1. O verview
... global monetary policies and concerns over global growth have been in the forefront in this quarter. Accordingly, long-term rates remained highly volatile in advanced economies and uncertainty indicators displayed an increase (Chart 1.1). In the late third quarter and early fourth quarter, volatilit ...
... global monetary policies and concerns over global growth have been in the forefront in this quarter. Accordingly, long-term rates remained highly volatile in advanced economies and uncertainty indicators displayed an increase (Chart 1.1). In the late third quarter and early fourth quarter, volatilit ...
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... (PPP) holds. Empirically, however, this assumption has found in general little support, at least in the case of small samples and in the short to medium run. In line with this evidence, the theoretical literature developed over the past two decades has provided different explanations why the ERPT is ...
... (PPP) holds. Empirically, however, this assumption has found in general little support, at least in the case of small samples and in the short to medium run. In line with this evidence, the theoretical literature developed over the past two decades has provided different explanations why the ERPT is ...
Macroeconomics In The Global Economy
... to predict—patterns of investment spending. 2. Several econometric models have been developed to explain actual investment behavior. 1) The accelerator Model of investment 2) The adjustment-cost approach 3) The q theory ...
... to predict—patterns of investment spending. 2. Several econometric models have been developed to explain actual investment behavior. 1) The accelerator Model of investment 2) The adjustment-cost approach 3) The q theory ...
Capital Flows (1)
... of the financial sectors that attracted the massive capital inflow (especially short-term loans) into the region’s economies, and should be considered as the major cause of the crisis. In any case, the purveyors of foreign capital once again demonstrated their inability, or unwillingness, to see the ...
... of the financial sectors that attracted the massive capital inflow (especially short-term loans) into the region’s economies, and should be considered as the major cause of the crisis. In any case, the purveyors of foreign capital once again demonstrated their inability, or unwillingness, to see the ...
Chapter 14 Money in the Open Economy
... 25) Which of the following institutions plays the role of an international lender of last resort? A) the World Bank B) the International Monetary Fund C) the European Monetary System D) the Federal Reserve System Answer: B Question Status: Previous Edition ...
... 25) Which of the following institutions plays the role of an international lender of last resort? A) the World Bank B) the International Monetary Fund C) the European Monetary System D) the Federal Reserve System Answer: B Question Status: Previous Edition ...
7.4 Asset Market Approaches
... increase in home national income brings about more money demand. With a fixed money supply which is controlled by the central bank, the price level falls. When absolute purchasing power parity is tenable, the exchange rate falls or in other words, domestic currency appreciates. A rise in home inter ...
... increase in home national income brings about more money demand. With a fixed money supply which is controlled by the central bank, the price level falls. When absolute purchasing power parity is tenable, the exchange rate falls or in other words, domestic currency appreciates. A rise in home inter ...
NBER WORKING PAPER SERIES INTERNATIONAL BALANCE OF PAYMENTS FINANCING AND Willem H. Buiter
... perspective? (iii) If, in fact, the rate of return on a currency is likely to fall if it is adopted as an international reserve, why are other countries' central banks willing to hold this currency as a reserve if they perceive this effect? and (iv) What are the costs and benefits of becoming a rese ...
... perspective? (iii) If, in fact, the rate of return on a currency is likely to fall if it is adopted as an international reserve, why are other countries' central banks willing to hold this currency as a reserve if they perceive this effect? and (iv) What are the costs and benefits of becoming a rese ...
The impact of capital flows on the South African economic growth
... Farrel (2001) finds that “… the conditional volatility of South African exchange rates was lower during the financial rand period than in the contiguous periods when the exchange rate was unified, and that volatility in the financial rand did not impact on the commercial rand exchange rate”. Aaron a ...
... Farrel (2001) finds that “… the conditional volatility of South African exchange rates was lower during the financial rand period than in the contiguous periods when the exchange rate was unified, and that volatility in the financial rand did not impact on the commercial rand exchange rate”. Aaron a ...
International Trade 17.1 The Natureof
... vehicles that made them so expensive that few people could pay for them. Most Brazilians bought cars made by their own factories. For many years, Brazilian consumers paid more for lower-quality cars, but this policy helped Brazil’s au tomotive industry grow and become more efficient, Without protect ...
