Crisis Averted—What`s Next?
... 1/ Growth in Brazil, Chile, Colombia, Mexico and Peru; simple average of annual growth. ...
... 1/ Growth in Brazil, Chile, Colombia, Mexico and Peru; simple average of annual growth. ...
N 163
... outbreak of the budget crisis was delayed through an international stabilization loan in connection with the Young Plan, which however imposed similar conditions on fiscal policy (see Ritschl, 2002). At the core of the analysis of this chapter is an incentive-based interpretation of the German trans ...
... outbreak of the budget crisis was delayed through an international stabilization loan in connection with the Young Plan, which however imposed similar conditions on fiscal policy (see Ritschl, 2002). At the core of the analysis of this chapter is an incentive-based interpretation of the German trans ...
Why Do Countries Use Capital Controls?
... Controls on outflows pertaining to credit operations tend to be more extensive in countries with underdeveloped stock markets, perhaps reflecting an infant industry policy pursued by the authorities. Controls on inflows related to credit operations tend to be higher when treasury bill markets are de ...
... Controls on outflows pertaining to credit operations tend to be more extensive in countries with underdeveloped stock markets, perhaps reflecting an infant industry policy pursued by the authorities. Controls on inflows related to credit operations tend to be higher when treasury bill markets are de ...
Greece and the fiscal crisis in the EMU
... There are six ways to achieve a reduction in the non-monetary debt burden of the government (by which we mean the augmented general government – the consolidated general government (federal, state and local, including social security etc.) and the central bank): 1. Fiscal pain, that is, an increase ...
... There are six ways to achieve a reduction in the non-monetary debt burden of the government (by which we mean the augmented general government – the consolidated general government (federal, state and local, including social security etc.) and the central bank): 1. Fiscal pain, that is, an increase ...
Reparations, Deficits, and Debt Default: The Great Depression in
... outbreak of the budget crisis was delayed through an international stabilization loan in connection with the Young Plan, which however imposed similar conditions on fiscal policy (see Ritschl, 2002). At the core of the analysis of this chapter is an incentive-based interpretation of the German trans ...
... outbreak of the budget crisis was delayed through an international stabilization loan in connection with the Young Plan, which however imposed similar conditions on fiscal policy (see Ritschl, 2002). At the core of the analysis of this chapter is an incentive-based interpretation of the German trans ...
Lessons from Monetary and Real Exchange Rate Economics Arnold C. Harberger
... movements in the price level. But that meant that the real exchange rate could not perform its fundamental role of equilibrating the country’s trade and payments. The central bank ended up first having to buy large quantities of foreign currency, and later having to sell. This could unleash huge inf ...
... movements in the price level. But that meant that the real exchange rate could not perform its fundamental role of equilibrating the country’s trade and payments. The central bank ended up first having to buy large quantities of foreign currency, and later having to sell. This could unleash huge inf ...
Growth Conundrum
... EEP unease about rising inequality and stagnating living standards in advanced economies was at the heart of the 2016 political upheaval. Globalization and trade have been blamed, but entrenched slow growth—what economists call secular stagnation—may be the real culprit. Parents who took for granted ...
... EEP unease about rising inequality and stagnating living standards in advanced economies was at the heart of the 2016 political upheaval. Globalization and trade have been blamed, but entrenched slow growth—what economists call secular stagnation—may be the real culprit. Parents who took for granted ...
How can government bond purchases make monetary policy more
... purchases may have a contagion effect to other asset prices and also affect credit volumes through the “portfolio balance channel”. The strength of this channel is determined by what the market participants who sell their government bonds to the Riksbank choose to do after the sale. One possibility ...
... purchases may have a contagion effect to other asset prices and also affect credit volumes through the “portfolio balance channel”. The strength of this channel is determined by what the market participants who sell their government bonds to the Riksbank choose to do after the sale. One possibility ...
Forms of Economic Globalization - sugarhoover ¨¨ rit´s portfolio
... Scientific and technical achievements lead to the cutback in spendings on intergovernmental and intercompany economic contacts. Thus if a three minute telephone talk between New York and London cost 300 dollars in 1930 (by 1996 exchange rate), it costs only one dollar now. The number of nations and ...
