Lecture 1: Managing Capital Flows
... have played a pivotal role in the economic development of many countries An accumulation of “know-how” often takes place in the export sector, which may confer positive externalities on the rest of the economy ...
... have played a pivotal role in the economic development of many countries An accumulation of “know-how” often takes place in the export sector, which may confer positive externalities on the rest of the economy ...
I - El Camino College
... management of financial risk, and the maintenance of relatively fixed exchange rates led banks and corporations to borrow large amounts of international capital, in the value of foreign currency (The IMF’s Response to the Asian Crisis, 1999). Not only were private sector expenditures and financing d ...
... management of financial risk, and the maintenance of relatively fixed exchange rates led banks and corporations to borrow large amounts of international capital, in the value of foreign currency (The IMF’s Response to the Asian Crisis, 1999). Not only were private sector expenditures and financing d ...
Comments on Stefan Niemann and Jürgen von Hagen
... cycles. Such uncertainty provides an incentive for politicians not to pursue political agendas with long-term effects if they believe that it affects their probability of being re-elected in a negative way. This propensity of governments to pursue expansionary fiscal policies and run budget deficits ...
... cycles. Such uncertainty provides an incentive for politicians not to pursue political agendas with long-term effects if they believe that it affects their probability of being re-elected in a negative way. This propensity of governments to pursue expansionary fiscal policies and run budget deficits ...
The international monetary and financial system: its Achilles heel
... view already strongly advocated by Keynes (1941).5 The second view argues that the IMFS magnifies a shortage of safe assets, notably by encouraging a strong precautionary demand for foreign exchange reserves (eg Fahri et al (2011), Landau (2013)). This shortage, in turn, is exacerbated by the domina ...
... view already strongly advocated by Keynes (1941).5 The second view argues that the IMFS magnifies a shortage of safe assets, notably by encouraging a strong precautionary demand for foreign exchange reserves (eg Fahri et al (2011), Landau (2013)). This shortage, in turn, is exacerbated by the domina ...
This PDF is a selection from a published volume from... Economic Research
... think it is time to analyze the dynamics and evolution of the system given that its basic parameters will last for some time. 1.2 A Differing Base of Premises In this paper we set out in greater detail how we think about the dynamic forces emanating from the emergence of China and Asia as major playe ...
... think it is time to analyze the dynamics and evolution of the system given that its basic parameters will last for some time. 1.2 A Differing Base of Premises In this paper we set out in greater detail how we think about the dynamic forces emanating from the emergence of China and Asia as major playe ...
The Federal Reserve And Money Supply Essay
... These deliberate steps to raise the entire spectrum of money and long-term capital rates, despite the fact that inflation had remained at a fairly stable and moderate rate of 3 percent, had generated widespread criticism from Wall Street analysts and bond traders, leaders of U.S. manufacturing and ...
... These deliberate steps to raise the entire spectrum of money and long-term capital rates, despite the fact that inflation had remained at a fairly stable and moderate rate of 3 percent, had generated widespread criticism from Wall Street analysts and bond traders, leaders of U.S. manufacturing and ...
PDF Download
... 7.4 points in the EU27 and decreased by 7.1 points in the euro area, to 77.5 and 80.4 respectively. In both regions, the ESI recorded its largest month-on-month decline ever to hit its lowest level since 1993. All countries reported a fall in their ESI. Confidence deteriorated most markedly in the N ...
... 7.4 points in the EU27 and decreased by 7.1 points in the euro area, to 77.5 and 80.4 respectively. In both regions, the ESI recorded its largest month-on-month decline ever to hit its lowest level since 1993. All countries reported a fall in their ESI. Confidence deteriorated most markedly in the N ...
PDF Version - Mackenzie Investments
... There are a wide range of estimates regarding the economic impact of Brexit. The impact is likely to be felt primarily through trade channels, but financial and investment channels may also be important. Six of the most comprehensive studies suggest the long-run impact of Brexit could range anywhere ...
... There are a wide range of estimates regarding the economic impact of Brexit. The impact is likely to be felt primarily through trade channels, but financial and investment channels may also be important. Six of the most comprehensive studies suggest the long-run impact of Brexit could range anywhere ...
