18-12 Fixed Exchange Rates
... • From 1944 to 1973, central banks throughout the world fixed the value of their currencies relative to the U.S. dollar by buying or selling domestic assets in exchange for dollar denominated assets. • Arbitrage ensured that exchange rates between any two currencies remained fixed. – Suppose Bank of ...
... • From 1944 to 1973, central banks throughout the world fixed the value of their currencies relative to the U.S. dollar by buying or selling domestic assets in exchange for dollar denominated assets. • Arbitrage ensured that exchange rates between any two currencies remained fixed. – Suppose Bank of ...
Financial instability in Latin America Sebastian Edwards 5
... output, and the international transmission of the business cycle. Second, I argue that the economic research agenda on Latin America should not ignore history. In Latin America, more so than in any other region in the world, there has been a self-destructing tendency for repeating history. # 2003 El ...
... output, and the international transmission of the business cycle. Second, I argue that the economic research agenda on Latin America should not ignore history. In Latin America, more so than in any other region in the world, there has been a self-destructing tendency for repeating history. # 2003 El ...
The Thirty-Five Most Tumultuous Years in Monetary History
... In the previous ten years the external indebtedness of Mexico and the other developing countries had increased at an average annual rate of twenty percent a year. These countries developed increasingly large current account deficits and the ratio of their current account surpluses as a share of thei ...
... In the previous ten years the external indebtedness of Mexico and the other developing countries had increased at an average annual rate of twenty percent a year. These countries developed increasingly large current account deficits and the ratio of their current account surpluses as a share of thei ...
A Brief Exposition of the IS-MP Curves: A Replacement for the
... The world economy is today in shambles. Equally, but perhaps less consequentially, the short-run macro models used today are in crisis. This note focuses on an updated approach to the central tool of short-run macro, the IS-LM analysis and IS-LM curves. This applies primarily to the closed economy, ...
... The world economy is today in shambles. Equally, but perhaps less consequentially, the short-run macro models used today are in crisis. This note focuses on an updated approach to the central tool of short-run macro, the IS-LM analysis and IS-LM curves. This applies primarily to the closed economy, ...
Global Imbalances: In Midstream?
... across the world, and imbalances have narrowed considerably. This notwithstanding, we argue that there is an urgent need to implement policy changes to address the remaining domestic and international distortions that are a key cause of imbalances. Failure to do so could result in the world economy ...
... across the world, and imbalances have narrowed considerably. This notwithstanding, we argue that there is an urgent need to implement policy changes to address the remaining domestic and international distortions that are a key cause of imbalances. Failure to do so could result in the world economy ...
Untitled
... within, countries. Such barriers were partly caused by, and undoubtedly much facilitated, financial regulation and supervision by national authorities within a domestic context. Such barriers, and distinctions, between markets and institutions have become eroded, and fuzzier. As we shall see, this h ...
... within, countries. Such barriers were partly caused by, and undoubtedly much facilitated, financial regulation and supervision by national authorities within a domestic context. Such barriers, and distinctions, between markets and institutions have become eroded, and fuzzier. As we shall see, this h ...
Analytical Note - European Commission
... them, and their capacity to converge over time. In the short run, it is important to implement a consistent strategy around the "virtuous triangle" of structural reforms, investment and fiscal responsibility and in this context move towards more effective commitments to growth-enhancing structural r ...
... them, and their capacity to converge over time. In the short run, it is important to implement a consistent strategy around the "virtuous triangle" of structural reforms, investment and fiscal responsibility and in this context move towards more effective commitments to growth-enhancing structural r ...
Foreign Exchange Interventions as an Unconventional
... participants have different views on economic fundamentals, so a clear message of how the central bank sees the economy can only strengthen the signal. On the other hand, I have shown that the current feeling is that maximizing the impact of the FX intervention requires at least some secrecy regardi ...