... Scientific and technical achievements lead to the cutback in spendings on intergovernmental and intercompany economic contacts. Thus if a three minute telephone talk between New York and London cost 300 dollars in 1930 (by 1996 exchange rate), it costs only one dollar now. The number of nations and ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... were made payable ninety days from date of maturity. Although Italy was neutral, a full moratorium on bills and a partial moratorium on bank deposits was in force from the outbreak of the war until March 31, 1915. In addition, Argentina, Austria-Hungary, Belgium, Brazil, Egypt, Greece, Norway, Peru, ...
... were made payable ninety days from date of maturity. Although Italy was neutral, a full moratorium on bills and a partial moratorium on bank deposits was in force from the outbreak of the war until March 31, 1915. In addition, Argentina, Austria-Hungary, Belgium, Brazil, Egypt, Greece, Norway, Peru, ...
Letter
... sales of foreign reserves. Also, in the past several weeks, we have seen a net liquidity withdrawal from the banking system through the repo market by the People’s Bank of China. These recent tightening measures point to the increased risk that Chinese officials will trigger the credit crisis first. ...
... sales of foreign reserves. Also, in the past several weeks, we have seen a net liquidity withdrawal from the banking system through the repo market by the People’s Bank of China. These recent tightening measures point to the increased risk that Chinese officials will trigger the credit crisis first. ...
Managing currency exposure in Australian superannuation funds
... than the equivalent hedged series, but this switched in the last two decades as shown in Figure 7. The net result is a function of the changing correlations between the currency and underlying equity market movement. For the last two decades, the AUD has primarily been a ‘risk on’ play. When global ...
... than the equivalent hedged series, but this switched in the last two decades as shown in Figure 7. The net result is a function of the changing correlations between the currency and underlying equity market movement. For the last two decades, the AUD has primarily been a ‘risk on’ play. When global ...
Understanding the New Zealand exchange rate
... • Targeting growth and employment, and • Changing the focus of monetary policy. As much as we would like it otherwise, many of these suggestions are either unlikely to have a significant lasting effect, or have unpalatable trade-offs such as much higher inflation, or are simply not feasible. The lim ...
... • Targeting growth and employment, and • Changing the focus of monetary policy. As much as we would like it otherwise, many of these suggestions are either unlikely to have a significant lasting effect, or have unpalatable trade-offs such as much higher inflation, or are simply not feasible. The lim ...
International Dimensions Of Monetary And Fiscal Policy
... The Effect on Exchange Rates via Interest Rates Expansionary fiscal policy increases interest rates because the government sells bonds to finance the deficit. Higher Canadian interest rates cause foreign capital to flow into Canada. ...
... The Effect on Exchange Rates via Interest Rates Expansionary fiscal policy increases interest rates because the government sells bonds to finance the deficit. Higher Canadian interest rates cause foreign capital to flow into Canada. ...
Monetary Policy Objectives and Framework
... When the Fed lowers the federal funds rate, the quantity of money and the quantity of loans increase. Consumption and investment plans change. Long-Term Real Interest Rate Equilibrium in the market for loanable funds determines the long-term real interest rate, which equals the nominal interest rate ...
... When the Fed lowers the federal funds rate, the quantity of money and the quantity of loans increase. Consumption and investment plans change. Long-Term Real Interest Rate Equilibrium in the market for loanable funds determines the long-term real interest rate, which equals the nominal interest rate ...
Capital Account Liberalization and Exchange Rate Flexibility
... In the Asian context, the experience of capital account liberalization leads to several lessons. First, more open capital account, without taking into consideration the underdeveloped financial system and speculative capital inflows, may lead to a double crisis: currency crisis and debt crisis (Asia ...
... In the Asian context, the experience of capital account liberalization leads to several lessons. First, more open capital account, without taking into consideration the underdeveloped financial system and speculative capital inflows, may lead to a double crisis: currency crisis and debt crisis (Asia ...
Full Article
... 2. Effect of currency exchange Indonesia with the Japanese currency (GBP / JPY) against national income Based on the test results of multiple regression showed that the Indonesian currency exchange rate with the Japanese currency (GBP / JPY) no significant effect on national income. Where this is no ...
