A Currency Boards: Once and Future Monetary Regimes?
... diminishing its ability to protect its currency should the value of its marketable assets fall in terms of other currencies, precipitating capital outflows. Currency boards likely represent a beginning rather than an end in the evolution of monetary regimes for emerging economies. To benefit most fr ...
... diminishing its ability to protect its currency should the value of its marketable assets fall in terms of other currencies, precipitating capital outflows. Currency boards likely represent a beginning rather than an end in the evolution of monetary regimes for emerging economies. To benefit most fr ...
an External Instruments Approach
... Our study reveals several important results. First, monetary policy shocks have large and persistent effects on output and yields of long maturities. A monetary policy shock that raises the domestic policy rate by 25 basis points reduces output (proxied by industrial production) by approximately 0.2 ...
... Our study reveals several important results. First, monetary policy shocks have large and persistent effects on output and yields of long maturities. A monetary policy shock that raises the domestic policy rate by 25 basis points reduces output (proxied by industrial production) by approximately 0.2 ...
SUNS #7144 Friday 6 May 2011
... of fiscal stimulus policies, of tighter monetary policy adopted in some countries to meet the challenge of rising inflation, and also that of sluggish recovery in the developed economies of the world. The slower growth in exports driving some of the growth slowdown in developing economies began to b ...
... of fiscal stimulus policies, of tighter monetary policy adopted in some countries to meet the challenge of rising inflation, and also that of sluggish recovery in the developed economies of the world. The slower growth in exports driving some of the growth slowdown in developing economies began to b ...
The Political Economy of the Euro Crisis
... unprecedented lows (Eurobarometer, 2012). At the European level, policymakers struggled to reform the architecture of EMU. Issues such as banking and fiscal union and other measures were hotly debated and highly controversial. Not surprisingly, the outcomes of the political bargains were compromise ...
... unprecedented lows (Eurobarometer, 2012). At the European level, policymakers struggled to reform the architecture of EMU. Issues such as banking and fiscal union and other measures were hotly debated and highly controversial. Not surprisingly, the outcomes of the political bargains were compromise ...
Balance of Payments Analysis
... When the current account is in balance (CA = 0), the capital account automatically is in balance, too. Outflows equal inflows. However, when the current account is in deficit (CA < 0), a positive capital and financial account is required (CF > 0). In order to pay for the excess of domestic absorptio ...
... When the current account is in balance (CA = 0), the capital account automatically is in balance, too. Outflows equal inflows. However, when the current account is in deficit (CA < 0), a positive capital and financial account is required (CF > 0). In order to pay for the excess of domestic absorptio ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... 201–34. Chicago: University of Chicago Press. Preston, B. 2008. “Adaptive Learning, Forecast-Based Instrument Rules and Monetary Policy.” Journal of Economic Dynamics and Control 32:3661–81. Primiceri, G. E. 2006. “Why Inflation Rose and Fell: Policy-Makers’ Beliefs and US Postwar Stabilization Poli ...
... 201–34. Chicago: University of Chicago Press. Preston, B. 2008. “Adaptive Learning, Forecast-Based Instrument Rules and Monetary Policy.” Journal of Economic Dynamics and Control 32:3661–81. Primiceri, G. E. 2006. “Why Inflation Rose and Fell: Policy-Makers’ Beliefs and US Postwar Stabilization Poli ...
EMU Presentation for Haas Advisory Board, February 2012
... • European Financial Stability Facility (EFSF) – May 2010: to “safeguard financial stability in Europe” – Can issue €440 bn of bonds, guaranteed by members, to lend to members “in difficulty” who request help, s.t. EC, ECB, IMF ...
... • European Financial Stability Facility (EFSF) – May 2010: to “safeguard financial stability in Europe” – Can issue €440 bn of bonds, guaranteed by members, to lend to members “in difficulty” who request help, s.t. EC, ECB, IMF ...
