The OECD Experience with Capital Account Liberalisation
... 1) The OECD Code of liberalisation of capital movements is a multilateral agreement aimed at promoting capital account liberalisation among OECD member countries. 2) The analysis of the Code and more generally of the OECD liberalisation experience permit us to identify three major characteristics. F ...
... 1) The OECD Code of liberalisation of capital movements is a multilateral agreement aimed at promoting capital account liberalisation among OECD member countries. 2) The analysis of the Code and more generally of the OECD liberalisation experience permit us to identify three major characteristics. F ...
The currency union effect on trade - Inter
... Economic and Monetary Union in Europe (EMU). As a result of the EMU, 12 countries in the European Union have abandoned their own national currencies,and adopted a new single currency, the Euro. One of the main hopes, as Europe advanced toward monetary integration, was that the single currency would ...
... Economic and Monetary Union in Europe (EMU). As a result of the EMU, 12 countries in the European Union have abandoned their own national currencies,and adopted a new single currency, the Euro. One of the main hopes, as Europe advanced toward monetary integration, was that the single currency would ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... euro are also relevant. The introduction of the euro provides an exogenous shift (a “before” and an “after”) that can be used to identify the effect of currency unions on trade. Early results using gravity regressions suggest very modest trade increases (see, for example, Micco, Stein, and Ordoñez [2 ...
... euro are also relevant. The introduction of the euro provides an exogenous shift (a “before” and an “after”) that can be used to identify the effect of currency unions on trade. Early results using gravity regressions suggest very modest trade increases (see, for example, Micco, Stein, and Ordoñez [2 ...
Identifying the Relationship Between Trade and Exchange Rate
... The empirical findings of this paper provide support for the view that trade depresses real exchange rate volatility. A trading relationship that is 1 percent of GDP greater than the median trade relationship implies that the volatility of the bilateral real exchange rate associated with the intens ...
... The empirical findings of this paper provide support for the view that trade depresses real exchange rate volatility. A trading relationship that is 1 percent of GDP greater than the median trade relationship implies that the volatility of the bilateral real exchange rate associated with the intens ...
ge14 Bhattarai neu
... foreign goods is lower, equilibrium requires a higher response of relative prices to clear the goods market. In a liquidity trap situation, since the price adjustment channel gets severely impaired, this implies that the economy suffers from a bigger output gap, producer price deflation, and a real ...
... foreign goods is lower, equilibrium requires a higher response of relative prices to clear the goods market. In a liquidity trap situation, since the price adjustment channel gets severely impaired, this implies that the economy suffers from a bigger output gap, producer price deflation, and a real ...
Currency Unions, Product Introductions, and the Real Exchange Rate
... of currency units is far more important for defining the boundaries between markets for some goods. Deviations from the LOP are significantly larger for these same products for countries with different currencies, even if their nominal exchange rate (NER) is pegged. For example, prices in the euro z ...
... of currency units is far more important for defining the boundaries between markets for some goods. Deviations from the LOP are significantly larger for these same products for countries with different currencies, even if their nominal exchange rate (NER) is pegged. For example, prices in the euro z ...
Are the Golden Years of Central Banking Over?
... research assistance. The views expressed are those of the authors and they are not necessarily shared by the institutions with which they are affiliated. ...
... research assistance. The views expressed are those of the authors and they are not necessarily shared by the institutions with which they are affiliated. ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... tion tax rate increase and repeal of income tax cut in April 1997 is often regarded as a fiscal policy mistake. Slow structural reform in regulated sectors is another problem for the Japanese economy, which has not benefited from the information and communication technology (ICT) advances that prope ...
... tion tax rate increase and repeal of income tax cut in April 1997 is often regarded as a fiscal policy mistake. Slow structural reform in regulated sectors is another problem for the Japanese economy, which has not benefited from the information and communication technology (ICT) advances that prope ...
Policies to Harness the Power of Natural Resources
... Arezki, Thorvaldur Gylfason, and Amadou Sy. – Washington, DC : International Monetary Fund, 2011. p. ; ...
