MONETARY POLICY REACTION FUNCTION IN TURKEY October 2000 Olcay Yücel EMİR
... account deficit decreased to 1,4 percent of the GNP. Again capital inflows accelerated in 1995 and the economic growth was above its potential again and reached 8,1 percent. The source of the growth was not only domestic consumption but private investment as well. The Stand-by arrangement came to en ...
... account deficit decreased to 1,4 percent of the GNP. Again capital inflows accelerated in 1995 and the economic growth was above its potential again and reached 8,1 percent. The source of the growth was not only domestic consumption but private investment as well. The Stand-by arrangement came to en ...
Country Risk Service Mexico Updater Brochure
... A widening of the fiscal deficit, a rising public debt/GDP ratio (now over 45%) and a persistently weak economy have contributed to Mexico's BB rating. On the positive side, a precautionary credit line with the IMF will support creditworthiness, which is reflected in low sovereign debt yields. Howev ...
... A widening of the fiscal deficit, a rising public debt/GDP ratio (now over 45%) and a persistently weak economy have contributed to Mexico's BB rating. On the positive side, a precautionary credit line with the IMF will support creditworthiness, which is reflected in low sovereign debt yields. Howev ...
Will the Global Crisis Lead to Global Transformations?
... absence of any effective macroeconomic limitations leads, at the level of the world economy and world financial system, to consequences that are analogous to the ones that were produced by uncontrollable growth and competition for market share in the capitalist economies of the 19th and early 20th c ...
... absence of any effective macroeconomic limitations leads, at the level of the world economy and world financial system, to consequences that are analogous to the ones that were produced by uncontrollable growth and competition for market share in the capitalist economies of the 19th and early 20th c ...
Effects of the U.S. Quantitative Easing over a Small Open Economy
... mitigate any potential systemic risk in their economies. Unconventional monetary policies have been used by central banks in developed economies to stimulate their economies because standard monetary policies have become ineffective (when the short-term interest rate is at its zero lower-bound). Wa ...
... mitigate any potential systemic risk in their economies. Unconventional monetary policies have been used by central banks in developed economies to stimulate their economies because standard monetary policies have become ineffective (when the short-term interest rate is at its zero lower-bound). Wa ...
Bildu
... oil prices and inflation expectations. This is a risk because it could lead to a deanchoring of inflation expectations. We are not saying that these risks are materialising, but they are present and as I observed in the course of the last meeting these risks have gone up, and we want to be vigilant, ...
... oil prices and inflation expectations. This is a risk because it could lead to a deanchoring of inflation expectations. We are not saying that these risks are materialising, but they are present and as I observed in the course of the last meeting these risks have gone up, and we want to be vigilant, ...
Chapter 18. Openness in Goods
... future exchange rate is given by Eet+1. If investors care only about expected returns and not about risk, then they will choose the option with the higher expected return. If both U.S. and Japanese bonds are to be held by the private sector, it must be that the expected returns are the same under ei ...
... future exchange rate is given by Eet+1. If investors care only about expected returns and not about risk, then they will choose the option with the higher expected return. If both U.S. and Japanese bonds are to be held by the private sector, it must be that the expected returns are the same under ei ...
The Golden Age of Steam - the Solent Electronic Archive
... The section draws heavily on the work of Geoff Tily. Tily, G. (2007). Keynes General Theory, the Rate of Interest and Keynesian Economics, Macmillan. ...
... The section draws heavily on the work of Geoff Tily. Tily, G. (2007). Keynes General Theory, the Rate of Interest and Keynesian Economics, Macmillan. ...
1 Evolution of financial markets
... confirmed by BIS, and companies below investment grade that are trying to cope with more difficult conditions of access to financing. The emerging countries, particularly those in Latin America, have been seriously impacted by these liquidity restrictions. Recent stock market evolution in the major ...
... confirmed by BIS, and companies below investment grade that are trying to cope with more difficult conditions of access to financing. The emerging countries, particularly those in Latin America, have been seriously impacted by these liquidity restrictions. Recent stock market evolution in the major ...
H E B C
... fiat regime provides insulation against foreign shocks.5 As in a convertible regime, countries following fiat money regimes can adhere to fixed exchange rates with each other. The key advantage of doing so is avoidance of the transaction costs of exchange in international trade. However, a fixed-rat ...
... fiat regime provides insulation against foreign shocks.5 As in a convertible regime, countries following fiat money regimes can adhere to fixed exchange rates with each other. The key advantage of doing so is avoidance of the transaction costs of exchange in international trade. However, a fixed-rat ...
Financial Performance
... – magnitude of trade in goods and services, – integration of financial markets reflected in capital flows, – type of exchange rate regime used for facilitating currency transactions. ...
... – magnitude of trade in goods and services, – integration of financial markets reflected in capital flows, – type of exchange rate regime used for facilitating currency transactions. ...
Economics 243
... Part B: The main reason is that the greater the degree of capital mobility, the less will be the crowding-out of domestic investment due to the expansionary fiscal policy. For example, in the case of perfect capital immobility, following an expansionary fiscal policy, domestic money supply must decr ...
... Part B: The main reason is that the greater the degree of capital mobility, the less will be the crowding-out of domestic investment due to the expansionary fiscal policy. For example, in the case of perfect capital immobility, following an expansionary fiscal policy, domestic money supply must decr ...
ZESZYTY NAUKOWE UNIWERSYTETU SZCZECIŃSKIEGO
... terms of external trade, turnover exceeded GDP in 2006. Capital flows have also increased and this is apparent in the rapid growth of foreign direct investment and the external borrowing by the public and private sectors. The increased supplies of foreign currency can create additional pressure for ...
