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... (1) credit expansion: increase lending, result of the loose monetary poplicy, opposite to credit crunch. (2) demand for money will be stable: according to the economic model, the demand for money can be adjusted by the market and monetary policy. If the financial market is over-heated, we can tighte ...
... (1) credit expansion: increase lending, result of the loose monetary poplicy, opposite to credit crunch. (2) demand for money will be stable: according to the economic model, the demand for money can be adjusted by the market and monetary policy. If the financial market is over-heated, we can tighte ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Exchange Rates and International Macroeconomics
... markets, yet we distinguish between situations of short-run equilibrium, contingent on predetermined values of some variables, and long-run or full equilibrium. The distinction arises due to the multisectoral framework combined with the assumption that factor reallocation, in particular changes in s ...
... markets, yet we distinguish between situations of short-run equilibrium, contingent on predetermined values of some variables, and long-run or full equilibrium. The distinction arises due to the multisectoral framework combined with the assumption that factor reallocation, in particular changes in s ...
View/Open
... Krugman (2000, pp.1) acknowledges that there is no generally accepted formal definition of currency crises, but we know them when we see them. Different definitions of currency crises may actually fall into three classes. An example of the first class of definitions appears in the work of Frankel ...
... Krugman (2000, pp.1) acknowledges that there is no generally accepted formal definition of currency crises, but we know them when we see them. Different definitions of currency crises may actually fall into three classes. An example of the first class of definitions appears in the work of Frankel ...
Understanding the weakness in global trade
... In recent years, global trade has been exceptionally weak. Annual import growth since 2012 has been half of what it was between 1980 and the Great Recession, and is currently recording the longest period of below-trend growth in almost half a century. Notably, the same weakness has not been reflecte ...
... In recent years, global trade has been exceptionally weak. Annual import growth since 2012 has been half of what it was between 1980 and the Great Recession, and is currently recording the longest period of below-trend growth in almost half a century. Notably, the same weakness has not been reflecte ...
The Responsiveness of Remittances to Price of Oil: The Case
... in the US interest rate raises the per capita remittances from the GCC countries. An increase in the interest rate signals a contractionary monetary policy in the US and is usually a response to an expansionary US economy. Therefore, remittances from the gulf region seem to respond to business cycle ...
... in the US interest rate raises the per capita remittances from the GCC countries. An increase in the interest rate signals a contractionary monetary policy in the US and is usually a response to an expansionary US economy. Therefore, remittances from the gulf region seem to respond to business cycle ...
Macroprudential Policy: What Instruments and How to Use
... relatively limited experience in testing the effectiveness of macroprudential policies. In response to a request by the IMF Board, the paper provides a review of the cross-country experience in choosing and applying macroprudential instruments and draws lessons on which instruments—and under what co ...
... relatively limited experience in testing the effectiveness of macroprudential policies. In response to a request by the IMF Board, the paper provides a review of the cross-country experience in choosing and applying macroprudential instruments and draws lessons on which instruments—and under what co ...
Banking in 2050 www.pwc.co.uk/financialservices How the financial crisis has affected the long term
... and opportunities” presents our GDP projections for the 20 largest economies in the world. We have used the results from this analysis to determine the size of domestic credit in these economies. Therefore to understand the results for the banks, it is useful to first understand the main changes we ...
... and opportunities” presents our GDP projections for the 20 largest economies in the world. We have used the results from this analysis to determine the size of domestic credit in these economies. Therefore to understand the results for the banks, it is useful to first understand the main changes we ...
NBER WORKING PAPER SERIES GROWTH? M. Ayhan Kose
... significant growth benefits and whether, in the case of developing countries, these benefits outweigh the risks. In theory, there are a number of direct and indirect channels through which financial openness should increase economic growth. Yet there is little robust empirical evidence of a causal l ...
... significant growth benefits and whether, in the case of developing countries, these benefits outweigh the risks. In theory, there are a number of direct and indirect channels through which financial openness should increase economic growth. Yet there is little robust empirical evidence of a causal l ...
Combining Monetary and Fiscal Policy in an SVAR for a Small Open
... on monetary policy to stabilize their economies over the business cycle. Empirical research on macroeconomic policy reected this emphasis by focusing on the transmission of monetary shocks to the real economy. However, when the global crisis hit, discretionary scal policy came into play with large ...