... vehicles that made them so expensive that few people could pay for them. Most Brazilians bought cars made by their own factories. For many years, Brazilian consumers paid more for lower-quality cars, but this policy helped Brazil’s au tomotive industry grow and become more efficient, Without protect ...
High-level Regional Policy Dialogue on
... Islands could face a balance of payment crisis in 2009-2010 and would need to put in place severe austerity measures to address that crisis. The country would probably require external assistance. This threat, however, has passed for now as the Solomon Islands is expected to grow at rates of more t ...
... Islands could face a balance of payment crisis in 2009-2010 and would need to put in place severe austerity measures to address that crisis. The country would probably require external assistance. This threat, however, has passed for now as the Solomon Islands is expected to grow at rates of more t ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... growth in 2003. In addition to these three well-known factors, the deterioration in Taiwan’s political and economic environment also is a fundamental reason. Since the early 1990s, the ruling power in Taiwan has gradually shifted from those who migrated from mainland China to Taiwan in the late 1940 ...
... growth in 2003. In addition to these three well-known factors, the deterioration in Taiwan’s political and economic environment also is a fundamental reason. Since the early 1990s, the ruling power in Taiwan has gradually shifted from those who migrated from mainland China to Taiwan in the late 1940 ...
The future of international capital flows
... interconnectedness between countries’ financial sectors (large gross capital flows) created channels through which the initial shock could spread around the world. In these respects, the scale and volatility of international capital flows were crucial determinants of the depth and breadth of the cri ...
... interconnectedness between countries’ financial sectors (large gross capital flows) created channels through which the initial shock could spread around the world. In these respects, the scale and volatility of international capital flows were crucial determinants of the depth and breadth of the cri ...
455 KB - Financial System Inquiry
... many people in two important respects unemployment has remained persistently high, as has the current account deficit. This experience has created a sense of disappointment or scepticism about the dual strategies of opening the Australian economy to international competition and deregulating marke ...
... many people in two important respects unemployment has remained persistently high, as has the current account deficit. This experience has created a sense of disappointment or scepticism about the dual strategies of opening the Australian economy to international competition and deregulating marke ...
540_PragueEcPapers
... possibilities can have different impacts on the size, composition and division of GDP in CEECs. The ECB can have different preferences from the central banks in the CEECs, therefore the loss of autonomous monetary policy after joining the Eurozone can bring some costs from the point of view of the C ...
... possibilities can have different impacts on the size, composition and division of GDP in CEECs. The ECB can have different preferences from the central banks in the CEECs, therefore the loss of autonomous monetary policy after joining the Eurozone can bring some costs from the point of view of the C ...
Superneutrality of Money under Open Market Operations
... iv) However, owing to the higher opportunity costs, all generations t t* diminish their real money balances, which are a normal good under separable utility. This completes the proof. To grasp the intuition behind this result, it is convenient to imagine a stationary economy with a constant money ...
... iv) However, owing to the higher opportunity costs, all generations t t* diminish their real money balances, which are a normal good under separable utility. This completes the proof. To grasp the intuition behind this result, it is convenient to imagine a stationary economy with a constant money ...
Study on the Development of County Finance in Shaanxi Province
... can be as an index to measure county urbanization. From 2009 to 2013, the national average rate of urbanization is from 48.34% to 53.73%. It can be seen from statistical data that the three counties of Shaanxi has higher level of urbanization than the national average. Rapid advance of urbanization ...
... can be as an index to measure county urbanization. From 2009 to 2013, the national average rate of urbanization is from 48.34% to 53.73%. It can be seen from statistical data that the three counties of Shaanxi has higher level of urbanization than the national average. Rapid advance of urbanization ...
Exchange Rate Policy in Chile
... open economy. Indeed, terms of trade went down by 14% between 1997 and 1999 while the volume of exports to Asia, which accounts for one third of Chile’s total exports, declined by 23% in the same period. Simultaneously, spreads on private corporate debt went from a little bit over 100 basic points ( ...
