Expanding Beyond Borders: The Yen and the Yuan
... international currency even if its scope and geographic domain are more limited compared with the dollar. In this paper, I look at the Japanese yen as an example of how size and low, stable inflation rates are insufficient criteria to assess whether an international currency is able to significantly ...
... international currency even if its scope and geographic domain are more limited compared with the dollar. In this paper, I look at the Japanese yen as an example of how size and low, stable inflation rates are insufficient criteria to assess whether an international currency is able to significantly ...
Chapter 6
... hand over some of your cash or write a check. But, if you were in England, Venezuela, South Korea, Zambia, or most any other country, you would not pay for your goods with dollars. 15 Instead, you would pay with pounds in England, with bolivars in Venezuela, with won in South Korea, and with Kwacha ...
... hand over some of your cash or write a check. But, if you were in England, Venezuela, South Korea, Zambia, or most any other country, you would not pay for your goods with dollars. 15 Instead, you would pay with pounds in England, with bolivars in Venezuela, with won in South Korea, and with Kwacha ...
CRS Report for Congress
... purchase foreign exchange, which would boost output by making exports and importcompeting industries more price competitive, independent of the state of domestic demand. In sum, even if external forces set a country’s deflationary spiral into motion, its persistence is primarily the outcome of centr ...
... purchase foreign exchange, which would boost output by making exports and importcompeting industries more price competitive, independent of the state of domestic demand. In sum, even if external forces set a country’s deflationary spiral into motion, its persistence is primarily the outcome of centr ...
Causes of Capital Inflows and Policy Responses to Them
... limit intermediation of the inflows by the banking system, as well as to steer foreign capital toward assets with relatively longer maturities. Capital controls can be progressively dismantled as the quality of surveillance improves and the capacity of the banking system to handle flows increases. T ...
... limit intermediation of the inflows by the banking system, as well as to steer foreign capital toward assets with relatively longer maturities. Capital controls can be progressively dismantled as the quality of surveillance improves and the capacity of the banking system to handle flows increases. T ...
Brand South Africa South African economic Ministers advance the
... New Delhi, Friday 14 October 2016 – Ministers of Trade and Industry Dr Rob Davies and Small Business Development, Ms Lindiwe Zulu today wrap up their pre-BRICS Summit engagements in New Delhi, India. The Ministers were attending the 6th meeting of the BRICS Trade Ministers that was held on 13 Octobe ...
... New Delhi, Friday 14 October 2016 – Ministers of Trade and Industry Dr Rob Davies and Small Business Development, Ms Lindiwe Zulu today wrap up their pre-BRICS Summit engagements in New Delhi, India. The Ministers were attending the 6th meeting of the BRICS Trade Ministers that was held on 13 Octobe ...
A Review of Banking Sector Reforms in Transition Economies
... caused problems in banking sectors of most TEs in the late 1990s and more recently following the Global Financial Crisis (GFC). The purpose of this chapter is to offer an explanation for these outcomes from an institutional perspective. We start by describing briefly the essence of the problems in ...
... caused problems in banking sectors of most TEs in the late 1990s and more recently following the Global Financial Crisis (GFC). The purpose of this chapter is to offer an explanation for these outcomes from an institutional perspective. We start by describing briefly the essence of the problems in ...
High-level Regional Policy Dialogue on
... Financial sector development including its integration to the global financial system can be an important catalyst for economic development, but this should be done gradually after the necessary institutional changes are in place. the importance of developing adequate supervision systems that ...
... Financial sector development including its integration to the global financial system can be an important catalyst for economic development, but this should be done gradually after the necessary institutional changes are in place. the importance of developing adequate supervision systems that ...
A New Currency for the East African Community?
... When fulfilled for a group of regions or countries, the corresponding member economies would most likely be linked by trade in goods and services and also by factor mobility. Such group of countries could therefore be considered as an ideal regional zone, having a single common currency or group of ...
... When fulfilled for a group of regions or countries, the corresponding member economies would most likely be linked by trade in goods and services and also by factor mobility. Such group of countries could therefore be considered as an ideal regional zone, having a single common currency or group of ...
