On microscopes and telescopes
... typically lead to an adaptation of policies to prevent systemic collapse. These adaptive policy responses may preserve otherwise-fragile socio-economic topologies. They may even further encourage the growth of connectivity and complexity of these networks. For example, policies to support “super-sp ...
... typically lead to an adaptation of policies to prevent systemic collapse. These adaptive policy responses may preserve otherwise-fragile socio-economic topologies. They may even further encourage the growth of connectivity and complexity of these networks. For example, policies to support “super-sp ...
Financial Market in Latvia
... In recent years, significance of the financial sector has been gradually increasing both in the industrialized countries and transition economies. Perhaps the most important function of the financial sector is the transfer of savings to investment. The type of utilization of savings, however, is eve ...
... In recent years, significance of the financial sector has been gradually increasing both in the industrialized countries and transition economies. Perhaps the most important function of the financial sector is the transfer of savings to investment. The type of utilization of savings, however, is eve ...
NBER WORKING PAPER SERIES MACROECONOMIC RESPONSES BY DEVELOPING COUNTRIES TO CHANGES
... other rates of return. Part of urban unemployment is due to artificially high wage rates in the formal urban sector (where the government often is a (or the) major employer and unions are stronger than in the rural sector), a problem that is sometimes compounded by a policy of paving higher food sub ...
... other rates of return. Part of urban unemployment is due to artificially high wage rates in the formal urban sector (where the government often is a (or the) major employer and unions are stronger than in the rural sector), a problem that is sometimes compounded by a policy of paving higher food sub ...
NBER WORKING PAPER SERIES ECONOMIC EFFECTS OF CURRENCY UNIONS Silvana Tenreyro
... A number of recent papers estimate the effect of currency unions on bilateral trade. Most notably, Rose [2000] and Frankel and Rose [2002] report that bilateral trade between two countries that use the same currency is, controlling for other effects, over two-hundredpercent larger than bilateral trade ...
... A number of recent papers estimate the effect of currency unions on bilateral trade. Most notably, Rose [2000] and Frankel and Rose [2002] report that bilateral trade between two countries that use the same currency is, controlling for other effects, over two-hundredpercent larger than bilateral trade ...
Interpreting recent movements in sterling
... to put downward pressure on sterling and vice versa. So, if all goods were tradable, the real exchange rate would tend to remain broadly constant over time. But in practice there are some goods and services that are non-tradable (for example, haircuts) and some tradables that are not perfect substit ...
... to put downward pressure on sterling and vice versa. So, if all goods were tradable, the real exchange rate would tend to remain broadly constant over time. But in practice there are some goods and services that are non-tradable (for example, haircuts) and some tradables that are not perfect substit ...
Seigniorage of Fiat Money and the Maqasid al-Shari`ah - e
... A commodity is, in contrast, physical and real. It can neither be created at the will of anyone nor be counterfeited11. This characteristic alone can obviate most of the problems associated with fiat money — hyperinflation, asset price bubbles, debt bubbles, amplification of business cycles, etc. If ...
... A commodity is, in contrast, physical and real. It can neither be created at the will of anyone nor be counterfeited11. This characteristic alone can obviate most of the problems associated with fiat money — hyperinflation, asset price bubbles, debt bubbles, amplification of business cycles, etc. If ...
Effects of the U.S. Quantitative Easing on a Small Open Economy
... There has been widespread concern among policy-makers in emerging economies about the effects of Quantitative Easing (QE) policies implemented in developed economies. This comes from the fact that these measures have triggered large surges in capital inflows to emerging countries, leading to exchang ...
... There has been widespread concern among policy-makers in emerging economies about the effects of Quantitative Easing (QE) policies implemented in developed economies. This comes from the fact that these measures have triggered large surges in capital inflows to emerging countries, leading to exchang ...
Week 9 - cda college
... • (a) the first policy allows the governments to choose between floating and fixed exchange rates. • (b) the second policy allows governments to choose between restriction in access to the FEM and no restriction. No restriction is the case where everyone is free to use the foreign exchange market: t ...
... • (a) the first policy allows the governments to choose between floating and fixed exchange rates. • (b) the second policy allows governments to choose between restriction in access to the FEM and no restriction. No restriction is the case where everyone is free to use the foreign exchange market: t ...
