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Frequently Asked Questions on ESM paid-in capital
... shareholder contribution key. This key is derived from the capital key of the European Central Bank (ECB). It reflects the respective country’s share in the total population and gross domestic product of the euro area. The 17 founding Members of the ESM completed their payment of paid-in capital on ...
... shareholder contribution key. This key is derived from the capital key of the European Central Bank (ECB). It reflects the respective country’s share in the total population and gross domestic product of the euro area. The 17 founding Members of the ESM completed their payment of paid-in capital on ...
Chapter 20. Output, the Interest Rate, and the Exchange Rate
... In an open economy, the demand for domestic money is still mostly a demand by domestic residents. There is not much reason for, say, the Japanese to hold U.S. currency or demand deposits. Transactions in Japan require payment in yens, not in dollars. If residents of Japan want to hold dollar– denomi ...
... In an open economy, the demand for domestic money is still mostly a demand by domestic residents. There is not much reason for, say, the Japanese to hold U.S. currency or demand deposits. Transactions in Japan require payment in yens, not in dollars. If residents of Japan want to hold dollar– denomi ...
ECB move `may hurt investors`
... conducive environment for reforms in Asia’s third largest economy. It cited India’s external position and improving current account balance among other positive factors. S&P added it could raise India’s rating should the country ...
... conducive environment for reforms in Asia’s third largest economy. It cited India’s external position and improving current account balance among other positive factors. S&P added it could raise India’s rating should the country ...
2012年2月16日 - Alan Tse`s site This is Alan`s site
... etc.) are so deeply in debt that they have to borrow money just to pay interest on the money they’ve already borrowed.” This isn’t rocket science. Predicting the end of this system is not attention–seeking sensationalism; it’s just common sense.” It is easy to see that many western governments are f ...
... etc.) are so deeply in debt that they have to borrow money just to pay interest on the money they’ve already borrowed.” This isn’t rocket science. Predicting the end of this system is not attention–seeking sensationalism; it’s just common sense.” It is easy to see that many western governments are f ...
How Much Would Germany Have to Adjust? - PISM-u
... The eurozone’s eastward enlargement has become one of the most challenging questions for Central and Eastern European (CEE) countries and for euro area members. Different approaches concerning membership at the third stage of the Economic and Monetary Union (EMU) does not make it any easier to work ...
... The eurozone’s eastward enlargement has become one of the most challenging questions for Central and Eastern European (CEE) countries and for euro area members. Different approaches concerning membership at the third stage of the Economic and Monetary Union (EMU) does not make it any easier to work ...
LINK Global Economic Outlook 2014-2015
... Even after more than five years since the global financial crisis erupted, the world economy has not yet fully recovered. Most developed economies are still toiling up a bumpy path in the aftermath of the financial crisis, struggling, in particular, to find the right policy actions. A number of emer ...
... Even after more than five years since the global financial crisis erupted, the world economy has not yet fully recovered. Most developed economies are still toiling up a bumpy path in the aftermath of the financial crisis, struggling, in particular, to find the right policy actions. A number of emer ...
ESSAYS ON FLEXIBLE EXCHANGE RATES By Paul Robin Krugman
... simplification which is justified only by the fact that we are attempting to illustrate a point rather than be fully realistic. Now there are two ways in which researchers generally look at purchasing ...
... simplification which is justified only by the fact that we are attempting to illustrate a point rather than be fully realistic. Now there are two ways in which researchers generally look at purchasing ...
43_THE READER2004
... In the late 1990s, the world witnessed a series of financial crises; namely, the Mexican crisis of 1995, the Asian crisis of 1997 and the Russian crisis of 1998 (Davis, 1999). Notable traits of the crises were banking failures and currency depreciations in the affected countries. According to studie ...
... In the late 1990s, the world witnessed a series of financial crises; namely, the Mexican crisis of 1995, the Asian crisis of 1997 and the Russian crisis of 1998 (Davis, 1999). Notable traits of the crises were banking failures and currency depreciations in the affected countries. According to studie ...
View/Open
... Although the associated costs have not been quantified rigorously, many economists believe that exchange rate uncertainly reduces international trade, discourages investment and compounds the challenges people face in insuring their human capital in incomplete asset markets (Obstfield and Roggof, 19 ...
... Although the associated costs have not been quantified rigorously, many economists believe that exchange rate uncertainly reduces international trade, discourages investment and compounds the challenges people face in insuring their human capital in incomplete asset markets (Obstfield and Roggof, 19 ...
Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime
... unemployment not only in the present, but in the future as well. This means that the incentives of political parties to create inflation differ according to whether they are near the beginning or the end of their term of office. We demonstrate two main results: First, if the 'socialists' care more a ...
... unemployment not only in the present, but in the future as well. This means that the incentives of political parties to create inflation differ according to whether they are near the beginning or the end of their term of office. We demonstrate two main results: First, if the 'socialists' care more a ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
DP2005/04 Reaction functions in a small open economy: What role for non-traded inflation?
... Australia and Canada, Bharucha and Kent (1998) and Ortega and Rebei (2005). ...
... Australia and Canada, Bharucha and Kent (1998) and Ortega and Rebei (2005). ...
Financial liberalization, financial development and economic growth
... levels thus causing the need for credit rationing (Serieux, 2008). The removal of interest rate controls is predicted to increase the interest rate which makes saving attractive, consequently domestic savings increase. Since there is now more savings, the domestic intermediaries are able to offer lo ...