... on monetary policy to stabilize their economies over the business cycle. Empirical research on macroeconomic policy reected this emphasis by focusing on the transmission of monetary shocks to the real economy. However, when the global crisis hit, discretionary scal policy came into play with large ...
Mundell`s International Economics: Adaptations and Debates
... coincide with Fund policy….it was initially rejected by Staff Papers… (Mundell [1968f, 493]). The reason that this paper was accepted for publication at the end of the day is that Fleming wrote the following statement of support:2 “I understand that some members of the Committee may question the pub ...
... coincide with Fund policy….it was initially rejected by Staff Papers… (Mundell [1968f, 493]). The reason that this paper was accepted for publication at the end of the day is that Fleming wrote the following statement of support:2 “I understand that some members of the Committee may question the pub ...
Financial Innovations and the Demand for Money in Ukraine
... demand issue was a subject to a great reconsideration throughout the world. However, Attanasio et al. (1998) argue that it took a lot of time before the issue of financial innovations and the demand for money has become at the centre of attention. As a matter of fact, there are still researchers in ...
... demand issue was a subject to a great reconsideration throughout the world. However, Attanasio et al. (1998) argue that it took a lot of time before the issue of financial innovations and the demand for money has become at the centre of attention. As a matter of fact, there are still researchers in ...
Working Paper 142
... of inflation, which supports doubts about the usefulness of money aggregates as an indicator of risks to price stability. The ECB claims, however, that the analysis of monetary developments goes well beyond the assessment of M3 growth in relation to its reference value. The monetary analysis uses a ...
... of inflation, which supports doubts about the usefulness of money aggregates as an indicator of risks to price stability. The ECB claims, however, that the analysis of monetary developments goes well beyond the assessment of M3 growth in relation to its reference value. The monetary analysis uses a ...
Inflation Targeting
... monetary policy is regularly or occasionally subject to extensive reviews by independent experts (for instance, New Zealand, the UK, Norway, and Sweden). So far, since its inception in the early 1990s, inflation targeting has been a considerable success, as measured by the stability of inflation and ...
... monetary policy is regularly or occasionally subject to extensive reviews by independent experts (for instance, New Zealand, the UK, Norway, and Sweden). So far, since its inception in the early 1990s, inflation targeting has been a considerable success, as measured by the stability of inflation and ...
La eleccion del regimen cambiario en America Central
... A common question these days, in Europe in general and in Great Britain in particular, is whether the UK should join the European Monetary Union (EMU). The introduction of the single currency in Europe raises issues that are of vital importance to UK interests, whether it decides to participate or n ...
... A common question these days, in Europe in general and in Great Britain in particular, is whether the UK should join the European Monetary Union (EMU). The introduction of the single currency in Europe raises issues that are of vital importance to UK interests, whether it decides to participate or n ...
South African Capital Flows and Capital Flight over the 1960
... Specifically, capital flight is regarded as the sum of private short-term capital outflows and errors and omissions. Both series of data can be found in the balance of payments statistics (Source: IMF Balance of Payments Statistics). Each of the measures of capital flight has limitations. Deficienci ...
... Specifically, capital flight is regarded as the sum of private short-term capital outflows and errors and omissions. Both series of data can be found in the balance of payments statistics (Source: IMF Balance of Payments Statistics). Each of the measures of capital flight has limitations. Deficienci ...
NBER Reporter Program Report
... associated with claiming benefits at different ages [7318], and the interaction between Social Security and other programs that provide benefits to lowincome elderly households [7574]. Risk sharing is an important feature of the current Social Security system, and it may become important in various ...
... associated with claiming benefits at different ages [7318], and the interaction between Social Security and other programs that provide benefits to lowincome elderly households [7574]. Risk sharing is an important feature of the current Social Security system, and it may become important in various ...
Seminar Paper No. 687 THE ZERO BOUND IN AN OPEN ECONOMY:
... McCallum [38] has recommended foreign-exchange interventions to depreciate the currency and, in this way, stimulate the economy when the interest rate is zero. His argument either ignores uncovered interest parity or relies on a portfolio-balance e¤ect, whereby the relative supply of domestic- and f ...
... McCallum [38] has recommended foreign-exchange interventions to depreciate the currency and, in this way, stimulate the economy when the interest rate is zero. His argument either ignores uncovered interest parity or relies on a portfolio-balance e¤ect, whereby the relative supply of domestic- and f ...
