Exchange Rate Predictability in a Changing World
... fundamentals and a near unity discount factor. However, Engel and West (2004) present evidence that even when the discount factor is near one, a class of models based on observable fundamentals can still account for a fairly large fraction of the variance in exchange rates. An example in this class ...
... fundamentals and a near unity discount factor. However, Engel and West (2004) present evidence that even when the discount factor is near one, a class of models based on observable fundamentals can still account for a fairly large fraction of the variance in exchange rates. An example in this class ...
PHD thesis - Neven Vidakovic
... Choices of the exchange rate regimes in small open economy ............................................................ 91 Advantages and disadvantages of stable exchange rate regime ......................................................... 97 Advantages and disadvantages of variable exchange rate r ...
... Choices of the exchange rate regimes in small open economy ............................................................ 91 Advantages and disadvantages of stable exchange rate regime ......................................................... 97 Advantages and disadvantages of variable exchange rate r ...
Concepts of equilibrium exchange rates
... The term equilibrium exchange rate has been used to mean many different things by many different people. For some, the concept is clearly a long-run one. For others, even short-run movements in exchange rates may represent equilibrium behaviour. So pinning down exactly what people mean when they use ...
... The term equilibrium exchange rate has been used to mean many different things by many different people. For some, the concept is clearly a long-run one. For others, even short-run movements in exchange rates may represent equilibrium behaviour. So pinning down exactly what people mean when they use ...
Equilibrium Real Exchange Rate, Misalignment, and Export
... exchange rate exhibited persistent overvaluation in the crisis-affected countries. After the crisis, real exchange rate undervaluation was evident in many Asian countries such as People’s Republic of China (PRC), Malaysia, and Thailand. This study also shows that real exchange rate misalignment coul ...
... exchange rate exhibited persistent overvaluation in the crisis-affected countries. After the crisis, real exchange rate undervaluation was evident in many Asian countries such as People’s Republic of China (PRC), Malaysia, and Thailand. This study also shows that real exchange rate misalignment coul ...
Inflation Targeting in Transition Economies Experience and Prospects
... difficulty of establishing a more stable relationship between some intermediate target and price level, some may think that a less formal approach to monetary policy would be advisable. However, while this approach may work in countries whose central bank has well-established anti-inflationary credibi ...
... difficulty of establishing a more stable relationship between some intermediate target and price level, some may think that a less formal approach to monetary policy would be advisable. However, while this approach may work in countries whose central bank has well-established anti-inflationary credibi ...
c Copyright by Amrita Dhar May 2016
... emerging markets. This nonlinear model captures switches between different regimes and characterizes average flows in each regime. I use a three state Markov-switching model allowing the mean of the magnitude of the flows to switch between states of “extreme,” “high,” and “low” flows for each countr ...
... emerging markets. This nonlinear model captures switches between different regimes and characterizes average flows in each regime. I use a three state Markov-switching model allowing the mean of the magnitude of the flows to switch between states of “extreme,” “high,” and “low” flows for each countr ...
Balance of Payments Textbook, 1996
... (between an economy and the rest of the world) in goods, services, and income. Under what circumstances does an international economic occurrence constitute a transaction in the BOP sense of the word? In the framework of the national accounts, transactions in goods, services, or income are the provi ...
... (between an economy and the rest of the world) in goods, services, and income. Under what circumstances does an international economic occurrence constitute a transaction in the BOP sense of the word? In the framework of the national accounts, transactions in goods, services, or income are the provi ...
International Inflation Spillovers Through Input
... to increase prices in one country but decrease them in another, one would expect exchange rate movements to result in less synchronization. However, it could also be the case that exchange rates are correlated among subgroups of countries, thereby also affecting inflation comovement. In our sample, ...
... to increase prices in one country but decrease them in another, one would expect exchange rate movements to result in less synchronization. However, it could also be the case that exchange rates are correlated among subgroups of countries, thereby also affecting inflation comovement. In our sample, ...
Macroeconomic Shocks and Their Propagation
... shocks. It summarizes the literature on both unanticipated tax shocks and news about future tax changes and conducts some robustness checks. . Section 5 summarizes the literature on technology shocks, including total factor productivity shocks, investment-specific technology shocks, and marginal eff ...
... shocks. It summarizes the literature on both unanticipated tax shocks and news about future tax changes and conducts some robustness checks. . Section 5 summarizes the literature on technology shocks, including total factor productivity shocks, investment-specific technology shocks, and marginal eff ...
