PDF version - Bank for International Settlements
... Second, the degree of currency internationalisation, seen as a measure of the external liquidity available to a sovereign, has also gained in importance for some agencies. S&P has clarified the measures of internationalisation that can boost ratings, including the shares of the currency in global fo ...
... Second, the degree of currency internationalisation, seen as a measure of the external liquidity available to a sovereign, has also gained in importance for some agencies. S&P has clarified the measures of internationalisation that can boost ratings, including the shares of the currency in global fo ...
NBER WORKING PAPER SERIES ON CHINA'S CURRENT ACCOUNT
... impact of a variable xi on the current account balance is +, then the shock to xi is + 1 s.d., if the impact of xi on the current account balance is negative, then the shock to xi is - 1 s.d.]. The second scenario is the opposite, the “bad 1 s.d scenario,” where each of the conditioning variables g ...
... impact of a variable xi on the current account balance is +, then the shock to xi is + 1 s.d., if the impact of xi on the current account balance is negative, then the shock to xi is - 1 s.d.]. The second scenario is the opposite, the “bad 1 s.d scenario,” where each of the conditioning variables g ...
Volume 71 No. 3, September 2008 Contents Themed issue: Inflation
... inflation pressure. For some other countries, growth is set to ...
... inflation pressure. For some other countries, growth is set to ...
Capital Flows to Developing Countries: The Allocation Puzzle
... Finally this paper belongs to a small set of contributions that look at the implications of the recent “development accounting” literature for international economics. Development accounting has implications for the behavior of capital flows that have not been systematically explored in the literatu ...
... Finally this paper belongs to a small set of contributions that look at the implications of the recent “development accounting” literature for international economics. Development accounting has implications for the behavior of capital flows that have not been systematically explored in the literatu ...
The Effect of Authoritarian Regime Type on Exchange
... conditions. The second column of Table 1 reports leaders’ turnover rates, the proportion of observations in which a leader exits from power, conditional on positive economic growth. Column 3 of the Table reports how often leaders lose power in years with negative economic growth. Our main interest l ...
... conditions. The second column of Table 1 reports leaders’ turnover rates, the proportion of observations in which a leader exits from power, conditional on positive economic growth. Column 3 of the Table reports how often leaders lose power in years with negative economic growth. Our main interest l ...
Economic fundamentals do matter for the NZD/AUD exchange rate occasional paper
... Arbitrage in capital investment will also tend to result in PPP-type behaviour over the very long run. For example, if a country's exchange rate is such that the cost of labour is low relative to other countries, then production will be attracted to the relatively more competitive economy. Productio ...
... Arbitrage in capital investment will also tend to result in PPP-type behaviour over the very long run. For example, if a country's exchange rate is such that the cost of labour is low relative to other countries, then production will be attracted to the relatively more competitive economy. Productio ...
Responding to Shocks and Maintaining Stability in the West
... agriculture, but also economic (e.g., terms of trade gyrations), with a large impact on key sectors and the cost of living. More generally, business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue i ...
... agriculture, but also economic (e.g., terms of trade gyrations), with a large impact on key sectors and the cost of living. More generally, business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue i ...
Finanical Integration and Growth in a Risky World
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
paper - Pablo Winant
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
Financial Integration and Growth in a Risky World
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
... Our baseline calibration relies on parameters values for risk aversion and levels of risk in line with the business cycles literature but at the expense of counterfactually low risk premia. In an alternative calibration, we show that increasing the market price of risk and risk premia (by increasing ...
The effects of fiscal policy on the conduct and transmission
... the transformation of the economy through instituting a series of economic reforms and policies aimed at creating a market-based economic system driven by the private sector. The reforms undertaken included removing price controls as well as abolishing most subsidies thereby giving market forces a g ...
... the transformation of the economy through instituting a series of economic reforms and policies aimed at creating a market-based economic system driven by the private sector. The reforms undertaken included removing price controls as well as abolishing most subsidies thereby giving market forces a g ...
The GCC in 2020 Outlook for the Gulf and the Global Economy
... that the GCC countries will peg their common currency to a trade-weighted basket of currencies, although one or two states may opt out. Any such basket will be heavily weighted towards the dollar— unless there is a global shift away from the practice of trading oil in dollars. Commodity prices (e.g. ...
... that the GCC countries will peg their common currency to a trade-weighted basket of currencies, although one or two states may opt out. Any such basket will be heavily weighted towards the dollar— unless there is a global shift away from the practice of trading oil in dollars. Commodity prices (e.g. ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Reducing Inflation: Motivation and Strategy
... to lower. By taking preemptive steps to avoid high inflation, a central bank can reduce the likelihood of having to engineer a costly disinflation. Second, a central bank that establishes a clear commitment to controlling inflation may be able to maintain low inflation for far less cost than if it d ...
... to lower. By taking preemptive steps to avoid high inflation, a central bank can reduce the likelihood of having to engineer a costly disinflation. Second, a central bank that establishes a clear commitment to controlling inflation may be able to maintain low inflation for far less cost than if it d ...
The Growth of Nations - Brookings Institution
... saving to affect steady-state growth (prediction 3) might appear inconsistent with the strong correlation between growth and saving across countries. But this correlation could reflect the transitional dynamics that arise as economies approach their steady states. The independence of the steady stat ...
... saving to affect steady-state growth (prediction 3) might appear inconsistent with the strong correlation between growth and saving across countries. But this correlation could reflect the transitional dynamics that arise as economies approach their steady states. The independence of the steady stat ...
impact of macroeconomic factors on financial
... The study focused on the impact of macroeconomic variables on financial performance of deposit taking microfinance institutions in Kenya. The specific objectives were to assess the impact of inflation on the financial performance of deposit taking microfinance institutions in Kenya, to ascertain the ...