A Guided Tour of the Market Microstructure Approach to
... monetary union and alternative exchange rate regimes. The survey is structured as follows. In Section 1 we briefly present the trading structure of FX markets. In the following Section, it is discussed some stark evidence showing a strong contemporaneous correlation between order flow and exchange ...
... monetary union and alternative exchange rate regimes. The survey is structured as follows. In Section 1 we briefly present the trading structure of FX markets. In the following Section, it is discussed some stark evidence showing a strong contemporaneous correlation between order flow and exchange ...
Broadly speaking, there are two opposing views on the relationship
... Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality A “sudden stop” -- and abrupt cut-off in capital inflows -- entails a resource transfer to creditor countries, from the debtor country. Often it also entails a financial or currency ...
... Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality A “sudden stop” -- and abrupt cut-off in capital inflows -- entails a resource transfer to creditor countries, from the debtor country. Often it also entails a financial or currency ...
II. IMF Macroeconomic Policy Advice in the Financial Crisis
... policy, irrespective of its ability to maintain low interest rates or raise asset prices. By contrast, a large body of analysis, including from the IMF itself, indicated that fiscal multipliers would be elevated following the crisis, pointing to the enhanced power relative to the pre-crisis environm ...
... policy, irrespective of its ability to maintain low interest rates or raise asset prices. By contrast, a large body of analysis, including from the IMF itself, indicated that fiscal multipliers would be elevated following the crisis, pointing to the enhanced power relative to the pre-crisis environm ...
NBER WORKING PAPER SERIES DOES OPENNESS TO TRADE MAKE COUNTRIES
... Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality A “sudden stop” -- and abrupt cut-off in capital inflows -- entails a resource transfer to creditor countries, from the debtor country. Often it also entails a financial or currency ...
... Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality A “sudden stop” -- and abrupt cut-off in capital inflows -- entails a resource transfer to creditor countries, from the debtor country. Often it also entails a financial or currency ...
** Complementary Credit Networks and Macro-Economic Stability * * uses data from a Swiss barter network to argue that large scale internet barter helps to stabilize the business cycle. My paper was recently invited for a 2nd presentation to the Central Bank of Brazil, and is in the
... still at the bidding stage, each putting forward a planned excess demand. But these notional demands, as Clower calls them, cannot all be effective (backed by actual spending power) if prices are not in fact market-clearing. This, says Clower, is the idea behind the Keynesian consumption function, w ...
... still at the bidding stage, each putting forward a planned excess demand. But these notional demands, as Clower calls them, cannot all be effective (backed by actual spending power) if prices are not in fact market-clearing. This, says Clower, is the idea behind the Keynesian consumption function, w ...
The Effectiveness of Unconventional Monetary Policy Tools at the
... Topic characteristics In the last a few decades, many central banks around the world tried to reduce and stabilize inflation and they were successful. However, as a consequence nominal interest rates were lowered to such a level which increased the likelihood of binding zero bound on nominal interes ...
... Topic characteristics In the last a few decades, many central banks around the world tried to reduce and stabilize inflation and they were successful. However, as a consequence nominal interest rates were lowered to such a level which increased the likelihood of binding zero bound on nominal interes ...
Monetary Policy and Inflation in Israel
... policy actions were taken to ensure that the target is achieved. Second, if credible it should serve as a coordination device in the wage and pircesetting process and in the formation ...
... policy actions were taken to ensure that the target is achieved. Second, if credible it should serve as a coordination device in the wage and pircesetting process and in the formation ...
Out-of-Sample Analysis of International Reserves for
... which indicates that financial stability motives may drive reserves hoarding. In addition, we find that a dummy variable for currency crises (another proxy for precautionary motives) is significant and positive. Interestingly, OTC capital inflows measured by debt liability flows to GDP exhibit a pos ...
... which indicates that financial stability motives may drive reserves hoarding. In addition, we find that a dummy variable for currency crises (another proxy for precautionary motives) is significant and positive. Interestingly, OTC capital inflows measured by debt liability flows to GDP exhibit a pos ...
International monetary systems
![](https://commons.wikimedia.org/wiki/Special:FilePath/International_money_montage.jpg?width=300)
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.