PDF, 348
... EUR/USD exchange rate in the period from 2002 to 2003. Our analysis has shown that both fundamental and nonfundamental factors seem to have played a role. Regarding fundamental factors, an accommodating U.S. monetary policy in light of a weak labor market as well as the rising U.S. current account d ...
... EUR/USD exchange rate in the period from 2002 to 2003. Our analysis has shown that both fundamental and nonfundamental factors seem to have played a role. Regarding fundamental factors, an accommodating U.S. monetary policy in light of a weak labor market as well as the rising U.S. current account d ...
Document
... – In last chapter we developed a short-run model and a long-run model that used movements in the money supply. – In this chapter, we develop 2 more models, building on the longrun approach from last chapter. – Long run means a sufficient amount of time for prices of all goods and services to adjust ...
... – In last chapter we developed a short-run model and a long-run model that used movements in the money supply. – In this chapter, we develop 2 more models, building on the longrun approach from last chapter. – Long run means a sufficient amount of time for prices of all goods and services to adjust ...
The Global Economic Recession and Industrial Structure: Evidence
... The economies of East Asia and Southeast Asia have historically featured generally sound developmental paths with considerable macroeconomic stability. Among them, the four dragons of the newly industrialized economies (NIEs) 1 were the best economic performers of the 1970s, 1980s, and 1990s, that i ...
... The economies of East Asia and Southeast Asia have historically featured generally sound developmental paths with considerable macroeconomic stability. Among them, the four dragons of the newly industrialized economies (NIEs) 1 were the best economic performers of the 1970s, 1980s, and 1990s, that i ...
The ASEAN Chronicles of the Chinese Yuan
... currently. Considering China’s 9.6% share of world trade in 2010, the RMB can be deemed underutilised at the international level and has potential for substantial growth to develop towards a top global currency, if adequately backed by country regulators and politicians. Globally, financial infrastr ...
... currently. Considering China’s 9.6% share of world trade in 2010, the RMB can be deemed underutilised at the international level and has potential for substantial growth to develop towards a top global currency, if adequately backed by country regulators and politicians. Globally, financial infrastr ...
Basic Model - Bank of Jamaica
... among the variables in terms of the degree of endogeneity / exogeneity. A variable zit is said to be weakly exogenous for the long run parameters, if ∆zit does not contain information about the long run relation. This can be tested by placing linear restrictions on the adjustment matrix, such that t ...
... among the variables in terms of the degree of endogeneity / exogeneity. A variable zit is said to be weakly exogenous for the long run parameters, if ∆zit does not contain information about the long run relation. This can be tested by placing linear restrictions on the adjustment matrix, such that t ...
What is Happening to the Ruble?
... applies to the exchange rate of the ruble. At present, however, it looks quite likely that the oil price will stop falling in the course of 2015 as higher-cost production is taken out of operation, and the sanctions imposed on Russia may not be intensified, even if present restrictions remain in pla ...
... applies to the exchange rate of the ruble. At present, however, it looks quite likely that the oil price will stop falling in the course of 2015 as higher-cost production is taken out of operation, and the sanctions imposed on Russia may not be intensified, even if present restrictions remain in pla ...
Global Economics View
... borrow funds at -10%, but rather than lending out the funds at -10% plus a reasonable spread, one attractive alternative would be for it to invest the funds in euro currency. The relevant effective interest rate that should determine whether households or businesses decide to spend or save today wou ...
... borrow funds at -10%, but rather than lending out the funds at -10% plus a reasonable spread, one attractive alternative would be for it to invest the funds in euro currency. The relevant effective interest rate that should determine whether households or businesses decide to spend or save today wou ...
54 Determinants of exchange rate of Indian rupee against us dollar
... Drawing Rights(SDR) of IMF, gold, foriegn currency assets(in US dollar, euro, pound sterling, Canadian dollar, Australian dollar and Japanese yen etc.), and Reserve tranche position in the IMF. Forex reserves are expressed in US dollars, hence it declines when US dollar appreciates against major int ...
... Drawing Rights(SDR) of IMF, gold, foriegn currency assets(in US dollar, euro, pound sterling, Canadian dollar, Australian dollar and Japanese yen etc.), and Reserve tranche position in the IMF. Forex reserves are expressed in US dollars, hence it declines when US dollar appreciates against major int ...
