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 ...
Uneasy calm gives way to turbulence
... manufacturing spread to other EMEs, for which 2016 growth forecasts had been falling rapidly in the second half of 2015 (Graph 2, left-hand panel). Worries about manufacturing were not limited to Asia: the strength of the US dollar and low oil prices cast a pall over the outlook for US manufacturing ...
... manufacturing spread to other EMEs, for which 2016 growth forecasts had been falling rapidly in the second half of 2015 (Graph 2, left-hand panel). Worries about manufacturing were not limited to Asia: the strength of the US dollar and low oil prices cast a pall over the outlook for US manufacturing ...
FRBSF E L
... rather than just one or the other. This interaction complicates empirical analysis and illustrates the wellworn dictum that correlation is not causation. However, there have been historical events that caused interest rates to fluctuate away from levels dictated by a central bank’s mandate. These ev ...
... rather than just one or the other. This interaction complicates empirical analysis and illustrates the wellworn dictum that correlation is not causation. However, there have been historical events that caused interest rates to fluctuate away from levels dictated by a central bank’s mandate. These ev ...
Foreign Exchange Outlook - Global Banking and Markets
... a trade weighted basis. The rally has been fundamentally led, with relative growth and central bank policies being the core drivers while flows and technicals have been playing supporting roles. However, massive shifts in financial markets generally — including low oil prices, suppressed sovereign b ...
... a trade weighted basis. The rally has been fundamentally led, with relative growth and central bank policies being the core drivers while flows and technicals have been playing supporting roles. However, massive shifts in financial markets generally — including low oil prices, suppressed sovereign b ...
DIVERGENT INFLATION RATES BETWEEN MEMBERS OF THE EURO B
... possibly to inflationary spirals in those countries for which current interest rates are already too low today.12 We should, however, note the ECB’s conviction that cyclical movements in the Euro area have become more synchronised over time (ECB, 1999) and, while undoubtedly relevant, do not seem su ...
... possibly to inflationary spirals in those countries for which current interest rates are already too low today.12 We should, however, note the ECB’s conviction that cyclical movements in the Euro area have become more synchronised over time (ECB, 1999) and, while undoubtedly relevant, do not seem su ...
2005-12-08 Berlino DIW per la pubblicazione
... the risks of alternative interest rate policies. For instance, standard macro-models suggest that, for a given exogenous shock that produces a negative output gap, the more liquidity is provided in the economy, the faster the recovery will be. An implication of this result would be that there are a ...
... the risks of alternative interest rate policies. For instance, standard macro-models suggest that, for a given exogenous shock that produces a negative output gap, the more liquidity is provided in the economy, the faster the recovery will be. An implication of this result would be that there are a ...
A Case Study of a Currency Crisis: The
... (1984) rely on government debt and the perceived inability of the government to control the budget as the key causes of the currency crisis. These models argue that a speculative attack on the domestic currency can result from an increasing current account deficit (indicating an increase in the trad ...
... (1984) rely on government debt and the perceived inability of the government to control the budget as the key causes of the currency crisis. These models argue that a speculative attack on the domestic currency can result from an increasing current account deficit (indicating an increase in the trad ...
The case for prudent financial liberalisation and its policy implications
... response to previous excesses. Such excesses seem clearly far greater in financial and banking markets that are more liberalized and not properly regulated. An interesting recent insight on private capital flows is provided by the IMF (2011) which gives evidence that financial market volatility has ...
... response to previous excesses. Such excesses seem clearly far greater in financial and banking markets that are more liberalized and not properly regulated. An interesting recent insight on private capital flows is provided by the IMF (2011) which gives evidence that financial market volatility has ...
Overvalued exchange rate
... i). Devaluation: change the official value to the fundamental value ii). Restrict international transactions iii). Use official reserve assets to buy back its own currency ...
... i). Devaluation: change the official value to the fundamental value ii). Restrict international transactions iii). Use official reserve assets to buy back its own currency ...
The Heisei Recession: An Overview Koichi Hamada, Yale University
... The high growth era (Kosai 1981) of the Japanese economy in the 1960s and in the 1970s was facilitated by the process of borrowing technology abroad. During the 1980s, many westerners praised (or envied) Japan as “ number one” and started to adopt and emulate Japanese technology in a part of manufac ...
... The high growth era (Kosai 1981) of the Japanese economy in the 1960s and in the 1970s was facilitated by the process of borrowing technology abroad. During the 1980s, many westerners praised (or envied) Japan as “ number one” and started to adopt and emulate Japanese technology in a part of manufac ...
ESCAP photo 1 CHAPTER 1. THE RETURN OF THE FINANCIAL CRISIS
... exposure of these Asia-Pacific economies to foreign investors in relation to other economies of the region. These declines are expected to cause a number of effects that will dampen domestic demand, especially declining personal consumption and corporate investments. Although equity market investmen ...
... exposure of these Asia-Pacific economies to foreign investors in relation to other economies of the region. These declines are expected to cause a number of effects that will dampen domestic demand, especially declining personal consumption and corporate investments. Although equity market investmen ...
A Working Solution to the Question of Nominal GDP
... a broad Divisia monetary aggregate proves useful in forecasting future nominal GDP growth, even in the most recent data. Most importantly from a practical perspective, no breakdowns of the forecasting equation are observed, and no special “shift-adjustments” beyond accounting for the slow-moving tre ...
... a broad Divisia monetary aggregate proves useful in forecasting future nominal GDP growth, even in the most recent data. Most importantly from a practical perspective, no breakdowns of the forecasting equation are observed, and no special “shift-adjustments” beyond accounting for the slow-moving tre ...