Property or Currency? The Tax Dilemma Behind Bitcoin
... successfully at a high volume for a long period of time. Eventually, Silk Road was shut down by the FBI in October 2013, and the owner, Ross William Ulbricht, was arrested.54 The FBI subsequently seized 26,000 of Ulbricht’s Bitcoins, which were worth approximately $3.6 million USD at the time.55 As ...
... successfully at a high volume for a long period of time. Eventually, Silk Road was shut down by the FBI in October 2013, and the owner, Ross William Ulbricht, was arrested.54 The FBI subsequently seized 26,000 of Ulbricht’s Bitcoins, which were worth approximately $3.6 million USD at the time.55 As ...
FX Options and Structured Products
... solve and can serve as incentives to further research and testing. Solutions to the exercises are not part of this book, however they will be published on the web page of the book, www.mathfinance.com/FXOptions/. ...
... solve and can serve as incentives to further research and testing. Solutions to the exercises are not part of this book, however they will be published on the web page of the book, www.mathfinance.com/FXOptions/. ...
Real-Time Forecasting for Monetary Policy Analysis
... series, including the rate of unemployment and the spread between the average corporate loan rate and the six-month government bill rate. For monetary policy analysis at the Riksbank, the Ramses model is occasionally complemented by other smaller DSGE models, for instance, a model with housing as i ...
... series, including the rate of unemployment and the spread between the average corporate loan rate and the six-month government bill rate. For monetary policy analysis at the Riksbank, the Ramses model is occasionally complemented by other smaller DSGE models, for instance, a model with housing as i ...
Independent-Transactions
... Problem. Business transactions often involve the exchange of 36477 . Most business transactions involve exchanges of cash or other 47023 exchange transactions to be inappropriate for restructured receivables 117261 economic effect on transactions that require exchanges between a 131611 and no exchan ...
... Problem. Business transactions often involve the exchange of 36477 . Most business transactions involve exchanges of cash or other 47023 exchange transactions to be inappropriate for restructured receivables 117261 economic effect on transactions that require exchanges between a 131611 and no exchan ...
NBER WORKING PAPER SERIES OPTIMAL HOLDINGS OF INTERNATIONAL RESERVES:
... a Sudden Stop constructed as the sample average difference in the output growth rate in Sudden Stop times relative to tranquil times. With these expected costs at hand, a measure of the opportunity cost of holding reserves, a calculation of the average size of capital account reversals, and an assu ...
... a Sudden Stop constructed as the sample average difference in the output growth rate in Sudden Stop times relative to tranquil times. With these expected costs at hand, a measure of the opportunity cost of holding reserves, a calculation of the average size of capital account reversals, and an assu ...
The Currency Market and its Satellites
... (against GBP:) all pro’s & all Brits (and similarly for ZAR , AUD , NZD , IEP ) B the pound used to be intractably nondecimal (until 1967) B the pound used to play the key role taken by USD after WW2 Also US traders still do this; so they use unnatural one for e.g. CHF but natural quote for GBP et ...
... (against GBP:) all pro’s & all Brits (and similarly for ZAR , AUD , NZD , IEP ) B the pound used to be intractably nondecimal (until 1967) B the pound used to play the key role taken by USD after WW2 Also US traders still do this; so they use unnatural one for e.g. CHF but natural quote for GBP et ...
The Brilliant Economic Theory of Everything: Q. E. D.
... Tommaso Monacelli (2005), and Corsetti and Pesenti (2004) taking account to unique features in Mongolian economy. 3) I will solve the modified model, calibrate and simulate the model for specified form and alternative monetary regimes, and compare the results to the real data in Mongolia. As a resul ...
... Tommaso Monacelli (2005), and Corsetti and Pesenti (2004) taking account to unique features in Mongolian economy. 3) I will solve the modified model, calibrate and simulate the model for specified form and alternative monetary regimes, and compare the results to the real data in Mongolia. As a resul ...
Currency internationalisation and exchange rate dynamics in
... internationalisation using Brazil as a case study. It develops an alternative analytical framework for exchange rate determination in emerging markets based on PostKeynesian economic thought. Drawing on several strands of Post-Keynesian economic theory, the critical realist ontological claim of deep ...
... internationalisation using Brazil as a case study. It develops an alternative analytical framework for exchange rate determination in emerging markets based on PostKeynesian economic thought. Drawing on several strands of Post-Keynesian economic theory, the critical realist ontological claim of deep ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN TRANSITION COUNTRIES: EXPERIENCE AND PROSPECTS
... percent, and wages and other nominal variables soon adjusted to this level. Higher domestic inflation and the fixed nominal exchange rate produced a real appreciation which was not fully validated by higher productivity growth, and after some time, erosion of competitiveness became a concern. The ec ...
