Ratib
... the exports and imports of a country are somewhat high, currency depreciation will lead to a current account surplus. However, this may not always be the case if the goods traded are price inelastic. In this case, the current account will be adversely affected, and this shall be explored in the latt ...
... the exports and imports of a country are somewhat high, currency depreciation will lead to a current account surplus. However, this may not always be the case if the goods traded are price inelastic. In this case, the current account will be adversely affected, and this shall be explored in the latt ...
DP2008/01 Some benefits of monetary policy transparency in New Zealand
... The genesis of this shift was likely the opening up of capital accounts and associated movement away from highly managed exchange rate regimes, wherein central bank secrecy was the modus operandi, towards the increasing focus on a price stability objective (whether this objective is legislated or no ...
... The genesis of this shift was likely the opening up of capital accounts and associated movement away from highly managed exchange rate regimes, wherein central bank secrecy was the modus operandi, towards the increasing focus on a price stability objective (whether this objective is legislated or no ...
Causes and Consequences of Global Imbalances
... and persistent current account surplus since the 1997–1998 Asian crisis. That is, although the region has long relied on exports to drive its growth, its transformation into a surplus region or, equivalently, a net exporter of capital is a much more recent, and somewhat puzzling, phenomenon. The dis ...
... and persistent current account surplus since the 1997–1998 Asian crisis. That is, although the region has long relied on exports to drive its growth, its transformation into a surplus region or, equivalently, a net exporter of capital is a much more recent, and somewhat puzzling, phenomenon. The dis ...
- wiwi.uni
... Many studies have asked whether South America is an optimum currency area (OCA) in the sense of Mundell (1961). I rephrase this question and ask whether South America would form a worse currency area than the one already in force in South America’s most important economy, Brazil. The methodology I e ...
... Many studies have asked whether South America is an optimum currency area (OCA) in the sense of Mundell (1961). I rephrase this question and ask whether South America would form a worse currency area than the one already in force in South America’s most important economy, Brazil. The methodology I e ...
Crisis Response Policies in Russia, Ukraine, Kazakhstan and Belarus
... Notwithstanding its relatively tight fiscal stance, Belarus’ quasi-fiscal policies, prominently featuring directed credits extended by SOBs, have remained quite loose in recent years (see chart 2). Exchange rate regimes have tended toward de facto pegs to the U.S. dollar. These exerted expansionary ...
... Notwithstanding its relatively tight fiscal stance, Belarus’ quasi-fiscal policies, prominently featuring directed credits extended by SOBs, have remained quite loose in recent years (see chart 2). Exchange rate regimes have tended toward de facto pegs to the U.S. dollar. These exerted expansionary ...
Global Economy Notes
... by global changes, they can also be affected by regional changes. While changes in US economy will have ripple effect around the world, they can have more profound impacts in North America on the nearby Canadian and Mexican economies because of their integration through the North American Free trade ...
... by global changes, they can also be affected by regional changes. While changes in US economy will have ripple effect around the world, they can have more profound impacts in North America on the nearby Canadian and Mexican economies because of their integration through the North American Free trade ...
PDF
... whether it was rich or poor as on the monetary standard of the foreign country or countries to which its transactions were linked. When it came to the distinction between specie convertibility and inconvertibility, however, domestic economic conditions came into play. In particular, there was a stro ...
... whether it was rich or poor as on the monetary standard of the foreign country or countries to which its transactions were linked. When it came to the distinction between specie convertibility and inconvertibility, however, domestic economic conditions came into play. In particular, there was a stro ...
household debt and foreign currency borrowing in new
... Germany and Italy. These ratios vary significantly between the four old member states, but over time these countries have been converging, with Germany and France ending the data period with ratios just below one. They have also generally been rising, except perhaps in the case of Germany, and this ...
... Germany and Italy. These ratios vary significantly between the four old member states, but over time these countries have been converging, with Germany and France ending the data period with ratios just below one. They have also generally been rising, except perhaps in the case of Germany, and this ...
Winners and Losers from the euro
... countries not in the EMU (synthetic control ). The exact weights assigned to countries in the synthetic control are determined by an algorithm that minimizes the difference in the relevant economic characteristics between the chosen EMU’s member and its synthetic counterpart. The comparison of the e ...
