NBER WORKING PAPER SERIES Jean Boivin Marc P. Giannoni
... sensitivity of national economies to such shocks. (In Appendix C, we also document the e¤ects of identi…ed oil price shocks.) It is important to note that it is not because we believe that monetary policy shocks constitute an important source of business cycle ‡uctuations that we are interested in d ...
... sensitivity of national economies to such shocks. (In Appendix C, we also document the e¤ects of identi…ed oil price shocks.) It is important to note that it is not because we believe that monetary policy shocks constitute an important source of business cycle ‡uctuations that we are interested in d ...
Early Indicators of Currency Crises
... Financial crises have become relatively frequent events since the beginning of the 1980s. They have taken three main forms: currency crises, banking crises, or both – so called twin crises. As the number of developed economies, developing countries, and economies in transition experienced severe fin ...
... Financial crises have become relatively frequent events since the beginning of the 1980s. They have taken three main forms: currency crises, banking crises, or both – so called twin crises. As the number of developed economies, developing countries, and economies in transition experienced severe fin ...
the full text of the Speech
... macroeconomic management in the face of supply side shocks. While the main focus is on monetary policy reactions the paper will also touch briefly on the possible roles of other policy responses, as well as issues related to the policy mix. Supply-side shocks have played an important role in shaping ...
... macroeconomic management in the face of supply side shocks. While the main focus is on monetary policy reactions the paper will also touch briefly on the possible roles of other policy responses, as well as issues related to the policy mix. Supply-side shocks have played an important role in shaping ...
Dynamic Gains from North American Free Trade in an Equilibrium
... prices. The efficiency parameter Q is a scale variable that does not affect equilibrium covariances in the model, but it is used for consistency to correct for relative economy size given the Cobb-Douglas technology and the fact that income per capita in Mexico, adjusted for purchasing power, is one ...
... prices. The efficiency parameter Q is a scale variable that does not affect equilibrium covariances in the model, but it is used for consistency to correct for relative economy size given the Cobb-Douglas technology and the fact that income per capita in Mexico, adjusted for purchasing power, is one ...
View/Open
... developing countries and find that 7 out of 16 countries exhibit bi-directional causal relationship. Habibullah (1999) finds that the direction of causation between finance and economic growth is country specific. As such, it is very difficult to draw any policy implications for the positive associa ...
... developing countries and find that 7 out of 16 countries exhibit bi-directional causal relationship. Habibullah (1999) finds that the direction of causation between finance and economic growth is country specific. As such, it is very difficult to draw any policy implications for the positive associa ...
The Coming U.S. Interest Rate Tightening Cycle: Smooth Sailing or
... growth in EFEs declines, on average, almost 7 percentage points in the two years following such sudden stop episodes. Policy options: hoping for the best but preparing for the worst. EFEs should prioritize monetary and fiscal policies that reduce vulnerabilities and strengthen policy credibility and ...
... growth in EFEs declines, on average, almost 7 percentage points in the two years following such sudden stop episodes. Policy options: hoping for the best but preparing for the worst. EFEs should prioritize monetary and fiscal policies that reduce vulnerabilities and strengthen policy credibility and ...
7 Determinants of the Canada
... of their future values. For example, an exogenous shock to the terms of trade in favour of one country will allow it to increase its imports because the relative price of its good has gone up. However, this will cause a current account deficit as the same increase will decrease foreign demand for th ...
... of their future values. For example, an exogenous shock to the terms of trade in favour of one country will allow it to increase its imports because the relative price of its good has gone up. However, this will cause a current account deficit as the same increase will decrease foreign demand for th ...
BULLETIN CENTRAL BANK OF THE REPUBLIC OF TURKEY INSIDE:
... strengthen its responsibility in the academic environment. The “Financial Support Program for Academic Studies” was established within the CBT in order to organize and institutionalize the support. The aim of the Program is to provide financial support to both national and international academic and ...