Bank Capital - Federal Reserve Bank of Boston
... banks would have had losses that exceeded 450 basis points. Such losses would have exceeded the buffers provided by the currently proposed maximum "SIFI surcharge" (for systemically important financial institutions)4 and conservation buffer, and would have caused capital to fall below the 5 percent ...
... banks would have had losses that exceeded 450 basis points. Such losses would have exceeded the buffers provided by the currently proposed maximum "SIFI surcharge" (for systemically important financial institutions)4 and conservation buffer, and would have caused capital to fall below the 5 percent ...
Some issues with rating of PI 25 – Quality and
... departments and agencies are submitted for external audit within 4 months of the end of the financial year The financial statements for 90% of ministries, departments and agencies are submitted for external audit within 6 months of the end of the financial year The financial statements for 80% of mi ...
... departments and agencies are submitted for external audit within 4 months of the end of the financial year The financial statements for 90% of ministries, departments and agencies are submitted for external audit within 6 months of the end of the financial year The financial statements for 80% of mi ...
Paul Krugman
... Troubled Asian Economies have turned out to have many policy and institutional weaknesses. But if America or Europe should get into trouble next year or the year after, we can be sure that in retrospect analysts will find equally damning things to say about Western values and institutions. And it is ...
... Troubled Asian Economies have turned out to have many policy and institutional weaknesses. But if America or Europe should get into trouble next year or the year after, we can be sure that in retrospect analysts will find equally damning things to say about Western values and institutions. And it is ...
External Constraints on Monetary Policy and The Financial Accelerator
... ¯xed exchange rate regime. In a study covering the 1970s through the 1990s, Kaminsky and Reinhart [18] document the strong correlation between domestic ¯nancial strains and currency crises. Put di®erently, countries in the position of having to defend an exchange rate peg were more likely to have su ...
... ¯xed exchange rate regime. In a study covering the 1970s through the 1990s, Kaminsky and Reinhart [18] document the strong correlation between domestic ¯nancial strains and currency crises. Put di®erently, countries in the position of having to defend an exchange rate peg were more likely to have su ...
Trade, financial and growth nexus in Pakistan
... low quality banking services, accumulation of non-performing loans and inadequate market capitalization. These inefficiencies and distortions caused severe macroeconomic difficulties in the late 1970s and 1980s. In order to remove these distortions and spur economic growth, the government of Pakista ...
... low quality banking services, accumulation of non-performing loans and inadequate market capitalization. These inefficiencies and distortions caused severe macroeconomic difficulties in the late 1970s and 1980s. In order to remove these distortions and spur economic growth, the government of Pakista ...
The role of house prices in the monetary policy transmission
... incorporate house prices identify the system by placing recursive, contemporaneous restrictions on the interaction between monetary policy and house prices (see e.g., Assenmacher-Wesche and Gerlach, 2008a,b; Goodhart and Hofmann, 2001; Iacoviello, 2005; Iacoviello and Minetti, 2003, 2008; Giuliodori ...
... incorporate house prices identify the system by placing recursive, contemporaneous restrictions on the interaction between monetary policy and house prices (see e.g., Assenmacher-Wesche and Gerlach, 2008a,b; Goodhart and Hofmann, 2001; Iacoviello, 2005; Iacoviello and Minetti, 2003, 2008; Giuliodori ...
Exam I - UTSA.edu
... the value of the Swiss franc with respect to the U.S. dollar will generally appreciate the value of the Swiss franc with respect to the U.S. dollar will generally depreciate the value of the Swiss franc with respect to the U.S. dollar would generally remain constant The value of the Swiss franc with ...
... the value of the Swiss franc with respect to the U.S. dollar will generally appreciate the value of the Swiss franc with respect to the U.S. dollar will generally depreciate the value of the Swiss franc with respect to the U.S. dollar would generally remain constant The value of the Swiss franc with ...
Keynes’s Monetary Theory: A Different Jnterpretation Allan H. Meltzer
... that equilibrium levels of output and employment are too low because the capital stock is too small, i.e., below its saturation level. In fact, however, Keynes himself believed that low levels of outputand employment were caused by the capital stock being too large. Writing at a time when the econom ...
... that equilibrium levels of output and employment are too low because the capital stock is too small, i.e., below its saturation level. In fact, however, Keynes himself believed that low levels of outputand employment were caused by the capital stock being too large. Writing at a time when the econom ...
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.