... levels thus causing the need for credit rationing (Serieux, 2008). The removal of interest rate controls is predicted to increase the interest rate which makes saving attractive, consequently domestic savings increase. Since there is now more savings, the domestic intermediaries are able to offer lo ...
Leaving the euro: A practical guide
... 5% or so of the worst-affected Asian countries during the 1997-98 crisis. And the dollar-euro is by far the most active currency pair, comprising 28% of all trades. These factors mean that we cannot blithely assume that a euro break-up, or even the departure of a single member, would be childishly e ...
... 5% or so of the worst-affected Asian countries during the 1997-98 crisis. And the dollar-euro is by far the most active currency pair, comprising 28% of all trades. These factors mean that we cannot blithely assume that a euro break-up, or even the departure of a single member, would be childishly e ...
Monetary Policy Transparency - Faculty of Economics
... as policy announcements and monetary policy reports) to transmit relevant information and achieve greater transparency. But these communications may not be received or correctly understood by everyone due to frictions in information transmission.2 As a result, perfect transparency is an ideal that i ...
... as policy announcements and monetary policy reports) to transmit relevant information and achieve greater transparency. But these communications may not be received or correctly understood by everyone due to frictions in information transmission.2 As a result, perfect transparency is an ideal that i ...
Economics of Money, Banking, and Fin. Markets, 10e, Global Edition
... 8) Inflation targets can increase the central bank's flexibility in responding to declines in aggregate spending. Declines in aggregate ________ that cause the inflation rate to fall below the floor of the target range will automatically stimulate the central bank to ________ monetary policy withou ...
... 8) Inflation targets can increase the central bank's flexibility in responding to declines in aggregate spending. Declines in aggregate ________ that cause the inflation rate to fall below the floor of the target range will automatically stimulate the central bank to ________ monetary policy withou ...
No.314 / January 2010 External Imbalances and Fiscal Policy Philip R. Lane
... resolution of external imbalances. Our primary focus is on individual member countries of the euro area, since these countries no longer have an independent monetary policy or an independent nominal exchange rate that may be deployed in order to target the external balance. In particular, we draw on ...
... resolution of external imbalances. Our primary focus is on individual member countries of the euro area, since these countries no longer have an independent monetary policy or an independent nominal exchange rate that may be deployed in order to target the external balance. In particular, we draw on ...
Aggregate Supply-Driven Deflation and Its Implications for Macroeconomic Stability David Beckworth
... banks either implicitly or explicitly target some rate of inflation.1 The conventional view of deflation is often justified by noting several important channels through which deflation can adversely affect an economy. First, given relatively rigid nominal input prices, particularly wages, an unexpec ...
... banks either implicitly or explicitly target some rate of inflation.1 The conventional view of deflation is often justified by noting several important channels through which deflation can adversely affect an economy. First, given relatively rigid nominal input prices, particularly wages, an unexpec ...
Integration of Central and Eastern European Countries: Increasing
... Competitiveness. The attention is also paid to the evolution of cluster memberships over time by using four milestones: 2000 (the starting point of analysis), 2004 (the EU enlargement), 2008 (the start of the financial crisis) and 2011 (the most recent period with the available data). In addition to ...
... Competitiveness. The attention is also paid to the evolution of cluster memberships over time by using four milestones: 2000 (the starting point of analysis), 2004 (the EU enlargement), 2008 (the start of the financial crisis) and 2011 (the most recent period with the available data). In addition to ...
Walentin 2013
... the implications of the increase in loan-to-value (LTV) ratios observed during the last two decades. These implications are particularly interesting due to recent policy discussions regarding regulations that set a legal maximum LTV. Such proposals are currently being entertained both at the nationa ...
... the implications of the increase in loan-to-value (LTV) ratios observed during the last two decades. These implications are particularly interesting due to recent policy discussions regarding regulations that set a legal maximum LTV. Such proposals are currently being entertained both at the nationa ...
Forthcoming in Journal of Monetary Economics
... pass-through makes the exchange rate channel less effective. As a result more of the adjustment needs to be born by the domestic interest rate channel which primarily affects domestic demand. These findings echo the analysis in Erceg, Henderson and Levin (2000), who come to similar conclusions focus ...
... pass-through makes the exchange rate channel less effective. As a result more of the adjustment needs to be born by the domestic interest rate channel which primarily affects domestic demand. These findings echo the analysis in Erceg, Henderson and Levin (2000), who come to similar conclusions focus ...
REAL RATE AND OUTPUT COST OF BRINGING DOWN INFLATION
... the nominal and real exchange rate. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super—neutral' and has nominal inertia in both the l ...
... the nominal and real exchange rate. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super—neutral' and has nominal inertia in both the l ...
NBER WORKING PAPER SERIES EXPLAINING DEVIATIONS FROM UNCOVERED INTEREST PARITY Robert E. Cumby
... conserve space. The other three plots are very similar to those presented here, except that the magnitude of Canadian dollar returns is smaller than the others. The ex—ante returns move considerably over time ...
... conserve space. The other three plots are very similar to those presented here, except that the magnitude of Canadian dollar returns is smaller than the others. The ex—ante returns move considerably over time ...
The Super-Cycle Report - Standard Chartered Bank
... 21,420. China, currently a big but poor economy, would become a middle-income economy – but on a vastly larger scale. This would be similar to the transformation seen by, say South Korea, over the last 50 years, as it transformed from a country with incomes on a par with many African economies to it ...
... 21,420. China, currently a big but poor economy, would become a middle-income economy – but on a vastly larger scale. This would be similar to the transformation seen by, say South Korea, over the last 50 years, as it transformed from a country with incomes on a par with many African economies to it ...
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.