IOSR Journal Of Humanities And Social Science (JHSS)
... which was fixed at par between Nigeria pound and British pound. This was very convenient as fixing exchange rate provided a more effective mechanism for the maintenance of balance of payment viability and for the control over inflation in the Nigerian economy. This fixed parity lasted until 1967 whe ...
... which was fixed at par between Nigeria pound and British pound. This was very convenient as fixing exchange rate provided a more effective mechanism for the maintenance of balance of payment viability and for the control over inflation in the Nigerian economy. This fixed parity lasted until 1967 whe ...
PPP GDP 2006 (millions of dollars)
... slowly to the new equilibrium level, but the exchange rates and interest rates will adjust quickly. This different speed of adjustment to equilibrium allows for behavior regarding rates and prices. ...
... slowly to the new equilibrium level, but the exchange rates and interest rates will adjust quickly. This different speed of adjustment to equilibrium allows for behavior regarding rates and prices. ...
103 135 dossier in
... an examination of the origin of the crisis and its development, since they have to mitigate its negative impact on international relations. What we cannot understand is how the central banks (all of them, in our opinion, but the Fed and the ECB in particular), which have been guaranteed independence ...
... an examination of the origin of the crisis and its development, since they have to mitigate its negative impact on international relations. What we cannot understand is how the central banks (all of them, in our opinion, but the Fed and the ECB in particular), which have been guaranteed independence ...
FRBSF E L CONOMIC ETTER
... affect the impact of exchange rate adjustments on aggregate economic activity. Financial conditions can influence aggregate demand through balance sheet effects on borrowing and investment expenditure.These effects occur when the interest rate at which firms borrow from financial intermediaries to f ...
... affect the impact of exchange rate adjustments on aggregate economic activity. Financial conditions can influence aggregate demand through balance sheet effects on borrowing and investment expenditure.These effects occur when the interest rate at which firms borrow from financial intermediaries to f ...
Supporting - System Dynamics Society
... its liquidity level. Reserves, which include currency on the correspondent accounts in National Bank of Ukraine, are the most liquid assets. Bonds can be purchased or sold in the short period. Total loans are the least liquid assets as it takes time for loans to be repaid. Managing their assets bank ...
... its liquidity level. Reserves, which include currency on the correspondent accounts in National Bank of Ukraine, are the most liquid assets. Bonds can be purchased or sold in the short period. Total loans are the least liquid assets as it takes time for loans to be repaid. Managing their assets bank ...
Do High Interest Rates Stem Capital Outflows?
... In recent financial crises around the world, episodes of capital flight and currency depreciation have created difficult policy choices for the governments of affected nations. The standard policy prescription includes fiscal restraint and the maintenance ofhigh domestic interest rates to stem capit ...
... In recent financial crises around the world, episodes of capital flight and currency depreciation have created difficult policy choices for the governments of affected nations. The standard policy prescription includes fiscal restraint and the maintenance ofhigh domestic interest rates to stem capit ...
The euro in the currency war - Conseil d`Analyse Economique
... government debt interest rates, particularly for fragile economies. Small and Medium Enterprises (SMEs), however, have continued to borrow at far higher interest rates in peripheral countries than in Germany or France.9 Furthermore, the ECB has remained less specific than the Fed with regards to forw ...
... government debt interest rates, particularly for fragile economies. Small and Medium Enterprises (SMEs), however, have continued to borrow at far higher interest rates in peripheral countries than in Germany or France.9 Furthermore, the ECB has remained less specific than the Fed with regards to forw ...
As Good As Gold? REP. SUSAN
... and silver episodes reported in the published version of their paper; an earlier version using a different sample arrived at an average rate of -0.5 percent. In 1879 the United States resumed gold redemption for the U.S. dollar, which had been suspended since the Civil War. Between 1880 and 1900 the ...
... and silver episodes reported in the published version of their paper; an earlier version using a different sample arrived at an average rate of -0.5 percent. In 1879 the United States resumed gold redemption for the U.S. dollar, which had been suspended since the Civil War. Between 1880 and 1900 the ...
History – A Summary Of All Knowledge
... domestication and the benefits of animal power. In 1492, most Americans still hunter gatherers. Eurasian agriculture yielded more calories and protein per person-hour of labor. − Differences in harmful germs: European diseases, evolved from close contact with domesticated animals, killed substantial ...
... domestication and the benefits of animal power. In 1492, most Americans still hunter gatherers. Eurasian agriculture yielded more calories and protein per person-hour of labor. − Differences in harmful germs: European diseases, evolved from close contact with domesticated animals, killed substantial ...
Germany and the Euro: The Revenge of Helmut Schmidt
... starting shot for the sovereign debt crisis here in the Euro area was fired when the Euro countries agreed to finally support stumbling Greece, as you will all remember. Today, more than four years later, we finally see a silver lining on the horizon. The reforms that were undertaken have begun to ...
... starting shot for the sovereign debt crisis here in the Euro area was fired when the Euro countries agreed to finally support stumbling Greece, as you will all remember. Today, more than four years later, we finally see a silver lining on the horizon. The reforms that were undertaken have begun to ...
CHAPTER 16: Monetary Policy
... Why Did Homebuilder Toll Brothers, Inc. Prosper during the 2001 Recession? ...
... Why Did Homebuilder Toll Brothers, Inc. Prosper during the 2001 Recession? ...
PDF
... and a few others) which were able to rapidly grow for prolonged periods of time relying on a manufacturing export-oriented strategy. Despite their small size, these new emerging industrializing countries (NIC) became important exporters of manufactured goods to the North. The emergence of these lit ...
... and a few others) which were able to rapidly grow for prolonged periods of time relying on a manufacturing export-oriented strategy. Despite their small size, these new emerging industrializing countries (NIC) became important exporters of manufactured goods to the North. The emergence of these lit ...
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.