... participants have different views on economic fundamentals, so a clear message of how the central bank sees the economy can only strengthen the signal. On the other hand, I have shown that the current feeling is that maximizing the impact of the FX intervention requires at least some secrecy regardi ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Money in Historical Perspective
... led to the view that policymakers could choose, based on a social preference function, between high inflation and low employment, or low inflation and high unemployment, the desired choice to be achieved by discretionary monetary and fiscal policy. The upshot of these developments was that many econ ...
... led to the view that policymakers could choose, based on a social preference function, between high inflation and low employment, or low inflation and high unemployment, the desired choice to be achieved by discretionary monetary and fiscal policy. The upshot of these developments was that many econ ...
Asia`s Reemergence - The Earth Institute
... These long-term projections might seem heedlessly optimistic in the face of the economic shocks buffeting Asia. Recently the darlings of the international investment community, Southeast Asian economies have taken a beating at the hands of money managers inside and outside their countries. Equity ma ...
... These long-term projections might seem heedlessly optimistic in the face of the economic shocks buffeting Asia. Recently the darlings of the international investment community, Southeast Asian economies have taken a beating at the hands of money managers inside and outside their countries. Equity ma ...
Financial Reporting in Hyperinflationary Economies
... In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an enterprise entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price lev ...
... In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an enterprise entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price lev ...
Should the Monetary Policy Rule Be Different in a Financial Crisis?
... Taylor Rule and observed that the fed funds rate in this rule is describing is an interbank lending rate. But during the financial crisis, banks default rates and risk premia for short-term borrowing went up. So interest rate spreads—such as the TED spread or the LIBOR-OIS spread—went up, and these ...
... Taylor Rule and observed that the fed funds rate in this rule is describing is an interbank lending rate. But during the financial crisis, banks default rates and risk premia for short-term borrowing went up. So interest rate spreads—such as the TED spread or the LIBOR-OIS spread—went up, and these ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... Major central banks cut rates sharply following the intensification of the crisis in late 2008, in keeping with the policy prescriptions from research. Although the reaction times differed across major central banks, reflecting in part differences in economic conditions, the sharpness of the rate cu ...
... Major central banks cut rates sharply following the intensification of the crisis in late 2008, in keeping with the policy prescriptions from research. Although the reaction times differed across major central banks, reflecting in part differences in economic conditions, the sharpness of the rate cu ...
LCcarG640_en.pdf
... macroeconomic and social policies and programmes’ with the objective o f improving equitable access to economic resources and social services. ‘ Engendering macroeconomics’ means making visible the way the structure o f gender relations permeates the area o f economics. The rationale is that the rel ...
... macroeconomic and social policies and programmes’ with the objective o f improving equitable access to economic resources and social services. ‘ Engendering macroeconomics’ means making visible the way the structure o f gender relations permeates the area o f economics. The rationale is that the rel ...
Fiscal and Monetary Policy: Like Cousins
... political pressures prompts policy makers to subordinate consideration of long-run technical constraints” (4). This all means that the politicians have too much on their plate to worry about monetary policy and its effects on the country. A recent example of monetary policy is when, in February 2010 ...
... political pressures prompts policy makers to subordinate consideration of long-run technical constraints” (4). This all means that the politicians have too much on their plate to worry about monetary policy and its effects on the country. A recent example of monetary policy is when, in February 2010 ...
Exchange Rates and External Adjustment: Does Financial Globalization Matter? Philip R. Lane
... Gourinchas and Rey (2005b), Lane and Milesi-Ferretti (2005b), and International Monetary Fund (2005) find that the valuation channel is helpful in stabilizing the U.S. external position: a deterioration in the net external position is associated with subsequent depreciation, which improves the exter ...
... Gourinchas and Rey (2005b), Lane and Milesi-Ferretti (2005b), and International Monetary Fund (2005) find that the valuation channel is helpful in stabilizing the U.S. external position: a deterioration in the net external position is associated with subsequent depreciation, which improves the exter ...