... countries not in the EMU (synthetic control ). The exact weights assigned to countries in the synthetic control are determined by an algorithm that minimizes the difference in the relevant economic characteristics between the chosen EMU’s member and its synthetic counterpart. The comparison of the e ...
Working Paper No. 617 How to Sustain the Chinese Economic Miracle?
... further strengthening of private consumption—supported by the continued reliance on renminbi stability and capital account management, so as to assure that macroeconomic policies can be framed in line with domestic development requirements. The analysis begins in section 2 with a brief account of Ch ...
... further strengthening of private consumption—supported by the continued reliance on renminbi stability and capital account management, so as to assure that macroeconomic policies can be framed in line with domestic development requirements. The analysis begins in section 2 with a brief account of Ch ...
2017:1 A cross‐border banking sector with major assets and
... Sweden in the early 1990s culminated in the country having to abandon the fixed exchange rate in 1992. The crisis also led to important reforms. Monetary policy received an inflation target, a new framework was intro‐ duced for public finances, and both the pensions and social insurance systems ...
... Sweden in the early 1990s culminated in the country having to abandon the fixed exchange rate in 1992. The crisis also led to important reforms. Monetary policy received an inflation target, a new framework was intro‐ duced for public finances, and both the pensions and social insurance systems ...
Atomic Dog Publishing, Inc.
... They also look at the other country’s infrastructure (the physical facilities that support the country’s economic activities). The exchange rate (the ratio at which one nation’s currency can be exchanged for another nation’s currency or for gold) is also a factor to consider. ...
... They also look at the other country’s infrastructure (the physical facilities that support the country’s economic activities). The exchange rate (the ratio at which one nation’s currency can be exchanged for another nation’s currency or for gold) is also a factor to consider. ...
Speech at The Euro and the Dollar in a Globalized... U.C. Santa Cruz, Santa Cruz, CA
... Speech at The Euro and the Dollar in a Globalized Economy Conference U.C. Santa Cruz, Santa Cruz, CA By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonigh ...
... Speech at The Euro and the Dollar in a Globalized Economy Conference U.C. Santa Cruz, Santa Cruz, CA By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonigh ...
The carry trade and recent yen movements
... of GDP in 2007. At the same time, the yen depreciated continuously, in effective terms, between the end of 2004 and mid-2007 (chart 1). Until 2005, the macroeconomic policies pursued by the Japanese authorities would appear to account for a large proportion of these growing imbalances. Highly expans ...
... of GDP in 2007. At the same time, the yen depreciated continuously, in effective terms, between the end of 2004 and mid-2007 (chart 1). Until 2005, the macroeconomic policies pursued by the Japanese authorities would appear to account for a large proportion of these growing imbalances. Highly expans ...
The effects of Monetary Policy shocks across the Greek Regions
... the spatial allocation of the economic activities and on their performance. This is attributed to the fact that the various regions of an economic entity differ a) in their productive capacities, technologies and localisation factors, b) in the behaviour of their economic agents, and finally c) in t ...
... the spatial allocation of the economic activities and on their performance. This is attributed to the fact that the various regions of an economic entity differ a) in their productive capacities, technologies and localisation factors, b) in the behaviour of their economic agents, and finally c) in t ...
H G I M
... Stephen Matteo Miller Recent debate about reforming the international financial architecture to handle financial crises in emerging markets typically focuses on the relationship between officials. That is, what will finance ministers from developed countries and officials in international financial ...
... Stephen Matteo Miller Recent debate about reforming the international financial architecture to handle financial crises in emerging markets typically focuses on the relationship between officials. That is, what will finance ministers from developed countries and officials in international financial ...
BEHIND THE 2000/2001 TURKISH CRISIS: Stability, Credibility, and Governance, for Whom?
... fragile macroeconomic environment, and deliberately aimed at hauling of the banking (and the financial) sector out of the crisis, first and foremost.4 I tabulate the so-called fragility indicators of the Turkish economy in a longer time span in Table 3. As can be witnessed from the Table, the Turkis ...