... The study focused on the impact of macroeconomic variables on financial performance of deposit taking microfinance institutions in Kenya. The specific objectives were to assess the impact of inflation on the financial performance of deposit taking microfinance institutions in Kenya, to ascertain the ...
The Portfolio Balance Model∗
... restrictive open market operation that fully sterilizes the increase in the money supply. In other words, if the monetary authority wishes to keep the money supply at its original level (the level before the foreign exchange operation), they can sell or buy domestic bonds from the public so that the ...
... restrictive open market operation that fully sterilizes the increase in the money supply. In other words, if the monetary authority wishes to keep the money supply at its original level (the level before the foreign exchange operation), they can sell or buy domestic bonds from the public so that the ...
Some Observations on Turkish Inflation: A “Random
... deficits depend on how they are financed. In our view, heavy reliance on bond-finance since 1986 coupled with strong inertial elements largely explain why ever-growing fiscal deficits have not yet led to much higher inflation. Third, we observe that inflation has increased side-by-side with a visibl ...
... deficits depend on how they are financed. In our view, heavy reliance on bond-finance since 1986 coupled with strong inertial elements largely explain why ever-growing fiscal deficits have not yet led to much higher inflation. Third, we observe that inflation has increased side-by-side with a visibl ...
Geoff Tily, Another “Useful Fiction”?
... an unwillingness to accept Keynes’s main policy conclusions concerning monetary policy. I have argued that these conclusions were very far reaching. In most general terms, they consisted of a shift of control of the financial system from private to public authority, and a change from the gold standa ...
... an unwillingness to accept Keynes’s main policy conclusions concerning monetary policy. I have argued that these conclusions were very far reaching. In most general terms, they consisted of a shift of control of the financial system from private to public authority, and a change from the gold standa ...
NBER WORKING PAPER SERIES IMBALANCES Sebastian Edwards
... investigate the evolution of this distribution. I am particularly interested in understanding how the increasingly large U.S. – and more generally, Anglo-Saxon – deficits have been financed: are they being financed by an increasingly larger number of countries? How important are surpluses in the eme ...
... investigate the evolution of this distribution. I am particularly interested in understanding how the increasingly large U.S. – and more generally, Anglo-Saxon – deficits have been financed: are they being financed by an increasingly larger number of countries? How important are surpluses in the eme ...
Free Full Text ( Final Version , 605kb )
... Taiwan has nearly averaged an impressive 8 percent per year. The high sustained rates of growth for almost four decades have allowed these countries to rapidly catch up with their industrialized, Western economic counterparts. The city-states of Singapore and Hong Kong in particular have managed to ...
... Taiwan has nearly averaged an impressive 8 percent per year. The high sustained rates of growth for almost four decades have allowed these countries to rapidly catch up with their industrialized, Western economic counterparts. The city-states of Singapore and Hong Kong in particular have managed to ...
IMF Staff Papers, Vol,48 Special Issue, 2001
... groups. In Central-Eastern Europe, the main source of net inflows was direct investment, followed by sizable portfolio investment and other investment (mostly private lending). IMF financing was actually negative over the period, reflecting the repayment of loans prior to 1993, and there was almost ...
... groups. In Central-Eastern Europe, the main source of net inflows was direct investment, followed by sizable portfolio investment and other investment (mostly private lending). IMF financing was actually negative over the period, reflecting the repayment of loans prior to 1993, and there was almost ...
NBER WORKING PAPER SERIES THE POSITIVE LINK BETWEEN FINANCIAL Aaron Tornell
... associated with risky capital flows, lending booms, and crises. That financial liberalization is bad for growth because it leads to crises is the wrong lesson to draw. Our empirical analysis shows that, in countries with severe credit market imperfections, financial liberalization leads to more rapi ...
... associated with risky capital flows, lending booms, and crises. That financial liberalization is bad for growth because it leads to crises is the wrong lesson to draw. Our empirical analysis shows that, in countries with severe credit market imperfections, financial liberalization leads to more rapi ...
Macroeconomic Determinants of Remittances in South Asian
... Cooperation Council (GCC) countries, where the number of skilled workers has increased, and unskilled migrants are also again finding opportunities (as new migrants take the places of deportees). In Nepal, the outflow of migrant workers rose 16 percent in fiscal 2013-14 compared with a year earlier, ...
... Cooperation Council (GCC) countries, where the number of skilled workers has increased, and unskilled migrants are also again finding opportunities (as new migrants take the places of deportees). In Nepal, the outflow of migrant workers rose 16 percent in fiscal 2013-14 compared with a year earlier, ...
Sovereign Spreads in the Eurozone: Is Market Discipline Working?
... Henning and Kessler (2012) study the history of public debt of the US states and local governments. Although they do not analyze the spreads of US sub-national economies, they show that, between 1789 and 1840s, it was common for the states to carry out unsustainable debt levels under the expectation ...
... Henning and Kessler (2012) study the history of public debt of the US states and local governments. Although they do not analyze the spreads of US sub-national economies, they show that, between 1789 and 1840s, it was common for the states to carry out unsustainable debt levels under the expectation ...
Towards a framework for financial stability
... This study examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy and public policy. Financial stability is defined in terms of its ability to help the ...
... This study examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy and public policy. Financial stability is defined in terms of its ability to help the ...
International monetary systems
International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable between buyers and sellers of different nationality, including deferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woods in 1944.