The IQD Team Conference Call
... future of the Iraqi economy, which requires a solution to these conditions and offal, and these solutions reform the management of currency cash through the structure and the deletion of zeros to control the flow and management of the cost of the cash block optimally. The trading bloc cash exporting ...
... future of the Iraqi economy, which requires a solution to these conditions and offal, and these solutions reform the management of currency cash through the structure and the deletion of zeros to control the flow and management of the cost of the cash block optimally. The trading bloc cash exporting ...
The Impact of the European Debt Crisis on Africa`s Economy A
... stocks both globally and in Africa, especially over the medium term (as it takes time for investors to dismantle their direct investments). African (and other global South) investors might also have the opportunity to acquire State-owned companies in Europe, as troubled European Union States seek ...
... stocks both globally and in Africa, especially over the medium term (as it takes time for investors to dismantle their direct investments). African (and other global South) investors might also have the opportunity to acquire State-owned companies in Europe, as troubled European Union States seek ...
(2)_EN
... The liberalization of exchange controls therefore contributes to the promotion of Mozambique's competitiveness and economy, increasing and strengthening the level of financial development of the country. ...
... The liberalization of exchange controls therefore contributes to the promotion of Mozambique's competitiveness and economy, increasing and strengthening the level of financial development of the country. ...
Land Bank Proposals 1650- 1705
... all time” (1954: 295). He is referring to John Law. Where the others identified important economic problems in relative isolation, Law produced two works that were a synthesis and improvement of all of their theories. The first was an Essay on a Land Bank, discovered by Murphy relatively recently. H ...
... all time” (1954: 295). He is referring to John Law. Where the others identified important economic problems in relative isolation, Law produced two works that were a synthesis and improvement of all of their theories. The first was an Essay on a Land Bank, discovered by Murphy relatively recently. H ...
the exchange rate depreciation marvel in uganda
... import volumes of crude oil and liquid fuels on a volume basis are projected to decline by 55% between 2012 and 2020.6 What this means for the Ugandan Economy is that there is going to be a continued strain on the supply of USD on the world market. The shilling will potentially continue to depreciat ...
... import volumes of crude oil and liquid fuels on a volume basis are projected to decline by 55% between 2012 and 2020.6 What this means for the Ugandan Economy is that there is going to be a continued strain on the supply of USD on the world market. The shilling will potentially continue to depreciat ...
UDK 336.76 Development mechanisms of the financial market of
... supply and demand in the segment of retail lending. The domestic market was characterized by a large number of government securities issues in circulation, and in conditions of low trading activity could not serve as a reliable basis for the construction of the yield curve necessary to determine the ...
... supply and demand in the segment of retail lending. The domestic market was characterized by a large number of government securities issues in circulation, and in conditions of low trading activity could not serve as a reliable basis for the construction of the yield curve necessary to determine the ...
As stipulated in the Article 42 of the Central Bank... significant breach of the inflation target, the Central Bank of...
... (Central Bank) is required to report to the Government and announce to the public the reasons behind the breach of the target and the necessary measures to be taken. As stated in the main policy document titled “Monetary and Exchange Rate Policy in 2011”, which was published on December 21, 2010; th ...
... (Central Bank) is required to report to the Government and announce to the public the reasons behind the breach of the target and the necessary measures to be taken. As stated in the main policy document titled “Monetary and Exchange Rate Policy in 2011”, which was published on December 21, 2010; th ...
BULLETIN
... to act collectively to lift the actual and potential growth of their economies, to create jobs, to enhance resilience, promote developments and increase the inclusiveness of policies. The Leaders reaffirmed their previous commitments in the past G20 summit communiqués. For the first time in G20 hist ...
... to act collectively to lift the actual and potential growth of their economies, to create jobs, to enhance resilience, promote developments and increase the inclusiveness of policies. The Leaders reaffirmed their previous commitments in the past G20 summit communiqués. For the first time in G20 hist ...
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.