Notes 15 - The University of Chicago Booth School of Business
... (in the end, the AD still shifts out, just not as much as it would have if exchange rates were fixed). In a sense, the increase in imports crowds out some of the effects of expansionary fiscal policy. If international crowding out occurs fiscal policy is less effective. A given increase in G leads t ...
... (in the end, the AD still shifts out, just not as much as it would have if exchange rates were fixed). In a sense, the increase in imports crowds out some of the effects of expansionary fiscal policy. If international crowding out occurs fiscal policy is less effective. A given increase in G leads t ...
Economy-Energy-Environment: The 3E Compass Model
... framework, the SNA, and financial accounts. They are linked to each other through time series of 25-commodity trade matrices, which explicitly describe annual trade flows among world regions, achieving global coverage. The model also generates energy balances and CO2 emissions data for individual co ...
... framework, the SNA, and financial accounts. They are linked to each other through time series of 25-commodity trade matrices, which explicitly describe annual trade flows among world regions, achieving global coverage. The model also generates energy balances and CO2 emissions data for individual co ...
The Feasibility of a Monetary Union in MERCOSUR
... stay together. Reversing the Euro to the Drachma, for example, would probably cause Greece to continue suffering. A devaluation of their hypothetical independent currency would increase their debt and the costs of exports. Simultaneously, Greece would lose the credibility the EMU once provided. Conc ...
... stay together. Reversing the Euro to the Drachma, for example, would probably cause Greece to continue suffering. A devaluation of their hypothetical independent currency would increase their debt and the costs of exports. Simultaneously, Greece would lose the credibility the EMU once provided. Conc ...
Thoughts from a Renaissance man When will the EM FX sell
... We assume more currency weakness, leading to a big shift in fundamentals EM investors of course want to see an end to the EM FX sell-off, so we want to believe misleading headlines implying the bottom is near. But while we reckon the aggressive sell-off over the summer is a little overdone in the sh ...
... We assume more currency weakness, leading to a big shift in fundamentals EM investors of course want to see an end to the EM FX sell-off, so we want to believe misleading headlines implying the bottom is near. But while we reckon the aggressive sell-off over the summer is a little overdone in the sh ...
Economic Policy in Dollarized Economies with Special Review of
... World War II, the number of currencies has grown dramatically. Following inadequate economic policies, the existence of a great number of currencies proved to be misguided. In the last decade, a reverse trend has emerged – the number of world currencies has been reducing. Many economists, especially ...
... World War II, the number of currencies has grown dramatically. Following inadequate economic policies, the existence of a great number of currencies proved to be misguided. In the last decade, a reverse trend has emerged – the number of world currencies has been reducing. Many economists, especially ...
The use of money and credit measures in contemporary monetary
... policy formulation. Currently, money and credit measures generally have a fairly low, but arguably increasing, profile in the panoply of models and economic indicators used in central banks’ assessments of the economic outlook. Some prominent academics and central banks advocate increased emphasis o ...
... policy formulation. Currently, money and credit measures generally have a fairly low, but arguably increasing, profile in the panoply of models and economic indicators used in central banks’ assessments of the economic outlook. Some prominent academics and central banks advocate increased emphasis o ...
The Triffin Dilemma and the Saver`s Curse - Economics
... dollar assets provide liquidity and safety? Were dollar assets provided in sufficient quantity? And did it deliver an appropriate return? There is little doubt that US financial markets have provided liquidity, safety and abundance of assets, at least until the crisis. This is especially true of US ...
... dollar assets provide liquidity and safety? Were dollar assets provided in sufficient quantity? And did it deliver an appropriate return? There is little doubt that US financial markets have provided liquidity, safety and abundance of assets, at least until the crisis. This is especially true of US ...
Abdulkadir DEVELİ*, Gülbahar ÜÇLER** The aim of this study is to
... shaken by the huge downfall of currency, and after an increase in the expectations about the matter of crisis, has faced with financial crises by being obliged to devaluate the national monetary unit peso. In the same way, Brazil has managed to decrease the inflation rate from %2700 to %3 b ...
... shaken by the huge downfall of currency, and after an increase in the expectations about the matter of crisis, has faced with financial crises by being obliged to devaluate the national monetary unit peso. In the same way, Brazil has managed to decrease the inflation rate from %2700 to %3 b ...
chapter 2
... It begins with a Jamaican rap star, blasting the International Monetary Fund and World Bank for their policies in Jamaica. It continues in the shantytowns of Kingston, where IMF and World Bank policies play out. It ends with those organizations explaining themselves. In between, a field trip to the ...
