Exchange rate strategies for small open developed Economics Department, RBNZ
... Over the past two decades, the liberalisation of capital flows and the creation of deep and liquid foreign exchange markets have changed the economic environment that open economies operate in. The benefits of these developments are substantial, including greater availability and options of financin ...
... Over the past two decades, the liberalisation of capital flows and the creation of deep and liquid foreign exchange markets have changed the economic environment that open economies operate in. The benefits of these developments are substantial, including greater availability and options of financin ...
Why Was the Plaza Accord Unique?
... CHAPTER 8 | RUSSELL A. GREEN, DAVID H. PAPELL, AND RUXANDRA PRODAN 107 ...
... CHAPTER 8 | RUSSELL A. GREEN, DAVID H. PAPELL, AND RUXANDRA PRODAN 107 ...
Malaysia`s September 1998 Controls: Background, Context
... the decision was confirmed in Hong Kong (China) ...
... the decision was confirmed in Hong Kong (China) ...
INSTITUTE OF ECONOMIC STUDIES
... These are common statements about the Icelandic economy. The last one is true, but only tells part of the story, while the rest is either misleading or wrong. In spite of occasional good news, Iceland will not fully recover from financial collapse until capital controls, in place since November 28 2 ...
... These are common statements about the Icelandic economy. The last one is true, but only tells part of the story, while the rest is either misleading or wrong. In spite of occasional good news, Iceland will not fully recover from financial collapse until capital controls, in place since November 28 2 ...
Balance Sheets after the EMU - OFCE
... Moreover, the possibility of a country exiting the euro became closer than ever in 2015 when the Greek banking system was de facto cut off from central bank refinancing, having to shut down for a few days and to impose capital controls during months. On the political side, the tension also reached a ...
... Moreover, the possibility of a country exiting the euro became closer than ever in 2015 when the Greek banking system was de facto cut off from central bank refinancing, having to shut down for a few days and to impose capital controls during months. On the political side, the tension also reached a ...
NBER WORKING PAPER SERIES STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: AN EMPIRICAL INVESTIGATION
... used by other researchers, including Rose and Engel (2002). Second, we focus directly on two of the most important real macroeconomic variables – real GDP per capita growth, and growth volatility. Other studies, in contrast, have analyzed performance in an indirect fashion, and have focused on ancil ...
... used by other researchers, including Rose and Engel (2002). Second, we focus directly on two of the most important real macroeconomic variables – real GDP per capita growth, and growth volatility. Other studies, in contrast, have analyzed performance in an indirect fashion, and have focused on ancil ...
Foreign currencies - Brochure
... The world’s largest trading center Exchange rates have a direct impact on exports and imports. They also impact the labor market, consumer prices and other areas of everyday life. So it’s good to know how the currency markets work. ...
... The world’s largest trading center Exchange rates have a direct impact on exports and imports. They also impact the labor market, consumer prices and other areas of everyday life. So it’s good to know how the currency markets work. ...
This PDF is a selection from an out-of-print volume from the... of Economic Research
... in developing countries: the effects of speculation against the exchange rate. First, this speculation tends to create large shifts in the demand for money and thus poses considerable problems for monetary management. And second, speculative flows make it very difficult to assess the underlying bala ...
... in developing countries: the effects of speculation against the exchange rate. First, this speculation tends to create large shifts in the demand for money and thus poses considerable problems for monetary management. And second, speculative flows make it very difficult to assess the underlying bala ...
Monetary Policy Rules in the Presence of an Punnoose Jacob Christie Smith
... Most of structural parameters are calibrated to match NZ data. The rest are estimated using Bayesian methods Sample period:1993 Q4 to 2013 Q3 before the LVR restriction was introduced. The estimated model does not have the borrowing constraint. 9 data series : I ...
... Most of structural parameters are calibrated to match NZ data. The rest are estimated using Bayesian methods Sample period:1993 Q4 to 2013 Q3 before the LVR restriction was introduced. The estimated model does not have the borrowing constraint. 9 data series : I ...
The Illusive Quest: Do International Capital Controls Contribute to Currency Stability?
... account restrictions and that they become weaker over time as investors and markets adjust and find ways to circumvent them, and that this characteristic may lead to misleading inferences from empirical work that does not control for this feature of the institutional arrangements. There is a large ...
... account restrictions and that they become weaker over time as investors and markets adjust and find ways to circumvent them, and that this characteristic may lead to misleading inferences from empirical work that does not control for this feature of the institutional arrangements. There is a large ...
A Model of Currency Exchange Rates
... self limiting and risk compensating. Situations for which the model is more or less suitable are discussed. The purpose of the model, not it correspondence with a particular reality, was the driving concern in its development. INTRODUCTION With the adoption of a common currency among most members of ...
... self limiting and risk compensating. Situations for which the model is more or less suitable are discussed. The purpose of the model, not it correspondence with a particular reality, was the driving concern in its development. INTRODUCTION With the adoption of a common currency among most members of ...
Monetary and Credit Targets in an Open Economy
... monetary policy taking the form of achieving target paths for the stock of money or exchange rates.8 Two notable exceptions are the studies of Black (1982b) and Rozwadowski (1983). Black used an extended ModiglianiPapademos (1980) model to suggest the existence of a relationship between the choice o ...
... monetary policy taking the form of achieving target paths for the stock of money or exchange rates.8 Two notable exceptions are the studies of Black (1982b) and Rozwadowski (1983). Black used an extended ModiglianiPapademos (1980) model to suggest the existence of a relationship between the choice o ...