DOC - Europa.eu
... crisis than services: manufacturing, as a proportion of economic output, has declined significantly; however, there are significant differences between sectors. For example the pharmaceuticals sector has experienced sustained growth since the start of the financial crisis, while high-technology manu ...
... crisis than services: manufacturing, as a proportion of economic output, has declined significantly; however, there are significant differences between sectors. For example the pharmaceuticals sector has experienced sustained growth since the start of the financial crisis, while high-technology manu ...
Obstacles to Implementing Lessons from the 1997-1998 East Asian Crises & Social Af
... in Indonesia, Korea, and Thailand. While policy debates have understandably captured the most attention, especially among the public at large, the East Asian crises have also challenged previously accepted international economic theories. However, contrary to the popular impression promoted by the W ...
... in Indonesia, Korea, and Thailand. While policy debates have understandably captured the most attention, especially among the public at large, the East Asian crises have also challenged previously accepted international economic theories. However, contrary to the popular impression promoted by the W ...
Financial crisis, trade collapse, and economic
... endogeneity problems may arise here since domestic activity in a given country can be affected by the growth path of its trading partners while, in turn, the latter can be influenced by the financial crisis at home. We thus build impulse response functions of economic activity to various shocks from ...
... endogeneity problems may arise here since domestic activity in a given country can be affected by the growth path of its trading partners while, in turn, the latter can be influenced by the financial crisis at home. We thus build impulse response functions of economic activity to various shocks from ...
Does Internationalizing the RMB Make Sense for China?
... and (3) seigniorage coming from having a country’s currency circulating abroad and held as a reserve. The United States is seen as having benefited considerably from seigniorage by serving as the major international reserve currency, and more recently through creation of a large amount of new money ...
... and (3) seigniorage coming from having a country’s currency circulating abroad and held as a reserve. The United States is seen as having benefited considerably from seigniorage by serving as the major international reserve currency, and more recently through creation of a large amount of new money ...
The Multilateral Response to the Global Crisis - Inter
... same sample of countries, the speed with which central banks react to shocks (which is inversely related to measures of commitment to a given monetary policy stance) decreased significantly in most of the countries that recently adopted an inflation targeting regime. The greater policy flexibility a ...
... same sample of countries, the speed with which central banks react to shocks (which is inversely related to measures of commitment to a given monetary policy stance) decreased significantly in most of the countries that recently adopted an inflation targeting regime. The greater policy flexibility a ...
Is the 2007 U.S. Sub-Prime Financial Crisis So Different?
... Is the United States different? • Looks similar or worse by most standard run-up indicators (Kaminsky and Reinhart, 1999), • Yet inflation is better. • What’s in store for the United States? Will it – Experience a “mild financial crisis” (with a sustained ...
... Is the United States different? • Looks similar or worse by most standard run-up indicators (Kaminsky and Reinhart, 1999), • Yet inflation is better. • What’s in store for the United States? Will it – Experience a “mild financial crisis” (with a sustained ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Inflation: Causes and Effects
... While such a prediction might be appropriate for noninflationary environments, it is entirely inappropriate for inflationary environments like the one prevailing in the United States in recent years. Indeed, as indicated by figure 9.7, this prediction is inconsistent with the record. During the 1970 ...
... While such a prediction might be appropriate for noninflationary environments, it is entirely inappropriate for inflationary environments like the one prevailing in the United States in recent years. Indeed, as indicated by figure 9.7, this prediction is inconsistent with the record. During the 1970 ...
The quantity theory of money and Friedmanian monetary
... In 1522 Copernicus testified before the Prussian diet regarding the principles of a sound currency. At the request of the king of Poland he put his observations into writing four years later. The key statement is: “Money usually depreciates when it becomes too abundant.” Regarding this first concise ...
... In 1522 Copernicus testified before the Prussian diet regarding the principles of a sound currency. At the request of the king of Poland he put his observations into writing four years later. The key statement is: “Money usually depreciates when it becomes too abundant.” Regarding this first concise ...
