The Feasibility of Open Market Operations in Suriname:
... domestic money and capital market under similar conditions as other sectors. Therefore, it enables the government to refrain from monetization of fiscal deficits and facilitates government’s borrowing at market-determined interest rates. Based on the fundamental advantages of OMOs as indirect tool S ...
... domestic money and capital market under similar conditions as other sectors. Therefore, it enables the government to refrain from monetization of fiscal deficits and facilitates government’s borrowing at market-determined interest rates. Based on the fundamental advantages of OMOs as indirect tool S ...
Simulation of Exchange Rates of Nigerian Naira
... dollar [24]. From the CBN statistical report, the average AFEM intervention rate which closed at 82.33 to a dollar in 1995 appreciated to 81.48 per dollar in 1996. The rate depreciated continuously to 81.98, 84.84 and 91.83 in 1997, 1998 and 1999 respectively. From 1960 until 2011 the USD-NGN exchan ...
... dollar [24]. From the CBN statistical report, the average AFEM intervention rate which closed at 82.33 to a dollar in 1995 appreciated to 81.48 per dollar in 1996. The rate depreciated continuously to 81.98, 84.84 and 91.83 in 1997, 1998 and 1999 respectively. From 1960 until 2011 the USD-NGN exchan ...
NBER WORKING PAPER SERIES FINANCIAL REFORMS AND CAPITAL FLOWS: Alberto Martin
... the model developed in this paper suggests that financial reform is likely to reduce the demand for credit in China, leading to larger global imbalances and even lower interest rates around the world. A second striking development is that, among emerging economies, surpluses tend to be concentrated ...
... the model developed in this paper suggests that financial reform is likely to reduce the demand for credit in China, leading to larger global imbalances and even lower interest rates around the world. A second striking development is that, among emerging economies, surpluses tend to be concentrated ...
confidential - Reserve Bank of Australia
... It is likely that the gold lending market will continue to expand. Central banks in total hold about 28 000 tonnes of gold, so the amount currently on loan is only a small part of the potential. While not all central banks engage in gold lending, those that currently do hold about 7 000 toimes, and ...
... It is likely that the gold lending market will continue to expand. Central banks in total hold about 28 000 tonnes of gold, so the amount currently on loan is only a small part of the potential. While not all central banks engage in gold lending, those that currently do hold about 7 000 toimes, and ...
THE ROLE OF INSTITUTIONAL INVESTORS IN FINANCIAL
... represent only 1.2 percent of enlarged EU banking system assets (based on 2004 data).2 In these countries the banking system is still in the process of development. Firms have difficulties to finance their restructuring and investment projects. Institutional investors, both domestic and foreign, can ...
... represent only 1.2 percent of enlarged EU banking system assets (based on 2004 data).2 In these countries the banking system is still in the process of development. Firms have difficulties to finance their restructuring and investment projects. Institutional investors, both domestic and foreign, can ...
NOTES ON CONTEMPORARY IMPERIALISM Phases of Imperialism
... growth of the financial sector within each capitalist economy and of financial flows across the globe that many have talked of a process of “financialization” of capitalism, rather like “industrialization” earlier. While this may be an accurate description of the processes involved, it does not draw ...
... growth of the financial sector within each capitalist economy and of financial flows across the globe that many have talked of a process of “financialization” of capitalism, rather like “industrialization” earlier. While this may be an accurate description of the processes involved, it does not draw ...
The Economic and Social Effects of Financial Liberalization: Jayati Ghosh
... resources. Empirical studies of savings have shown that there is little relationship between national savings and real interest rates. Similarly, the developmental or social role of banking is especially relevant when lowering interest rates can increase the quality of borrowers, and it can have sub ...
... resources. Empirical studies of savings have shown that there is little relationship between national savings and real interest rates. Similarly, the developmental or social role of banking is especially relevant when lowering interest rates can increase the quality of borrowers, and it can have sub ...
Developing Countries
... • Another common characteristic for many low- and middle-income countries is that they have traditionally borrowed from foreign countries. – Financial asset flows from foreign countries are able to finance investment projects, eventually leading to higher production and consumption. – But some inves ...