... fragile macroeconomic environment, and deliberately aimed at hauling of the banking (and the financial) sector out of the crisis, first and foremost.4 I tabulate the so-called fragility indicators of the Turkish economy in a longer time span in Table 3. As can be witnessed from the Table, the Turkis ...
What does the Bank of Japan do to East Asia?
... monetary policy shocks most likely explain at most 10% of the variation in Japan’s real GDP and Japan’s trade balance and at most 20% of the variation in the value of the yen with respect to the U.S. dollar in the last 40 years. 10% and 20% are nonnegligible numbers, but they are modest. We find tha ...
... monetary policy shocks most likely explain at most 10% of the variation in Japan’s real GDP and Japan’s trade balance and at most 20% of the variation in the value of the yen with respect to the U.S. dollar in the last 40 years. 10% and 20% are nonnegligible numbers, but they are modest. We find tha ...
- Schroders
... Our global growth forecast is unchanged at 2.5% for 2016 with the principal impact of Brexit being felt in the UK where we have cut our growth forecasts in half for next year. Eurozone forecasts have also been reduced as a result of weaker demand from one of its biggest trading partners and the incr ...
... Our global growth forecast is unchanged at 2.5% for 2016 with the principal impact of Brexit being felt in the UK where we have cut our growth forecasts in half for next year. Eurozone forecasts have also been reduced as a result of weaker demand from one of its biggest trading partners and the incr ...
1st Quarter 2016 - Deloitte University Press
... S we head into the new year, there are factors that are bound to have a substantial impact on the path of the global economy. Among these are the decisions that will be made by the US Federal Reserve, the European Central Bank, the Bank of Japan, the People’s Bank of China, and the petroleum authori ...
... S we head into the new year, there are factors that are bound to have a substantial impact on the path of the global economy. Among these are the decisions that will be made by the US Federal Reserve, the European Central Bank, the Bank of Japan, the People’s Bank of China, and the petroleum authori ...
PDF
... developing countries as well as corresponding macroeconomic policies used to control inflation. Specifically, Bolivia faced an economic crisis culminating in hyperinflation from the later part of 1984 through mid-1985 (Melvin, 1988; Pastor, 1991)3. A large fiscaI deficit, negative growth rates, high ...
... developing countries as well as corresponding macroeconomic policies used to control inflation. Specifically, Bolivia faced an economic crisis culminating in hyperinflation from the later part of 1984 through mid-1985 (Melvin, 1988; Pastor, 1991)3. A large fiscaI deficit, negative growth rates, high ...
Japan`s Liquidity Trap - Levy Economics Institute of Bard College
... Employment growth in Japan has been disappointing since the mid-1990s (figure 14). Indeed there was hardly any employment growth from 1994 to 2012. Since 2013, however, the Japanese economy has increased employment. The unemployment rate in Japan had been very low until the early 1990s. During the d ...
... Employment growth in Japan has been disappointing since the mid-1990s (figure 14). Indeed there was hardly any employment growth from 1994 to 2012. Since 2013, however, the Japanese economy has increased employment. The unemployment rate in Japan had been very low until the early 1990s. During the d ...
DORNBUSCH’S OVERSHOOTING MODEL: A REVIEW
... Absolute purchasing power parity (PPP) states that a basket of goods, when expressed in a common currency, should have the same cost across countries. PPP states that the real exchange rate, defined by Qt = St Pt*/Pt is equal to unity, where St is the spot rate and Pt and Pt* are the domestic and fo ...
... Absolute purchasing power parity (PPP) states that a basket of goods, when expressed in a common currency, should have the same cost across countries. PPP states that the real exchange rate, defined by Qt = St Pt*/Pt is equal to unity, where St is the spot rate and Pt and Pt* are the domestic and fo ...
On the sources of macroeconomic stability
... The volatility of output and inflation has varied substantially across countries and over time. While the global economy was very turbulent in the 1970s, macroeconomic volatility declined sharply in the following years in what has been termed the ‘Great Moderation’. This decline took place to differ ...
... The volatility of output and inflation has varied substantially across countries and over time. While the global economy was very turbulent in the 1970s, macroeconomic volatility declined sharply in the following years in what has been termed the ‘Great Moderation’. This decline took place to differ ...
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.