Speculative Attacks
... The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The lesson is a conceptual representation and may not include several nuances that are associated and vital. The purpose of this lesson is to clarify the basics of ...
... The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The lesson is a conceptual representation and may not include several nuances that are associated and vital. The purpose of this lesson is to clarify the basics of ...
The Falling Euro - McGraw Hill Higher Education
... 1. What does a strong-dollar policy mean? Why would the United States want to maintain a strong-dollar policy? In the first U.S.-supported intervention in currency markets since Mr. Summers became secretary, the U.S., Europe, Japan, Britain and Canada bought between $3 billion and $5 billion of eur ...
... 1. What does a strong-dollar policy mean? Why would the United States want to maintain a strong-dollar policy? In the first U.S.-supported intervention in currency markets since Mr. Summers became secretary, the U.S., Europe, Japan, Britain and Canada bought between $3 billion and $5 billion of eur ...
How does monetary policy affect real sector of Papua New Guinea?
... Expansionary policies of the 1990s However, as the pick-up of the economy was too slow, the government decided in the second half of 1990s to launch expansionary policies. These included tax reductions, agricultural export subsidies and regular transfers to unviable state owned enterprises, which al ...
... Expansionary policies of the 1990s However, as the pick-up of the economy was too slow, the government decided in the second half of 1990s to launch expansionary policies. These included tax reductions, agricultural export subsidies and regular transfers to unviable state owned enterprises, which al ...
National Income Accounts
... As a result of higher US interest rates, demand for US$ increases => US currency appreciates. Appreciation of the US$ means imports are now cheaper and US exports are more expensive. => the current balance (Exp – Imp) falls (more deficit) Trade surplus countries accumulate US$ and re-invest where in ...
... As a result of higher US interest rates, demand for US$ increases => US currency appreciates. Appreciation of the US$ means imports are now cheaper and US exports are more expensive. => the current balance (Exp – Imp) falls (more deficit) Trade surplus countries accumulate US$ and re-invest where in ...
Ronald I. McKinnon AN INTERNATIONAL GOLD STANDARD WITHOUT GOLD
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
The theory of global imbalances: mainstream economics vs
... globalization. According to structural Keynesian theory there is both a supply- and demand-side dimension to the global imbalance problem. The supply-side reflects the new production paradigm that underlies neoliberal globalization. The demand-side reflects the Keynesian theory of hegemonic currenc ...
... globalization. According to structural Keynesian theory there is both a supply- and demand-side dimension to the global imbalance problem. The supply-side reflects the new production paradigm that underlies neoliberal globalization. The demand-side reflects the Keynesian theory of hegemonic currenc ...
Jerry L. Jordan RESTRUCTURING FINANCIAL INSTITUTIONS IN GLOBAL ECONOMY
... First of all, artificial political boundaries, such as state or provincial lines or even national borders, would not serve as barriers to the efficient provision of financial services. There would be no usury or other interest rate ceilings or floors; no quantitative or qualitative controls on the t ...
... First of all, artificial political boundaries, such as state or provincial lines or even national borders, would not serve as barriers to the efficient provision of financial services. There would be no usury or other interest rate ceilings or floors; no quantitative or qualitative controls on the t ...
Financial aspects of the European aging society
... historical correlations might not reflect causality each variable is considered separately and not part of an integrated system international interdependencies frequently neglected ...
... historical correlations might not reflect causality each variable is considered separately and not part of an integrated system international interdependencies frequently neglected ...
This PDF is a selection from an out-of-print volume from the... of Economic Research Volume Title: Rational Expectations and Economic Policy
... worthwhile to attempt to provide the expertise presupposed by the existing institutions. Similarly, it should surprise no one that others continued to question the viability of these institutions and focused their work on the design of alternative frameworks which might ultimately replace them. ...
... worthwhile to attempt to provide the expertise presupposed by the existing institutions. Similarly, it should surprise no one that others continued to question the viability of these institutions and focused their work on the design of alternative frameworks which might ultimately replace them. ...
Monetary Policy in a Changing Economic Environment
... horizons. This principle also provides an antidote against the pitfalls of exceedingly forward-looking rules.8 Looking into the future with a vigilant eye, as the first principle suggests, is a fundamental element of good policy. But, by constantly looking ahead, one should not lose sight of the int ...