... • Another common characteristic for many low- and middle-income countries is that they have traditionally borrowed from foreign countries. – Financial asset flows from foreign countries are able to finance investment projects, eventually leading to higher production and consumption. – But some inves ...
Five Years After the Fall: The Governance Legacies of the Global
... timely and orderly rebalancing. For all three areas, the paper argues that governance reforms are needed to ensure that international financial institutions (IFIs) and the G20 are regarded by their members as legitimate, ...
... timely and orderly rebalancing. For all three areas, the paper argues that governance reforms are needed to ensure that international financial institutions (IFIs) and the G20 are regarded by their members as legitimate, ...
April 22
... 4. If demand is less than supply, the government will only be able to increase demand by using limited reserves of foreign exchange. Unless something changes, it will run out and either must make exchange at other rates illegal or allow adjustment. ...
... 4. If demand is less than supply, the government will only be able to increase demand by using limited reserves of foreign exchange. Unless something changes, it will run out and either must make exchange at other rates illegal or allow adjustment. ...
CHAPTER 16—MACROECONOMIC POLICY IN AN OPEN
... expansionary monetary policy is implemented to combat recession. The initial and secondary effects of the policy a. cause aggregate demand to increase, thus strengthening the policy's expansionary effect on real output b. cause aggregate demand to decrease, thus eliminating the policy's expansionary ...
... expansionary monetary policy is implemented to combat recession. The initial and secondary effects of the policy a. cause aggregate demand to increase, thus strengthening the policy's expansionary effect on real output b. cause aggregate demand to decrease, thus eliminating the policy's expansionary ...
Financial Crisis in East Asia: A Macroeconomic Perspective
... 1994). Moreover, there is a strong empirical evidence suggesting that a substantial appreciation of real exchange rate can make the domestic currency vulnerable to speculative attacks (Frankel and Rose, 1996). Thus, detailed analysis of past experiences clearly shows that significant appreciation of ...
... 1994). Moreover, there is a strong empirical evidence suggesting that a substantial appreciation of real exchange rate can make the domestic currency vulnerable to speculative attacks (Frankel and Rose, 1996). Thus, detailed analysis of past experiences clearly shows that significant appreciation of ...
Exchange Rate
... policy, namely: 1) participation in the foreign exchange market; 2) monetary policy measures; and 3) foreign exchange regulations. The BSP participates by buying and selling foreign exchange in the foreign exchange market to ensure order and temper destabilizing swings in the exchange rate. It does ...
... policy, namely: 1) participation in the foreign exchange market; 2) monetary policy measures; and 3) foreign exchange regulations. The BSP participates by buying and selling foreign exchange in the foreign exchange market to ensure order and temper destabilizing swings in the exchange rate. It does ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... per se is not a problem, but remains the natural outgrowth of a strong domestic economy relative to persistent weakness in major partners—mainly Japan and Europe—has not receded. Focusing on the important role of emerging markets in understanding global imbalances, the new Bretton Woods hypothesis—a ...
... per se is not a problem, but remains the natural outgrowth of a strong domestic economy relative to persistent weakness in major partners—mainly Japan and Europe—has not receded. Focusing on the important role of emerging markets in understanding global imbalances, the new Bretton Woods hypothesis—a ...
mmi12-Hristov 17805180 en
... To overcome this major weakness of the New Keynesian Model, this paper proposes a similarly parsimonious theoretical framework which generates empirically plausible real effects of monetary policy without imposing the overly doubtful assumption of a high degree of price stickiness. In particular, n ...
... To overcome this major weakness of the New Keynesian Model, this paper proposes a similarly parsimonious theoretical framework which generates empirically plausible real effects of monetary policy without imposing the overly doubtful assumption of a high degree of price stickiness. In particular, n ...
Do you believe in Asia? Chinese bonds and the renminbi
... rated issues. Non rated issues represent a higher risk of default compared to Investment Grade issues. Fluctuations in the rate of exchange of currencies may have a significant impact on fund performance. Please note that according to article 314-13 of AMF General Regulation, performance for periods ...
... rated issues. Non rated issues represent a higher risk of default compared to Investment Grade issues. Fluctuations in the rate of exchange of currencies may have a significant impact on fund performance. Please note that according to article 314-13 of AMF General Regulation, performance for periods ...