... open economy. Indeed, terms of trade went down by 14% between 1997 and 1999 while the volume of exports to Asia, which accounts for one third of Chile’s total exports, declined by 23% in the same period. Simultaneously, spreads on private corporate debt went from a little bit over 100 basic points ( ...
Exchange rate - Imperial College London
... – domestic and foreign income • The capital & financial accounts are influenced by: – relative interest rates • which affect international capital flows. ...
... – domestic and foreign income • The capital & financial accounts are influenced by: – relative interest rates • which affect international capital flows. ...
This PDF is a selection from a published volume from... Economic Research Volume Title: Europe and the Euro
... pointed out the futility of attempting to extrapolate the postwar experience of currency unions (made mostly of small and poor countries) to countries adopting the euro. Subsequent work by Micco, Stein, and Ordoñez (2003) using data on the early years of the euro found that the effect of the euro on ...
... pointed out the futility of attempting to extrapolate the postwar experience of currency unions (made mostly of small and poor countries) to countries adopting the euro. Subsequent work by Micco, Stein, and Ordoñez (2003) using data on the early years of the euro found that the effect of the euro on ...
Mathematical Analysis of the Transmission Mechanism of Monetary
... the information set of the central bank and used a Cholesky decomposition of the variancecovariance matrix of the residuals. The order of the endogenous variables is: GDP, the core inflation, the exchange rate, the balance of trade and the interbank rate. As expected, the reaction of the interbank i ...
... the information set of the central bank and used a Cholesky decomposition of the variancecovariance matrix of the residuals. The order of the endogenous variables is: GDP, the core inflation, the exchange rate, the balance of trade and the interbank rate. As expected, the reaction of the interbank i ...
Economic Dualism - Central Bank of Nigeria
... commodity or are characterised by identical demand and demographic parameters. Multi-dimensional approaches were later adopted by scholars. Lewis (1954) is credited with the pioneering work on rural-urban migration. This framework is of the view that the backward rural sector is the supplier of chea ...
... commodity or are characterised by identical demand and demographic parameters. Multi-dimensional approaches were later adopted by scholars. Lewis (1954) is credited with the pioneering work on rural-urban migration. This framework is of the view that the backward rural sector is the supplier of chea ...
Dollarization: A Primer - The Centre for Economic Performance
... Recent turmoil in financial markets has revealed the inherent vulnerability of intermediate exchange rate regimes and conventional pegs to sudden aggregate shocks in a context of rapidly growing global financial integration. As a result, an incresing number of economists and policymakers has endorse ...
... Recent turmoil in financial markets has revealed the inherent vulnerability of intermediate exchange rate regimes and conventional pegs to sudden aggregate shocks in a context of rapidly growing global financial integration. As a result, an incresing number of economists and policymakers has endorse ...
NBER WORKING PAPER SERIES THE BARNETT CRITIQUE AFTER THREE DECADES:
... can be used to construct coherent and consistent measures of money in economies, like the United States, where liquidity services are provided through an entire spectrum of assets including various types of interest-bearing deposits as well as noninterest-bearing currency. During the three decades t ...
... can be used to construct coherent and consistent measures of money in economies, like the United States, where liquidity services are provided through an entire spectrum of assets including various types of interest-bearing deposits as well as noninterest-bearing currency. During the three decades t ...
Solutions - University of California, Berkeley
... Then because of the short horizon of the debt instrument, the investor does not need to worry about the erosion of the value of the dollar, i.e., inflation, when receiving interest payments and eventually the principal from the federal government. There is not much opportunity for inflation to affec ...
... Then because of the short horizon of the debt instrument, the investor does not need to worry about the erosion of the value of the dollar, i.e., inflation, when receiving interest payments and eventually the principal from the federal government. There is not much opportunity for inflation to affec ...
The Policy Space Debate
... also been restricted through financial liberalization. Jomo argues that counter-cyclical macroeconomic policies—which promote growth and employment as fiscal policy objectives of the government—would strengthen the ability of the global economy to reduce global inequality.The conventional approach t ...
... also been restricted through financial liberalization. Jomo argues that counter-cyclical macroeconomic policies—which promote growth and employment as fiscal policy objectives of the government—would strengthen the ability of the global economy to reduce global inequality.The conventional approach t ...
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.