Lecture 1 (POWER POINT)
... Advent of the Euro • A momentous event in the history of world financial systems. • Currently more than 330 million Europeans in 18 countries are using the common currency on a daily basis. • Many more countries have agreed in principle to take steps toward the adoption of the euro; including Bulga ...
... Advent of the Euro • A momentous event in the history of world financial systems. • Currently more than 330 million Europeans in 18 countries are using the common currency on a daily basis. • Many more countries have agreed in principle to take steps toward the adoption of the euro; including Bulga ...
East Asia: Success and Crisis
... Some papers have defined contagion as the influence of “news” about the creditworthiness, etc. of a borrower on the spreads charged to the other borrowers or equity prices, after controlling for country specific macroeconomic fundamentals (Doukas, 1989,Kaminsky and Schmukler, 1998) 2. Other studies, ...
... Some papers have defined contagion as the influence of “news” about the creditworthiness, etc. of a borrower on the spreads charged to the other borrowers or equity prices, after controlling for country specific macroeconomic fundamentals (Doukas, 1989,Kaminsky and Schmukler, 1998) 2. Other studies, ...
PDF Download
... In the international financial markets, the supply of assets by a borrower must be matched by the world demand for them. Sustainability of a country’s debt cannot be defined independently of the equilibrium structure of international portfolios. In particular, given demand and supply conditions, the ...
... In the international financial markets, the supply of assets by a borrower must be matched by the world demand for them. Sustainability of a country’s debt cannot be defined independently of the equilibrium structure of international portfolios. In particular, given demand and supply conditions, the ...
discussion paper series - University of California, Berkeley
... non tradeables, in view of the faster productivity growth usually recorded in goods production. Not only did trade shares grow rapidly. They also reached levels that are very high by international standards. Neither Japan nor the United States, for instance, experienced increases that were at all c ...
... non tradeables, in view of the faster productivity growth usually recorded in goods production. Not only did trade shares grow rapidly. They also reached levels that are very high by international standards. Neither Japan nor the United States, for instance, experienced increases that were at all c ...
India`s financial openness and integration with Southeast Asian
... Chandan Sinha and Narayan Chandra Pradhan 1 ...
... Chandan Sinha and Narayan Chandra Pradhan 1 ...
5.1 Material flows
... Overall, the Netherlands have a physical trade deficit, which implies that imports of materials exceed exports in terms of weight. At the same time there is a monetary trade surplus indicating that the export value is higher than the import value. The Dutch economy can therefore be characterized as ...
... Overall, the Netherlands have a physical trade deficit, which implies that imports of materials exceed exports in terms of weight. At the same time there is a monetary trade surplus indicating that the export value is higher than the import value. The Dutch economy can therefore be characterized as ...
Chapter Five: Currency Boards - Peterson Institute for International
... Brazilian crisis (January 1999); it again spiked up on several occasions in 2001. Even putting aside the period just before the actual collapse of the Argentine currency board in January 2002, Berg and Borensztein show that currency risk premiums surged to the 800-1,000 basis point range during earl ...
... Brazilian crisis (January 1999); it again spiked up on several occasions in 2001. Even putting aside the period just before the actual collapse of the Argentine currency board in January 2002, Berg and Borensztein show that currency risk premiums surged to the 800-1,000 basis point range during earl ...
NBER WORKING PAPER SERIES GOLD STERILIZATION AND THE RECESSION OF 1937-38
... the driving force behind the economic recovery from the Depression. The sterilization policy severed the link between gold inflows and monetary expansion. This paper seeks to quantify the impact of the gold sterilization on the money supply and to compare it to the monetary impact of the change in r ...
... the driving force behind the economic recovery from the Depression. The sterilization policy severed the link between gold inflows and monetary expansion. This paper seeks to quantify the impact of the gold sterilization on the money supply and to compare it to the monetary impact of the change in r ...
Formulating Monetary Policy In The Face of Current Global Challenges Turalay Kenç
... Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 ...
... Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 ...
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.