How can emerging market economies best cope with the current
... in both the United States and the euro area (solid lines). Another important feature is that EME bond markets have become increasingly exposed to the portfolio allocation decisions of foreign investors. The share of foreign investors in the local government bond market grew at a very fast pace in ma ...
... in both the United States and the euro area (solid lines). Another important feature is that EME bond markets have become increasingly exposed to the portfolio allocation decisions of foreign investors. The share of foreign investors in the local government bond market grew at a very fast pace in ma ...
Money, financial investment and financing
... The system of accumulation accounts and balance sheets, as described so far, is twodimensional. They are limited in that they do not reveal counterpart sectors to the transactions, other changes in assets or balance sheet positions. In other words, although they show which sectors are acquiring fina ...
... The system of accumulation accounts and balance sheets, as described so far, is twodimensional. They are limited in that they do not reveal counterpart sectors to the transactions, other changes in assets or balance sheet positions. In other words, although they show which sectors are acquiring fina ...
Economic Insights - CIBC Economics
... cycle (starting in 2004) gold fared fairly well, on average it has struggled when the US starts raising interest rates — losing around 8% of its value in the twelve months following the first hike (Chart 4). A gradual tightening cycle, which is widely expected this time around, may limit the impact. ...
... cycle (starting in 2004) gold fared fairly well, on average it has struggled when the US starts raising interest rates — losing around 8% of its value in the twelve months following the first hike (Chart 4). A gradual tightening cycle, which is widely expected this time around, may limit the impact. ...
NBER WORKING PAPER SERIES INTERNATIONAL LIQUIDITY AND MONETARY CONTROL Jacob A. Frenkel
... pursuit of macroeconomic policies. It is claimed that the added degree of freedom (or the added policy instrument) stems from the elimination of the ...
... pursuit of macroeconomic policies. It is claimed that the added degree of freedom (or the added policy instrument) stems from the elimination of the ...
Is stability necessary for growth?
... In the period preceding the agreement of Maastricht Treaty, there had been an extended debate about the transition to monetary union, with the two camps labelled ‘economists’ – who favoured a long period of convergence before full monetary union - and ‘monetarists’ - who argued that economic agents ...
... In the period preceding the agreement of Maastricht Treaty, there had been an extended debate about the transition to monetary union, with the two camps labelled ‘economists’ – who favoured a long period of convergence before full monetary union - and ‘monetarists’ - who argued that economic agents ...
14 pages - Bank for International Settlements
... Zealand are in between. Two thirds of the cross-sectional variation in the dollar share in foreign exchange reserves can be accounted for by the currencies’ average dollar zone weight in 2010–13. The slope of the least squares line (in red in Graph 3) is not 1 (dashed blue line), as would be the cas ...
... Zealand are in between. Two thirds of the cross-sectional variation in the dollar share in foreign exchange reserves can be accounted for by the currencies’ average dollar zone weight in 2010–13. The slope of the least squares line (in red in Graph 3) is not 1 (dashed blue line), as would be the cas ...
PDF
... rates; maintainace of currency convertibility by all partner states; modernizing and integrating the payment systems and settlements; and synchronizing the trading practices and rules in stock market exchange (EAC, 2009), partner commitment has remained low with some policies registering 3 out of 5 ...
... rates; maintainace of currency convertibility by all partner states; modernizing and integrating the payment systems and settlements; and synchronizing the trading practices and rules in stock market exchange (EAC, 2009), partner commitment has remained low with some policies registering 3 out of 5 ...
world-economic-crisis-and-agri-trade.pdf
... USDA’s Economic Research Service (ERS), who helped coordinate the production of the report. We appreciate the input from Shahla Shapouri and Stacey Rosen (food security) and would like to thank all of the reviewers for their helpful comments and ...
... USDA’s Economic Research Service (ERS), who helped coordinate the production of the report. We appreciate the input from Shahla Shapouri and Stacey Rosen (food security) and would like to thank all of the reviewers for their helpful comments and ...
2014-11 - University of Glasgow
... This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag of an austerity programme. This is due to the need to accumulate foreign exchange ...