... It begins with a Jamaican rap star, blasting the International Monetary Fund and World Bank for their policies in Jamaica. It continues in the shantytowns of Kingston, where IMF and World Bank policies play out. It ends with those organizations explaining themselves. In between, a field trip to the ...
FISCAL AND FINANCIAL STABILITY IN ROMANIA
... negatively influenced. For a long time, gross domestic product (GDP) growth had negative real values, although in nominal terms, GDP grew while inflation increased at a fast rate. Figure 1 depicts the evolution of the GDP in real terms. As Figure 1 shows, until 2000, GDP growth in some short periods ...
... negatively influenced. For a long time, gross domestic product (GDP) growth had negative real values, although in nominal terms, GDP grew while inflation increased at a fast rate. Figure 1 depicts the evolution of the GDP in real terms. As Figure 1 shows, until 2000, GDP growth in some short periods ...
PAGE ONE Economics - Federal Reserve Bank of St. Louis
... With a gold standard, the value of a country’s money is tied to its stock of gold reserves. That is, each unit of currency (e.g., a dollar) is tied to a specific amount of gold and is redeemable for that specific amount of gold.2 The government’s ability to increase the money supply is then restrain ...
... With a gold standard, the value of a country’s money is tied to its stock of gold reserves. That is, each unit of currency (e.g., a dollar) is tied to a specific amount of gold and is redeemable for that specific amount of gold.2 The government’s ability to increase the money supply is then restrain ...
international capital flows: sustainability, sudden reversals
... therefore may be forced to adjust. We also find that reversals are more likely in years in which the terms of trade improve. 7) public deficit. The lower the public sector deficit, the higher is the probability of a reversal. This result, somewhat difficult to interpret, can be caused by the effect ...
... therefore may be forced to adjust. We also find that reversals are more likely in years in which the terms of trade improve. 7) public deficit. The lower the public sector deficit, the higher is the probability of a reversal. This result, somewhat difficult to interpret, can be caused by the effect ...
Monetary Theory and Monetary Policy: Reflections on the
... * This paper has been prepared as a contribution to the Special Issue on “150 years Journal of Economics and Statistics” of the Journal of Economics and Statistics/Jahrbücher für Nationalökonomie und Statistik. We would like to thank Peter Bernholz, Knut Borchardt and Heinz Rieter, the editor, Peter ...
... * This paper has been prepared as a contribution to the Special Issue on “150 years Journal of Economics and Statistics” of the Journal of Economics and Statistics/Jahrbücher für Nationalökonomie und Statistik. We would like to thank Peter Bernholz, Knut Borchardt and Heinz Rieter, the editor, Peter ...
Chapter 15
... Activists argue that monetary policy should be deliberately used to smooth out the business cycle. They are in favor of economic finetuning, which is the (usually frequent) use of monetary policy to counteract even small undesirable movements in economic activity. Sometimes, the monetary policy th ...
... Activists argue that monetary policy should be deliberately used to smooth out the business cycle. They are in favor of economic finetuning, which is the (usually frequent) use of monetary policy to counteract even small undesirable movements in economic activity. Sometimes, the monetary policy th ...
Origins and Evolution of the European Financial Crisis
... implication for the stability of the world economy. It is fair to say that in a decade the Economic and Monetary Union has been able to create a large trade space and to deliver a monetary policy credibly oriented towards the goal of price stability. On the other hand, its functioning has been hampe ...
... implication for the stability of the world economy. It is fair to say that in a decade the Economic and Monetary Union has been able to create a large trade space and to deliver a monetary policy credibly oriented towards the goal of price stability. On the other hand, its functioning has been hampe ...
Disentangling returns from hedged international equities
... products or investment services. Published in the UK for Professional Clients and the views contained within are correct for date of publication and may have changed since that time. Changes in rates of exchange between currencies will cause the value of investments to decrease or increase. Past per ...
... products or investment services. Published in the UK for Professional Clients and the views contained within are correct for date of publication and may have changed since that time. Changes in rates of exchange between currencies will cause the value of investments to decrease or increase. Past per ...
QETA NEWS
... Working Paper No. 13/83: China’s Path to Consumer-Based Growth: Reorienting Investment and Enhancing Efficiency Author/Editor: Lee, Il Houng ; Syed, Murtaza ; Xueyan, Liu Summary: This paper proposes a possible framework for identifying excessive investment. Based on this method, it finds evidence t ...