... 2. Effect of currency exchange Indonesia with the Japanese currency (GBP / JPY) against national income Based on the test results of multiple regression showed that the Indonesian currency exchange rate with the Japanese currency (GBP / JPY) no significant effect on national income. Where this is no ...
Economic Projections Contents 1. Overview and policy assessment
... On the positive side, however, the economies of the United States, Europe and Australia are buoyant, providing the potential for New Zealand’s exports to be redirected from East Asia. To the extent that this is possible, export growth will be less dampened than otherwise. In addition, the easing of ...
... On the positive side, however, the economies of the United States, Europe and Australia are buoyant, providing the potential for New Zealand’s exports to be redirected from East Asia. To the extent that this is possible, export growth will be less dampened than otherwise. In addition, the easing of ...
That Which We Call Capital Controls
... restrictions on the import and export of currency dating back to ancient times.5 Even during the late nineteenth century, often considered the golden era of financial globalization, the leading capital exporters of the day (Britain, France, and Germany) at times restricted issuances on their markets ...
... restrictions on the import and export of currency dating back to ancient times.5 Even during the late nineteenth century, often considered the golden era of financial globalization, the leading capital exporters of the day (Britain, France, and Germany) at times restricted issuances on their markets ...
ECON 4111-004 Money and Banking
... I will occasionally take articles and examples out of the Journal for discussion. Grading: There will be three exams in this course, two midterm exams and a final exam each approximately five weeks apart. Each exam will consist of part multiple choice, part problems, and part essay and will account ...
... I will occasionally take articles and examples out of the Journal for discussion. Grading: There will be three exams in this course, two midterm exams and a final exam each approximately five weeks apart. Each exam will consist of part multiple choice, part problems, and part essay and will account ...
CHALLENGING MERCANTILISM: THE IMPACT OF DAVID HUME ON THE EVOLUTION OF A
... of riches to supply that demand, and small profits arising from commerce – all of which derive from ‘the encrease of industry and commerce, not of gold and silver’ (ibid: 49). In this way, interest rates reflect the supply and demand of real capital, which in large part are dependent upon ‘the habit ...
... of riches to supply that demand, and small profits arising from commerce – all of which derive from ‘the encrease of industry and commerce, not of gold and silver’ (ibid: 49). In this way, interest rates reflect the supply and demand of real capital, which in large part are dependent upon ‘the habit ...
The Former Soviet Union after Dis
... endemic excess demand already mentioned. This phenomenon had absolutely nothing to do with the original socialist project; it was the necessary consequence of planners hopelessly attempting to decide both the quantities and prices of goods, at levels which were inconsistent with the equilibrium that ...
... endemic excess demand already mentioned. This phenomenon had absolutely nothing to do with the original socialist project; it was the necessary consequence of planners hopelessly attempting to decide both the quantities and prices of goods, at levels which were inconsistent with the equilibrium that ...
The data are collected at a quarterly frequency, over a
... in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on the meaning of excess liquidity in countries with developed financial markets, where the monetary base plays only a relatively minor quantitative role. Moreover, we analyse the theoretical c ...
... in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on the meaning of excess liquidity in countries with developed financial markets, where the monetary base plays only a relatively minor quantitative role. Moreover, we analyse the theoretical c ...
Document
... tendency of convergence to the income levels of industrial countries. – Countries in Africa and Latin America have grown at very low rates. – East Asian countries have tended to grow at very high ...
... tendency of convergence to the income levels of industrial countries. – Countries in Africa and Latin America have grown at very low rates. – East Asian countries have tended to grow at very high ...
M o n e t a r y ... C o n t e n t s 1 November 1998
... Given the recent economic and financial turbulence internationally, projecting an economic recovery so soon may appear optimistic. On the other hand, with the recent substantial easing in monetary policy, and New Zealand’s previous experience when conditions were at this level, projecting such a mod ...
... Given the recent economic and financial turbulence internationally, projecting an economic recovery so soon may appear optimistic. On the other hand, with the recent substantial easing in monetary policy, and New Zealand’s previous experience when conditions were at this level, projecting such a mod ...
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.