The Paul Storer Memorial Lecture—Cross-Border
... implicitly means trading the parts again (Hummels, Ishi and Kei-Mu 2001; Yi 2003; Chen, Kondratowicz and Kei-Mu 2005). Chart 1 offers some data on trade penetration of goods for the world and for the three NAFTA economies. At the global level, trade penetration rose steadily from the early 1990s th ...
... implicitly means trading the parts again (Hummels, Ishi and Kei-Mu 2001; Yi 2003; Chen, Kondratowicz and Kei-Mu 2005). Chart 1 offers some data on trade penetration of goods for the world and for the three NAFTA economies. At the global level, trade penetration rose steadily from the early 1990s th ...
Original sin
... situation in which the domestic currency is not used to borrow abroad or to borrow long term even domestically” Here we mostly focus on “international original sin” ...
... situation in which the domestic currency is not used to borrow abroad or to borrow long term even domestically” Here we mostly focus on “international original sin” ...
04 fontana.pmd
... using Taylor’s rule (Taylor, 1999a, ch. 7), the above results are widely confirmed. It is argued that a constant growth rate of the money stock, an informal policy of leaning against the wind, and an explicit quantitative policy of interest rate setting all tend to generate positive responses of the ...
... using Taylor’s rule (Taylor, 1999a, ch. 7), the above results are widely confirmed. It is argued that a constant growth rate of the money stock, an informal policy of leaning against the wind, and an explicit quantitative policy of interest rate setting all tend to generate positive responses of the ...
A Century of Purchasing Power Parity - uc
... techniques, and claims that, in the long run, PPP does indeed hold: it appears from these studies that real exchange rates exhibit mean reversion with a half-life of deviations of four to five years (M. P. Taylor 1995; Froot and Rogoff 1995). The newer findings use various steps to expand the size o ...
... techniques, and claims that, in the long run, PPP does indeed hold: it appears from these studies that real exchange rates exhibit mean reversion with a half-life of deviations of four to five years (M. P. Taylor 1995; Froot and Rogoff 1995). The newer findings use various steps to expand the size o ...
Asian Financial Crisis : Causes and Development
... Chapter 2. Immediate Causes of the Crisis, and Its Early Development1 A. The Onset of the Crisis – Currency Attacks Problems in Thailand The Asian Crisis started with attacks on currencies in the region. The Thai baht was by all accounts the first to come under heavy selling pressure. Pressure on i ...
... Chapter 2. Immediate Causes of the Crisis, and Its Early Development1 A. The Onset of the Crisis – Currency Attacks Problems in Thailand The Asian Crisis started with attacks on currencies in the region. The Thai baht was by all accounts the first to come under heavy selling pressure. Pressure on i ...
CEPAL Review 96 - CEPAL
... monetary policy to be conducted. It finds that there can usually be enough monetary autonomy to make an active monetary policy practicable. The regulatory power of monetary policy is examined further on, in section IV; the conclusion there is that monetary policy cannot be relied upon to carry the m ...
... monetary policy to be conducted. It finds that there can usually be enough monetary autonomy to make an active monetary policy practicable. The regulatory power of monetary policy is examined further on, in section IV; the conclusion there is that monetary policy cannot be relied upon to carry the m ...
World Economic Situation Prospects
... with growth rates falling from 5.1 per cent in 2014 to an estimated 4.5 per cent in 2015. Weaker export demand from emerging economies, lower commodity prices, net capital outflows, and weak investment growth—and, in some cases, military conflicts, natural disasters and adverse weather effects on ag ...
... with growth rates falling from 5.1 per cent in 2014 to an estimated 4.5 per cent in 2015. Weaker export demand from emerging economies, lower commodity prices, net capital outflows, and weak investment growth—and, in some cases, military conflicts, natural disasters and adverse weather effects on ag ...
Chapter 15 Exchange-Rate Systems and currency crises
... caused by • A redefinition of a par value • Changes in an exchange rate • Changes in the supply of or demand for foreign exchange © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a ...
... caused by • A redefinition of a par value • Changes in an exchange rate • Changes in the supply of or demand for foreign exchange © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a ...
Foreign Capital and Economic Growth in the First Era of Globalization
... market-based financing for projects in both the developed and the less-developed regions played an important role in shaping the flow of capital out of London. At the core of this global financial system was Great Britain with a vast surplus of savings. This surplus was channelled through the City ...
... market-based financing for projects in both the developed and the less-developed regions played an important role in shaping the flow of capital out of London. At the core of this global financial system was Great Britain with a vast surplus of savings. This surplus was channelled through the City ...
Some preliminary proposals for re-regulating financial systems
... to the financial evolution of the last decades, an attempt is made to single out six main features responsible for the extreme fragility assumed by the financial sector. The second part of the paper builds on the previous analysis in order to present a very preliminary proposal for re-regulating the ...
... to the financial evolution of the last decades, an attempt is made to single out six main features responsible for the extreme fragility assumed by the financial sector. The second part of the paper builds on the previous analysis in order to present a very preliminary proposal for re-regulating the ...
CEPAL Review 93 - CEPAL
... the exchange rate targeted by the central bank is what invalidates the “trilemma” and empowers that bank to set the exchange rate and the interest rate. We believe that this idea is unfamiliar because the specialized literature dealing with monetary autonomy and with currency regimes and policies ra ...
... the exchange rate targeted by the central bank is what invalidates the “trilemma” and empowers that bank to set the exchange rate and the interest rate. We believe that this idea is unfamiliar because the specialized literature dealing with monetary autonomy and with currency regimes and policies ra ...
Monetary Policy Statement September 2012 Contents
... quarter 2012. Inflation is expected to settle near the middle ...
... quarter 2012. Inflation is expected to settle near the middle ...
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.