... Working Paper No. 13/83: China’s Path to Consumer-Based Growth: Reorienting Investment and Enhancing Efficiency Author/Editor: Lee, Il Houng ; Syed, Murtaza ; Xueyan, Liu Summary: This paper proposes a possible framework for identifying excessive investment. Based on this method, it finds evidence t ...
Public Policy Brief 71 - Levy Economics Institute of Bard College
... monetarism in the 1970s and 1980s appear to have convinced most central bankers of the futility and riskiness of setting targets for the money supply. But even as unemployment rates rise in places such as Japan and Germany, and governments such as Argentina’s struggle to meet debt payments, central ...
... monetarism in the 1970s and 1980s appear to have convinced most central bankers of the futility and riskiness of setting targets for the money supply. But even as unemployment rates rise in places such as Japan and Germany, and governments such as Argentina’s struggle to meet debt payments, central ...
The Impact of the Great Recession on Monetary and Fiscal Policy in
... determine the future development of this strategic framework. The first dilemma concerns the issue of central banks raising the inflation target level in order to improve its flexibility during the period of crisis. Proponents of increasing the inflation target from the usual value of 2% to the valu ...
... determine the future development of this strategic framework. The first dilemma concerns the issue of central banks raising the inflation target level in order to improve its flexibility during the period of crisis. Proponents of increasing the inflation target from the usual value of 2% to the valu ...
Leaders` Statement: The Pittsburgh Summit
... excesses that led to the crisis. Where reckless behavior and a lack of responsibility led to crisis, we will not allow a return to banking as usual. 17. We committed to act together to raise capital standards, to implement strong international compensation standards aimed at ending practices that le ...
... excesses that led to the crisis. Where reckless behavior and a lack of responsibility led to crisis, we will not allow a return to banking as usual. 17. We committed to act together to raise capital standards, to implement strong international compensation standards aimed at ending practices that le ...
IS-LM - Lorenzo Burlon
... A speculative attack is a case where a change in investors’ perceptions makes a fixed rate untenable. To avoid these kinds of attacks, some economists suggest the use of a currency board, an arrangement by which the central bank holds enough foreign currency to back each unit of the domestic curren ...
... A speculative attack is a case where a change in investors’ perceptions makes a fixed rate untenable. To avoid these kinds of attacks, some economists suggest the use of a currency board, an arrangement by which the central bank holds enough foreign currency to back each unit of the domestic curren ...
View/Open
... 2003:Q3) Asian financial crisis. Estimates of short-term exchange rate pass-through elasticities into import prices for Korean economy for the total sample period are relatively smaller than those for the post-Asian financial crisis period. That is mainly because of the low elasticities during the p ...
... 2003:Q3) Asian financial crisis. Estimates of short-term exchange rate pass-through elasticities into import prices for Korean economy for the total sample period are relatively smaller than those for the post-Asian financial crisis period. That is mainly because of the low elasticities during the p ...
Capital Mobility and the Thai Crisis*
... most volatile and focusing upon it has the advantage that it can be isolated using balance of payments data. Figure 2 compares the stock of the Bank of Thailand's reserves, on the one hand, with the estimated cumulative stock of short-term, foreign owned capital, on the other. The latter includes f ...
... most volatile and focusing upon it has the advantage that it can be isolated using balance of payments data. Figure 2 compares the stock of the Bank of Thailand's reserves, on the one hand, with the estimated cumulative stock of short-term, foreign owned capital, on the other. The latter includes f ...
Examining exchange rate return factors before and after
... foreign exchange relationships. Also concluded by Chen, Roll & Ross, 1986 - "Asset prices should depend on their exposures to the state variable that describe the company". Thereto, research papers published regarding the clarification of the common factors within linear relationships between countr ...
... foreign exchange relationships. Also concluded by Chen, Roll & Ross, 1986 - "Asset prices should depend on their exposures to the state variable that describe the company". Thereto, research papers published regarding the clarification of the common factors within linear relationships between countr ...
Why a Dollar Depreciation May Not Close the US Trade
... borders, but other forces come into play between the time a good arrives at the border and the time it is sold to the consumer. As we noted earlier, the imported good must be stored, transported, and marketed by a retailer. The share of an exchange rate movement that appears in the final price of an ...
... borders, but other forces come into play between the time a good arrives at the border and the time it is sold to the consumer. As we noted earlier, the imported good must be stored, transported, and marketed by a retailer. The share of an exchange rate movement that appears in the final price of an ...
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.