... This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag of an austerity programme. This is due to the need to accumulate foreign exchange ...
chapt 13 Exchange rate
... How much can be exchanged for one dollar? ¥89.40/$ How much can be exchanged for one yen? $0.011185/¥ ...
... How much can be exchanged for one dollar? ¥89.40/$ How much can be exchanged for one yen? $0.011185/¥ ...
I. GLOBAL AND REGIONAL ECONOMIC DEVELOPMENTS AND PROSPECTS: OVERVIEW
... by the robust global economy, aided by a moderate depreciation of the euro during the year. However, the relative importance of these factors varied across the euro area. For example, Germany and Italy were affected by lethargic domestic demand while exports performed well; the opposite was true for ...
... by the robust global economy, aided by a moderate depreciation of the euro during the year. However, the relative importance of these factors varied across the euro area. For example, Germany and Italy were affected by lethargic domestic demand while exports performed well; the opposite was true for ...
Pages: 64
... rules dominate money supply while informal rules and behaviour play a more important role in money demand. However, as we will see further in the text, it is possible for informal rules to penetrate deeply in the money creation mechanism. The whole set of monetary institutions form a specific struct ...
... rules dominate money supply while informal rules and behaviour play a more important role in money demand. However, as we will see further in the text, it is possible for informal rules to penetrate deeply in the money creation mechanism. The whole set of monetary institutions form a specific struct ...
I appreciate this opportunity to discuss the paper by I have Henrik
... elements of wage and price rigidity, and money illusion. For instance, workers may be slow to realize the implications of an unanticipated increase in the money supply. Given the adaptive expectation process that characterises wage negotiations in the labour market, this means that employment and ou ...
... elements of wage and price rigidity, and money illusion. For instance, workers may be slow to realize the implications of an unanticipated increase in the money supply. Given the adaptive expectation process that characterises wage negotiations in the labour market, this means that employment and ou ...
Revisiting the Case for a Tobin Tax Post Asian Crisis
... Asia, as well as steps taken by the regional economies in developing self-help mechanisms against future liquidity crises. Section 3 turns to the issue of the Tobin tax, reviewing available research on the tax and developing a simple model to provide insight into how the Tobin tax ought to be implem ...
... Asia, as well as steps taken by the regional economies in developing self-help mechanisms against future liquidity crises. Section 3 turns to the issue of the Tobin tax, reviewing available research on the tax and developing a simple model to provide insight into how the Tobin tax ought to be implem ...
- Munich Personal RePEc Archive
... apples in his warehouse, then, this exchange cannot take place. Also, if Friday is having an Ox in his possession, then, he can’t trade it in pieces for the goods which he need for his consumption! Money solves both these problems because it is a common medium of exchange which all people readily ac ...
... apples in his warehouse, then, this exchange cannot take place. Also, if Friday is having an Ox in his possession, then, he can’t trade it in pieces for the goods which he need for his consumption! Money solves both these problems because it is a common medium of exchange which all people readily ac ...
NBER WORKING PAPER SERIES DEFLATION AND MONETARY POLICY IN TAIWAN Ya-Hwei Yang
... would like to maintain Taiwan’s status quo, there is major division among the people on the issue of whether Taiwan should pursue independence from China or be unified with China at some point in the future. Constant friction between the two camps as well as disputes between them in major elections, ...
... would like to maintain Taiwan’s status quo, there is major division among the people on the issue of whether Taiwan should pursue independence from China or be unified with China at some point in the future. Constant friction between the two camps as well as disputes between them in major elections, ...
Prospectus Defense - AIPRG -- Armenian International
... the power of standard ADF test decreases sharply when a structural break is present. technological progress, economic crises, changes in the people’s preferences, policy or regime shifts, and institutional developments, very typical to developing and transition countries. AIPRG Conference | Ma ...
... the power of standard ADF test decreases sharply when a structural break is present. technological progress, economic crises, changes in the people’s preferences, policy or regime shifts, and institutional developments, very typical to developing and transition countries. AIPRG Conference | Ma ...
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.