... horizons. This principle also provides an antidote against the pitfalls of exceedingly forward-looking rules.8 Looking into the future with a vigilant eye, as the first principle suggests, is a fundamental element of good policy. But, by constantly looking ahead, one should not lose sight of the int ...
1980s Economic Visions in Retrospect
... eventually never repaid. As early as 1987, the bank criticized the model which effectively consisted in the country importing from developed countries while exporting to insolvent developing nations (BNB, 2 September 1987). This politically motivated scheme led to a true external shock, commensurabl ...
... eventually never repaid. As early as 1987, the bank criticized the model which effectively consisted in the country importing from developed countries while exporting to insolvent developing nations (BNB, 2 September 1987). This politically motivated scheme led to a true external shock, commensurabl ...
Reducing the Lower Bound on Market Interest Rates
... notes altogether in favour of electronic cash which would exist in registered accounts only and could thus be easily taxed. As stated above, any of the proposed schemes would lead to radical changes in the current monetary regime, a fact which can be demonstrated by referring to the Buiter (2005a) p ...
... notes altogether in favour of electronic cash which would exist in registered accounts only and could thus be easily taxed. As stated above, any of the proposed schemes would lead to radical changes in the current monetary regime, a fact which can be demonstrated by referring to the Buiter (2005a) p ...
Global Economy Watch export challenge February 2016
... heavily on oil revenues to fund government spending could face short-term liquidity problems and will need to take action to ensure their public finances become more stable and sustainable over the medium-term. China continues to be a source of concern as it seeks to rebalance its economy. Economic ...
... heavily on oil revenues to fund government spending could face short-term liquidity problems and will need to take action to ensure their public finances become more stable and sustainable over the medium-term. China continues to be a source of concern as it seeks to rebalance its economy. Economic ...
C F O N
... Prior to the introduction of the QFII scheme, international investors could access China-related stocks only from Hong Kong, namely so-called red chips and H shares. With only approximately 100 Hong Kong-listed companies to invest in, stock selection was severely constrained. By contrast, China’s 14 ...
... Prior to the introduction of the QFII scheme, international investors could access China-related stocks only from Hong Kong, namely so-called red chips and H shares. With only approximately 100 Hong Kong-listed companies to invest in, stock selection was severely constrained. By contrast, China’s 14 ...
Annual Meeting - Lorenzo Bini Smaghi
... appears as a determinant of inflation.8 What effect prevails, and at what speed, depends on the relative importance of the two channels in the Phillips curve. Ceteris paribus, the more integrated and flexible a country, the likelier it will be that the forces of convergence prevail over those of di ...
... appears as a determinant of inflation.8 What effect prevails, and at what speed, depends on the relative importance of the two channels in the Phillips curve. Ceteris paribus, the more integrated and flexible a country, the likelier it will be that the forces of convergence prevail over those of di ...
Horizons US Dollar Currency ETF (DLR/DLR.U)
... The Horizons US Dollar Currency ETF (“DLR”) seeks to reflect the price, in Canadian dollars, of the U.S. dollar, net of expenses, by investing primarily in U.S. cash and cash equivalents. The U.S. dollar denominated version of this ETF, (“DLR.U”) has the same investment objective but is priced and t ...
... The Horizons US Dollar Currency ETF (“DLR”) seeks to reflect the price, in Canadian dollars, of the U.S. dollar, net of expenses, by investing primarily in U.S. cash and cash equivalents. The U.S. dollar denominated version of this ETF, (“DLR.U”) has the same investment objective but is priced and t ...
Currency Contracts, Pass-Through, and Devaluation
... balance in 1971. Large movements of short-term capital also occurred as anxiety over the dollar increased. The result was imposition of an import surcharge and suspension of gold convertibility by the United States on August 15, 1971. Throughout the fall of 1971, the dollar depreciated on foreign ex ...
... balance in 1971. Large movements of short-term capital also occurred as anxiety over the dollar increased. The result was imposition of an import surcharge and suspension of gold convertibility by the United States on August 15, 1971. Throughout the fall of 1971, the dollar depreciated on foreign ex ...
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.