PRESS/779 Page 1 of 11 PRESS RELEASE PRESS/779 27
... "While the benefits of trade are clear, it is also clear that they need to be shared more widely. We should seek to build a more inclusive trading system that goes further to support poorer ...
... "While the benefits of trade are clear, it is also clear that they need to be shared more widely. We should seek to build a more inclusive trading system that goes further to support poorer ...
Foreign Exchange Market (FOREX)
... they like the variety of colors that they come in. Also assume the Euro-area countries are in the midst of an economic recovery AND the U.S. economy is in a recession which has depressed the average price level. – This example hits four of the factors that affect the exchange rates between two curre ...
... they like the variety of colors that they come in. Also assume the Euro-area countries are in the midst of an economic recovery AND the U.S. economy is in a recession which has depressed the average price level. – This example hits four of the factors that affect the exchange rates between two curre ...
the challenge of measuring financial stress. case study for
... researchers and practitioners even before the eruption of the global financial crisis in 2007. Many studies have focused on measuring financial stress and the impact on the economy. The studies that focused on predicting the systemic crisis use the country’s indicators for determining the significan ...
... researchers and practitioners even before the eruption of the global financial crisis in 2007. Many studies have focused on measuring financial stress and the impact on the economy. The studies that focused on predicting the systemic crisis use the country’s indicators for determining the significan ...
Dollarization: The Case of Zimbabwe
... ‘Shabby’/ ‘Bleak,’ ‘Burnt-Out,’ and ‘Hungry’/ From ‘Harvestless’ also/ They met and disputed/ Of who can, in Russia/ Be happy and free?” (Nekrassov [1917] 2006: 9). ...
... ‘Shabby’/ ‘Bleak,’ ‘Burnt-Out,’ and ‘Hungry’/ From ‘Harvestless’ also/ They met and disputed/ Of who can, in Russia/ Be happy and free?” (Nekrassov [1917] 2006: 9). ...
original article in English
... The global environment improved in the last months of 2016 and is continuing to do so in early 2017. Despite this acceleration, the outlook for 2017 and 2018 is fraught with uncertainties. The main one is associated with the economic policy of the new US administration, which is still largely undefi ...
... The global environment improved in the last months of 2016 and is continuing to do so in early 2017. Despite this acceleration, the outlook for 2017 and 2018 is fraught with uncertainties. The main one is associated with the economic policy of the new US administration, which is still largely undefi ...
Study Guide 13
... I order a US car today for $30,000 Delivery and payment in 6 months In 6 months, what if $ appreciates against euro? I have to spend more euros than expected. Uncertainty discourages international trade – Bias toward trade within a nation ...
... I order a US car today for $30,000 Delivery and payment in 6 months In 6 months, what if $ appreciates against euro? I have to spend more euros than expected. Uncertainty discourages international trade – Bias toward trade within a nation ...
The U.S. current account deficit has been growing
... of a U.S. firm owned by a German investor increases, so does the value of his asset holdings of that firm. Therefore, it leads to a deterioration of the U.S. NIIP. In the same way, when the share prices of a U.S. firm fall, so does the value of the foreign investor’s asset holdings, leading to an im ...
... of a U.S. firm owned by a German investor increases, so does the value of his asset holdings of that firm. Therefore, it leads to a deterioration of the U.S. NIIP. In the same way, when the share prices of a U.S. firm fall, so does the value of the foreign investor’s asset holdings, leading to an im ...
2. I E D nternational
... our major trading partner are estimated to have an adverse effect on Turkey's external demand. Economic activity in emerging economies is expected to edge down slightly due to the global turmoil. The sound structure of the economic fundamentals provides the said country group with relatively more re ...
... our major trading partner are estimated to have an adverse effect on Turkey's external demand. Economic activity in emerging economies is expected to edge down slightly due to the global turmoil. The sound structure of the economic fundamentals provides the said country group with relatively more re ...
The Open Economy Revisited: the Mundell
... Dec. 22: central bank’s reserves nearly gone. It abandons the fixed rate and lets e float. ...
... Dec. 22: central bank’s reserves nearly gone. It abandons the fixed rate and lets e float. ...
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.