... strengthen its responsibility in the academic environment. The “Financial Support Program for Academic Studies” was established within the CBT in order to organize and institutionalize the support. The aim of the Program is to provide financial support to both national and international academic and ...
dr Bartłomiej Rokicki Chair of Macroeconomics and International
... a price index, which is derived by subtracting the futures' interest rate from 100.00. For instance, an interest rate of 5.00 percent translates to an index price of 95.00 (100.00 - 5.00 = 95.00). • In case of Eurodollar contracts (which reflect the yield on a bank deposit for three months for $1 mi ...
... a price index, which is derived by subtracting the futures' interest rate from 100.00. For instance, an interest rate of 5.00 percent translates to an index price of 95.00 (100.00 - 5.00 = 95.00). • In case of Eurodollar contracts (which reflect the yield on a bank deposit for three months for $1 mi ...
The International Financial System: Crises and Reforms
... end of 2000, although they remained above their levels during the Asian crisis.7 The emerging market crisis took its toll on world growth, which in 1998 at 2.8 percent8 was lower than in any year between 1994 and 2000. But growth increased in 1999 and 2000, with the year 2000 seeing the highest glob ...
... end of 2000, although they remained above their levels during the Asian crisis.7 The emerging market crisis took its toll on world growth, which in 1998 at 2.8 percent8 was lower than in any year between 1994 and 2000. But growth increased in 1999 and 2000, with the year 2000 seeing the highest glob ...
22-30 Latin American Financial Crises (cont.)
... – Weak enforcement of banking and financial regulations (ex., lack of examinations, asset restrictions, and capital requirements) allows banks and firms to engage in risky or even fraudulent activities and makes savers less willing to lend to ...
... – Weak enforcement of banking and financial regulations (ex., lack of examinations, asset restrictions, and capital requirements) allows banks and firms to engage in risky or even fraudulent activities and makes savers less willing to lend to ...
Paper - CiteSeerX
... Understanding in economics does not proceed cumulatively. We do not necessarily know more today than we did yesterday, tempting as it may be to believe otherwise. So-called “lessons” are learnt, forgotten, re-learnt and forgotten again. Concepts rise to prominence and fall into oblivion before possi ...
... Understanding in economics does not proceed cumulatively. We do not necessarily know more today than we did yesterday, tempting as it may be to believe otherwise. So-called “lessons” are learnt, forgotten, re-learnt and forgotten again. Concepts rise to prominence and fall into oblivion before possi ...
PDF
... more rapid and more efficient development. Under these circumstances, they argued that the best actions governments can undertake to promote development is to minimize their economic roles. Liberalizing domestic and international markets for both factors and products is the prescription of choice. A ...
... more rapid and more efficient development. Under these circumstances, they argued that the best actions governments can undertake to promote development is to minimize their economic roles. Liberalizing domestic and international markets for both factors and products is the prescription of choice. A ...
Reconciling Switzerland`s minimum exchange rate and current
... In Switzerland, there is close co-movement between investment income and current account balances. Historically, surpluses have been the norm for Switzerland. Our current account has recorded almost uninterrupted surpluses since 1960. Although official time series do not extend further back than 194 ...
... In Switzerland, there is close co-movement between investment income and current account balances. Historically, surpluses have been the norm for Switzerland. Our current account has recorded almost uninterrupted surpluses since 1960. Although official time series do not extend further back than 194 ...
Monetary Policy Transmission
... The Fed’s choice of policy instrument (which is the same choice as that made by most other major central banks) is a short-term interest rate. Given this choice, the exchange rate and the quantity of money find their own equilibrium values. The specific interest rate that the Fed targets is the fede ...
... The Fed’s choice of policy instrument (which is the same choice as that made by most other major central banks) is a short-term interest rate. Given this choice, the exchange rate and the quantity of money find their own equilibrium values. The specific interest rate that the Fed targets is the fede ...
Contents
... Over the past two years, we have conducted research into whether there may be additional tools or policy approaches that could be used in order to assist in controlling inflation pressures. If such tools existed they could operate directly on inflation pressures whilst reducing the need to raise int ...
... Over the past two years, we have conducted research into whether there may be additional tools or policy approaches that could be used in order to assist in controlling inflation pressures. If such tools existed they could operate directly on inflation pressures whilst reducing the need to raise int ...
Are All Emerging Market Crises Alike?