... terms of external trade, turnover exceeded GDP in 2006. Capital flows have also increased and this is apparent in the rapid growth of foreign direct investment and the external borrowing by the public and private sectors. The increased supplies of foreign currency can create additional pressure for ...
View full PDF - First Eagle Investment Management
... recapitalization of banks, in ways that may be unconventional. They're already trying to issue preferred stocks, but preferred stocks that can't be converted into equity. Which is kind of an unusual instrument. Now, as China went through this period of surplus investment -- this period of almost fak ...
... recapitalization of banks, in ways that may be unconventional. They're already trying to issue preferred stocks, but preferred stocks that can't be converted into equity. Which is kind of an unusual instrument. Now, as China went through this period of surplus investment -- this period of almost fak ...
Currency Politics: The Political Economy of Exchange Rate Policy
... monetary policy to be identical to that of Germany. And such peripheral European countries as Spain and Portugal would have been much better off with monetary policies tailored to their own conditions during the financial crisis that began in 2007, but their membership in the eurozone made this impo ...
... monetary policy to be identical to that of Germany. And such peripheral European countries as Spain and Portugal would have been much better off with monetary policies tailored to their own conditions during the financial crisis that began in 2007, but their membership in the eurozone made this impo ...
applying the is–lm (is–lm–pb) model under conditions of the slovak
... BoÏena Viktorínová, Stanislav Valko, Eva Orná, Peter Gonda* ...
... BoÏena Viktorínová, Stanislav Valko, Eva Orná, Peter Gonda* ...
Carry Trade and Financial Crisis
... Mr Sasaki estimates that of the Y7,000bn ($61bn, €45bn, £31bn) in yen short positions through margin trading, day traders bought back yen to the tune of Y3,800bn in just one week.” The August unrest was quickly handled by the FED. Billions of fresh capital was poured to Wall Street. The FOMC members ...
... Mr Sasaki estimates that of the Y7,000bn ($61bn, €45bn, £31bn) in yen short positions through margin trading, day traders bought back yen to the tune of Y3,800bn in just one week.” The August unrest was quickly handled by the FED. Billions of fresh capital was poured to Wall Street. The FOMC members ...
The lasting impact of the Asian financial crisis
... The reason that this is so important is because the IMF had vastly more power and influence over economic policy in developing countries than it would be able to exert on the basis of just its own lending. Of course, even this lending has been drastically reduced: its loan portfolio has shrunk from ...
... The reason that this is so important is because the IMF had vastly more power and influence over economic policy in developing countries than it would be able to exert on the basis of just its own lending. Of course, even this lending has been drastically reduced: its loan portfolio has shrunk from ...
The Rationale for Inflation Targeting
... in emerging market countries within the last decade as well. Given conventional estimates of the interest elasticity of money and the real interest rate when inflation is zero, this cost is quite low for inflation rates less than 10 percent, remaining below 0.10 percent of GDP. Only when inflation r ...
... in emerging market countries within the last decade as well. Given conventional estimates of the interest elasticity of money and the real interest rate when inflation is zero, this cost is quite low for inflation rates less than 10 percent, remaining below 0.10 percent of GDP. Only when inflation r ...
German Monetary Policy in the Second Half
... balance bilaterally. By spring 1947, there were 200 bilateral agreements controlling trade in Europe alone. Importers had to obtain licenses, which limited total imports country by country. Governments made their imports conditional on another country’s acceptance of their exports because they feare ...
... balance bilaterally. By spring 1947, there were 200 bilateral agreements controlling trade in Europe alone. Importers had to obtain licenses, which limited total imports country by country. Governments made their imports conditional on another country’s acceptance of their exports because they feare ...
The Potential of the Renminbi as an International Currency
... This paper assesses the potential significance of the renminbi as an international currency by drawing on the experiences of the other major currencies. We estimate an empirical model relating currency shares of reserve holdings to economic determinants such as the size of the economy and financial ...
... This paper assesses the potential significance of the renminbi as an international currency by drawing on the experiences of the other major currencies. We estimate an empirical model relating currency shares of reserve holdings to economic determinants such as the size of the economy and financial ...
The Tools of Monetary Policy
... • Changes in the discount rate Increasing the discount rate increases the cost of borrowed funds for depository institutions that borrow reserves Decreasing the discount rate decreases the cost of borrowed funds for depository institutions that borrow reserves ...
... • Changes in the discount rate Increasing the discount rate increases the cost of borrowed funds for depository institutions that borrow reserves Decreasing the discount rate decreases the cost of borrowed funds for depository institutions that borrow reserves ...
ppt
... • J-Curve Effect states that a decline in currency value will initially worsen the deficit before improvement. ...
... • J-Curve Effect states that a decline in currency value will initially worsen the deficit before improvement. ...
Textbooks and Pure Fiscal Policy: The Neglect of Monetary Basics
... give and what will give is the rate of interest [at the initial level of output]… As the rate of interest increases, at least some people will want to economize on their money assets… As a result, part of the increase in government borrowing will be financed out of decreased money holdings so that t ...
... give and what will give is the rate of interest [at the initial level of output]… As the rate of interest increases, at least some people will want to economize on their money assets… As a result, part of the increase in government borrowing will be financed out of decreased money holdings so that t ...
BCGE group investment strategy
... drawn is an immense complication! Beyond the ballot box surprises and far from being anticipated by the polls. The situation in the United States is very complicated. The “surprise president” is succeeding in uniting virtually everyone against him, after a mere 70 days in power, rather like an eleph ...
... drawn is an immense complication! Beyond the ballot box surprises and far from being anticipated by the polls. The situation in the United States is very complicated. The “surprise president” is succeeding in uniting virtually everyone against him, after a mere 70 days in power, rather like an eleph ...
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.