... Arezki, Thorvaldur Gylfason, and Amadou Sy. – Washington, DC : International Monetary Fund, 2011. p. ; ...
Macroeconomic Implications Of Capital Inflows In India :
... rate and exports follows an I(1) process, current account balance is the only variable that follows I(0) process. Cointegration test shows the presence of long run relationship between a few pair of variables. The Granger causality test shows the unidirectional from private foreign capital to nomin ...
... rate and exports follows an I(1) process, current account balance is the only variable that follows I(0) process. Cointegration test shows the presence of long run relationship between a few pair of variables. The Granger causality test shows the unidirectional from private foreign capital to nomin ...
Project Accounting, Financial Reporting, and Auditing
... will be submitted to ADB in English for each reporting period (fiscal year) from the date of loan effectiveness 11 until the loan closing date, or as agreed for the purpose of the project. These ...
... will be submitted to ADB in English for each reporting period (fiscal year) from the date of loan effectiveness 11 until the loan closing date, or as agreed for the purpose of the project. These ...
NBER WORKING PAPER SERIES STABILIZING EXPECTATIONS UNDER MONETARY AND FISCAL POLICY COORDINATION
... ables on endogenous macroeconomic developments, the greater the likelihood of expectationsdriven instability. This gives support to concerns about the ability of policy-makers to …ne tune the macroeconomy expounded in Friedman (1968). However, a policy regime which guarantees stability of expectati ...
... ables on endogenous macroeconomic developments, the greater the likelihood of expectationsdriven instability. This gives support to concerns about the ability of policy-makers to …ne tune the macroeconomy expounded in Friedman (1968). However, a policy regime which guarantees stability of expectati ...
The eagle. A model for policy analysis of macroeconomic
... existing large scale micro-founded models of the euro area.4 Finally, the rich set of nominal and real frictions as well as implementable fiscal and monetary policy measures make the model well suited for conducting realistic policy analysis. Other features of the model setup are rather standard. In ...
... existing large scale micro-founded models of the euro area.4 Finally, the rich set of nominal and real frictions as well as implementable fiscal and monetary policy measures make the model well suited for conducting realistic policy analysis. Other features of the model setup are rather standard. In ...
Free Full Text ( Final Version , 647kb )
... Nigerian monetary authority stopped fixed exchange rates in 1986 after much pressure from International Monetary Fund (IMF). Before this time Nigerian’s Naira was stronger (more valued) than USA dollar (N0.935 = $ 1.00 (US dollar) in 1985), which IMF believes it is overvalued and it is not healthy f ...
... Nigerian monetary authority stopped fixed exchange rates in 1986 after much pressure from International Monetary Fund (IMF). Before this time Nigerian’s Naira was stronger (more valued) than USA dollar (N0.935 = $ 1.00 (US dollar) in 1985), which IMF believes it is overvalued and it is not healthy f ...
The Impact of Foreign-Currency Movements on Equity
... 2015, the index’s average and median values have both been 94, which is slightly higher than the index’s value of 89 as of May 1, 2015. Over the past 40 years, the U.S. dollar has made large, multiyear cyclical movements. Since 1973, there have been two peaks—one in 1985 and the other in 2001. In th ...
... 2015, the index’s average and median values have both been 94, which is slightly higher than the index’s value of 89 as of May 1, 2015. Over the past 40 years, the U.S. dollar has made large, multiyear cyclical movements. Since 1973, there have been two peaks—one in 1985 and the other in 2001. In th ...
The Transmission of Monetary Policy in Canada
... effects of these actions on financial markets, and works through the resulting changes in spending, production, employment and prices. The widespread interest in the subject matter of the HERMES lecture inspired this volume. Although over the past few years researchers at the Bank have published a n ...