... percent, and wages and other nominal variables soon adjusted to this level. Higher domestic inflation and the fixed nominal exchange rate produced a real appreciation which was not fully validated by higher productivity growth, and after some time, erosion of competitiveness became a concern. The ec ...
NBER WORKING PAPER SERIES INFLATION TARGETING: LESSONS Frederic S. Mishkin
... Another potential disadvantage of an inflation target is that it may be taken literally as a rule that precludes any concern with output stabilization. As we will see in the cases later in our study, this has not occurred in practice. An inflation target, if rigidly interpreted, might lead to greate ...
... Another potential disadvantage of an inflation target is that it may be taken literally as a rule that precludes any concern with output stabilization. As we will see in the cases later in our study, this has not occurred in practice. An inflation target, if rigidly interpreted, might lead to greate ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN EMERGING MARKET ECONOMIES Arminio Fraga
... EMEs under inflation targeting have the challenge of breaking the vicious circle between, on one side, low credibility and more fragile institutions, and, on the other side, higher macroeconomic instability and vulnerability to external shocks. It is a long process that involves acquiring credibili ...
... EMEs under inflation targeting have the challenge of breaking the vicious circle between, on one side, low credibility and more fragile institutions, and, on the other side, higher macroeconomic instability and vulnerability to external shocks. It is a long process that involves acquiring credibili ...
What is Accounting
... 41 International Accounting Standards (IAS) were issued by IASC. IASC created International Accounting Standards Board (IASB) in April, 2001 to be in charge of prescribing the standards. IASB endorsed 41 IAS and named its pronouncement as International Financial Reporting Standards (IFRS). Environme ...
... 41 International Accounting Standards (IAS) were issued by IASC. IASC created International Accounting Standards Board (IASB) in April, 2001 to be in charge of prescribing the standards. IASB endorsed 41 IAS and named its pronouncement as International Financial Reporting Standards (IFRS). Environme ...
Output Volatility and Large Output Drops in Emerging
... of output growth from the Bayesian dynamic latent factor model to show that the worst output drops in emerging market and developing countries have been mainly associated with country-specific events. Another finding is that country-specific factors explain the size of the worst output drops in emer ...
... of output growth from the Bayesian dynamic latent factor model to show that the worst output drops in emerging market and developing countries have been mainly associated with country-specific events. Another finding is that country-specific factors explain the size of the worst output drops in emer ...
Chapter VIII (pdf format)
... are also difficult to forecast. The uncertainty about the future value of exchange rates makes uncertain the home currency value of a multinational firm’s cash flows. Take, again, the case of Swiss Cruises, with headquarters in Switzerland. The owners of Swiss Cruises only care about CHF cash flows. ...
... are also difficult to forecast. The uncertainty about the future value of exchange rates makes uncertain the home currency value of a multinational firm’s cash flows. Take, again, the case of Swiss Cruises, with headquarters in Switzerland. The owners of Swiss Cruises only care about CHF cash flows. ...
Ligjërata nga lënda Tregje financiare bashkekohore(Prof.Dr.Safet
... how far one can push the limits of state size and control in a capitalist democracy. To those on the left, France’s generous benefits and strong trade unions provide a formula for a more inclusive welfare state. To those on the right, France’s oversized and intrusive government offers only a bluepri ...
... how far one can push the limits of state size and control in a capitalist democracy. To those on the left, France’s generous benefits and strong trade unions provide a formula for a more inclusive welfare state. To those on the right, France’s oversized and intrusive government offers only a bluepri ...
Foreign Direct Investment and Economic Growth in Arab Countries (1970-2008): An Inquiry into Determinants of Growth Benefits
... countries have risen rapidly, but have been concentrated in OPEC Arab countries where they reached $28.356 billion and $45.220 billion in 2005 and 2010 respectively. In relative terms, OPEC Arab countries received 60% and 68% of total FDI to Arab countries in 2005 and 2010 respectively. These develo ...
... countries have risen rapidly, but have been concentrated in OPEC Arab countries where they reached $28.356 billion and $45.220 billion in 2005 and 2010 respectively. In relative terms, OPEC Arab countries received 60% and 68% of total FDI to Arab countries in 2005 and 2010 respectively. These develo ...
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.