both a desire to keep inflation under control and the fear that floating exchange rates would be subject ...
... Where exchange rates are not pegged outright (as in China), they tend to be managed more heavily by developing-country governments. Government measures to limit exchange rate flexibility reflect both a desire to keep inflation under control and the fear that floating exchange rates would be subject ...
Foreign Exchange Risk Management Practices
... became more exposed, on a different level with the exchange rate differentiation, than what they had been during the previous system with an inflexible exchange rate. The SEK depreciated against foreign currencies after the introduction of the floating exchange rate. This favoured the exporting comp ...
... became more exposed, on a different level with the exchange rate differentiation, than what they had been during the previous system with an inflexible exchange rate. The SEK depreciated against foreign currencies after the introduction of the floating exchange rate. This favoured the exporting comp ...
Currency Crises in Argentina - Asociación Argentina de Economía
... the costs (high interest rate, high unemployment rate) can be so onerous that government finally devaluates, so the market anticipates that action and acts in advance. The government compares the net benefits from changing the exchange rate versus defending it. Policymakers usually have as many good ...
... the costs (high interest rate, high unemployment rate) can be so onerous that government finally devaluates, so the market anticipates that action and acts in advance. The government compares the net benefits from changing the exchange rate versus defending it. Policymakers usually have as many good ...
NBER WORKING PAPER SERIES EXPENDITURE SWITCHING VS. REAL EXCHANGE RATE
... objective of achieving terms of trade adjustment. Moreover, when the production functions are not identical (e.g., exhibiting home bias in the use of traded inputs), or when non-traded inputs are used in production, the optimal real exchange rate is not constant. It is nonetheless true that the opti ...
... objective of achieving terms of trade adjustment. Moreover, when the production functions are not identical (e.g., exhibiting home bias in the use of traded inputs), or when non-traded inputs are used in production, the optimal real exchange rate is not constant. It is nonetheless true that the opti ...
BEHIND THE 2000/2001 TURKISH CRISIS: Stability, Credibility, and Governance, for Whom?
... main aim of the program (was) to eliminate the instability due to lack of trust and to… construct the necessary legal infrastructure so as to re-organize the public administration and the economic decision making processes. Accordingly, it would “… no longer be possible to go back to the old ways o ...
... main aim of the program (was) to eliminate the instability due to lack of trust and to… construct the necessary legal infrastructure so as to re-organize the public administration and the economic decision making processes. Accordingly, it would “… no longer be possible to go back to the old ways o ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... of risk aversion of the firms that are exporting them. When firms are sufficiently risk averse (loving), relatively more differentiated products will be exported to countries that have low (high) exchange rate volatilities with the exporting country. ...
... of risk aversion of the firms that are exporting them. When firms are sufficiently risk averse (loving), relatively more differentiated products will be exported to countries that have low (high) exchange rate volatilities with the exporting country. ...
Here - Levy Economics Institute of Bard College
... In this framework however, a decline in inflation and output volatility simultaneously cannot be the result of a new mix of policy preferences. As Bernanke (2004) argues, the coincident decline in volatility could be because prior to the Great Moderation, policy operated to the left of the Taylor c ...
... In this framework however, a decline in inflation and output volatility simultaneously cannot be the result of a new mix of policy preferences. As Bernanke (2004) argues, the coincident decline in volatility could be because prior to the Great Moderation, policy operated to the left of the Taylor c ...
Short-Term Capital Flows, The Real Economy and Income
... None the less, debate has focussed on the appropriate combination of institutional reform and macroeconomic policy required to reduce this instability, rather than on the economic consequences of the instability itself. This seems unwise, not just because such fluctuations might notionally have no n ...
... None the less, debate has focussed on the appropriate combination of institutional reform and macroeconomic policy required to reduce this instability, rather than on the economic consequences of the instability itself. This seems unwise, not just because such fluctuations might notionally have no n ...
NBER WORKING PAPER SERIES QUALITATIVE EASING: Roger E.A. Farmer
... paper I provide an economic model that shows how qualitative easing works and why it matters. Because qualitative easing is conducted by the central bank, it is often classified as a monetary policy. But because it adds risk to the public balance sheet that is ultimately borne by the taxpayer, QuaE ...
... paper I provide an economic model that shows how qualitative easing works and why it matters. Because qualitative easing is conducted by the central bank, it is often classified as a monetary policy. But because it adds risk to the public balance sheet that is ultimately borne by the taxpayer, QuaE ...
Exchange-Rate Stabilization in Mid-1930s
... currencies, would again throw the exchange-rate structure into confusion. Most important, the British authorities, whose recollections of the unhappy experiences under the old parity were still fresh, felt strongly that sterling itself would be seriously overvalued at the $4.86 rate. When, on Decemb ...
... currencies, would again throw the exchange-rate structure into confusion. Most important, the British authorities, whose recollections of the unhappy experiences under the old parity were still fresh, felt strongly that sterling itself would be seriously overvalued at the $4.86 rate. When, on Decemb ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... compete in providing the most attractive economic environment, measured primarily by price stability, and that policy coordination is harmful because it reduces competition among governments. Coordination can also raise the costs of policy mistakes because governments will do the same wrong things c ...
... compete in providing the most attractive economic environment, measured primarily by price stability, and that policy coordination is harmful because it reduces competition among governments. Coordination can also raise the costs of policy mistakes because governments will do the same wrong things c ...