... effects of these actions on financial markets, and works through the resulting changes in spending, production, employment and prices. The widespread interest in the subject matter of the HERMES lecture inspired this volume. Although over the past few years researchers at the Bank have published a n ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... in the world market for its importables so that it takes p" as given. It is large in the world market for its exportables. No explicit distinction is made between traded and non-traded goods. Eq. (3) is the agumented Phillips curve. By choice of units (the logarithm of) capacity 9utput is set equal ...
... in the world market for its importables so that it takes p" as given. It is large in the world market for its exportables. No explicit distinction is made between traded and non-traded goods. Eq. (3) is the agumented Phillips curve. By choice of units (the logarithm of) capacity 9utput is set equal ...
Can Greece be saved? Current Account, fiscal imbalances and competitiveness
... and the current account depends on whether domestic households react in a Keynesian or a Ricardian fashion. In a Ricardian world, higher levels of public deficits and debts are, ceteris paribus, associated with higher domestic savings by households. In fact, the so-called Ricardian equivalence holds ...
... and the current account depends on whether domestic households react in a Keynesian or a Ricardian fashion. In a Ricardian world, higher levels of public deficits and debts are, ceteris paribus, associated with higher domestic savings by households. In fact, the so-called Ricardian equivalence holds ...
international-marketing-15th-edition-cateora-test-bank
... 50. Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors. He has seen small business after small business go bankrupt because cheaper foreign goods have been more popular. The UK has just started a cell-phone manufacturing industry and ...
... 50. Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors. He has seen small business after small business go bankrupt because cheaper foreign goods have been more popular. The UK has just started a cell-phone manufacturing industry and ...
Can We Predict the Next Capital Account Crisis?
... during the period 1994-2005. Capital account crises, or “sudden stops,” are defined as large and sudden reversals in net private capital flows. We date all crises on the basis of their inception while all indicators are lagged one year so that only pre-crisis information is used. We also include one ...
... during the period 1994-2005. Capital account crises, or “sudden stops,” are defined as large and sudden reversals in net private capital flows. We date all crises on the basis of their inception while all indicators are lagged one year so that only pre-crisis information is used. We also include one ...
- Banco Central
... the expectation channel may account for the largest part in the transmission of monetary policy to in‡ation. This …nding is consistent with the importance attributed to in‡ation expectations in the conduct of monetary policy in Brazil (see Bevilaqua et al. (2008)). To our knowledge, we are the …rst ...
... the expectation channel may account for the largest part in the transmission of monetary policy to in‡ation. This …nding is consistent with the importance attributed to in‡ation expectations in the conduct of monetary policy in Brazil (see Bevilaqua et al. (2008)). To our knowledge, we are the …rst ...
BRICS` characteristics and influence
... They have to deal with domestic problems and have to take measures to narrow the large income gap ...
... They have to deal with domestic problems and have to take measures to narrow the large income gap ...
NBER WORKING PAPER SERIES CAPITAL CONTROLS, SUDDEN STOPS AND CURRENT ACCOUNT REVERSALS
... indexes, and I discuss their strengths and weaknesses. In Section III I deal with the evolution of capital account restrictions during the last thirty years. The section opens with an analysis on the evolution of capital account openness based on a new index, which I have constructed by combining th ...
... indexes, and I discuss their strengths and weaknesses. In Section III I deal with the evolution of capital account restrictions during the last thirty years. The section opens with an analysis on the evolution of capital account openness based on a new index, which I have constructed by combining th ...
Trade Liberalization and Growth: New Evidence
... It is important to distinguish the Sachs-Warner dummy variable for openness, which pertains to the 1970s and 1980s, from the Sachs-Warner liberalization dates, which extend from 1950 to 1994 and were compiled independently using a different methodology. While the Sachs-Warner dummy variable was base ...
... It is important to distinguish the Sachs-Warner dummy variable for openness, which pertains to the 1970s and 1980s, from the Sachs-Warner liberalization dates, which extend from 1950 to 1994 and were compiled independently using a different methodology. While the Sachs-Warner dummy variable was base ...
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.