... Nor has the academic literature been particularly successful at developing a unified theory of currency crises. In the early models (Krugman 1979, Flood and Garber 1981), the peg was undermined by the government money-financing its deficit. Following the European ERM crises in 1992/93, theoretical m ...
... Nor has the academic literature been particularly successful at developing a unified theory of currency crises. In the early models (Krugman 1979, Flood and Garber 1981), the peg was undermined by the government money-financing its deficit. Following the European ERM crises in 1992/93, theoretical m ...
Aalborg Universitet Social Compacts in Regional and Global Perspective Schmidt, Johannes Dragsbæk
... plan for an international order, as a portmanteau term for institutions and practices favourable to peace, development and effectiveness. The underlying assumption is based on a problem-solving approach; that an issue can be managed, a problem resolved; that there be accommodation of mutual interest ...
... plan for an international order, as a portmanteau term for institutions and practices favourable to peace, development and effectiveness. The underlying assumption is based on a problem-solving approach; that an issue can be managed, a problem resolved; that there be accommodation of mutual interest ...
The Role of Government in Economic Development
... Most classical development economists argued that, in the absence of private entrepreneurship, governments would have to continue to perform the entrepreneurial job while at the same time fostering the development of a cadre of private entrepreneurs willing and able to take over. Governments could f ...
... Most classical development economists argued that, in the absence of private entrepreneurship, governments would have to continue to perform the entrepreneurial job while at the same time fostering the development of a cadre of private entrepreneurs willing and able to take over. Governments could f ...
Reading Kindleberger in Washington and Berlin Ideas
... noticing that the United States in 2008 somehow managed to avoid the mistakes it had made during the late 1920s and early 1930s.29 One can argue that the main reason for the discrepancy in policy responses between Washington and Berlin is that the GFC and the euro crisis were fundamentally different ...
... noticing that the United States in 2008 somehow managed to avoid the mistakes it had made during the late 1920s and early 1930s.29 One can argue that the main reason for the discrepancy in policy responses between Washington and Berlin is that the GFC and the euro crisis were fundamentally different ...
Analysing the Effects of Financial Liberalization on Zambia`s
... control over credit and interest rate. There were also substantial administrative controls in place directing lending and international financial transactions (Simatele 2004). The phase prior to Financial Reform was characterized by statutory interest ceilings, where interest rate levels were set ad ...
... control over credit and interest rate. There were also substantial administrative controls in place directing lending and international financial transactions (Simatele 2004). The phase prior to Financial Reform was characterized by statutory interest ceilings, where interest rate levels were set ad ...
December 2016 - Amundi Research Center
... very high, with the usual consequences on long rates, public debt… and monetary policy. Among other areas of uncertainty is the temptation of protectionism: we know that candidate Trump “promised” to impose prohibitive customs duties and renegotiate commercial treaties. We also know that the US Cong ...
... very high, with the usual consequences on long rates, public debt… and monetary policy. Among other areas of uncertainty is the temptation of protectionism: we know that candidate Trump “promised” to impose prohibitive customs duties and renegotiate commercial treaties. We also know that the US Cong ...
Nigeria`s Financial System Strategy 2020 Plan
... ... And Paving The Way For The Emergence Of The N11 Countries After the BRICs, there is the next 11 or N11 countries, which have the potential to be ‘BRIC like’ in the future as identified by Goldman Sachs one of which is Nigeria. Goldman Sachs believes that only 2 countries in Africa will overtake ...
... ... And Paving The Way For The Emergence Of The N11 Countries After the BRICs, there is the next 11 or N11 countries, which have the potential to be ‘BRIC like’ in the future as identified by Goldman Sachs one of which is Nigeria. Goldman Sachs believes that only 2 countries in Africa will overtake ...
mmi07 Steger final 4388002 en
... The overall empirical strategy of this paper is as follows: We use a newly collected historical dataset to test whether there is empirical evidence that financial integration translated into higher growth in the first era of financial globalization. To arrive at fully comparable results with contemp ...
... The overall empirical strategy of this paper is as follows: We use a newly collected historical dataset to test whether there is empirical evidence that financial integration translated into higher growth in the first era of financial globalization. To arrive at fully comparable results with contemp ...
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.