DOCUMENT DE TRAVAIL N° 562
... percent of global oil consumption, 41 percent of global copper consumption and 54 percent of global iron ore consumption. High investment levels and the urbanization process have indeed significantly boosted China’s demand for metals; while coal is the main energy source in the country, the empirica ...
... percent of global oil consumption, 41 percent of global copper consumption and 54 percent of global iron ore consumption. High investment levels and the urbanization process have indeed significantly boosted China’s demand for metals; while coal is the main energy source in the country, the empirica ...
An Empirical Study of a ‘Mystery of Currency Exposure’ with the Case of A-Share Listed Companies
... exchange rate is clearly becoming closer. Since the initial opening up of its economy, China has conducted several significant exchange rate system reforms. Now, the basic formation is a manageable floating exchange rate system, and the effects of market supply and demand changes on the RMB exchange ...
... exchange rate is clearly becoming closer. Since the initial opening up of its economy, China has conducted several significant exchange rate system reforms. Now, the basic formation is a manageable floating exchange rate system, and the effects of market supply and demand changes on the RMB exchange ...
exchange rate
... The Open Economy with Flexible Exchange Rates The Market For Foreign Exchange TABLE 20.2 Some Private Buyers and Sellers in International Exchange Markets: United States and Great Britain The Demand for Pounds (Supply of Dollars) ...
... The Open Economy with Flexible Exchange Rates The Market For Foreign Exchange TABLE 20.2 Some Private Buyers and Sellers in International Exchange Markets: United States and Great Britain The Demand for Pounds (Supply of Dollars) ...
Target loans, current account balances and capital flows: the ECB`s
... Target credit financed substantial portions, if not most, of the current account deficits of Greece and Portugal during the first three years of the crisis, and a sizeable fraction of the Spanish current account deficit. In the case of Ireland, they financed a huge capital flight in addition to the ...
... Target credit financed substantial portions, if not most, of the current account deficits of Greece and Portugal during the first three years of the crisis, and a sizeable fraction of the Spanish current account deficit. In the case of Ireland, they financed a huge capital flight in addition to the ...
Remittances, capital flows and financial
... for national or even foreign banks. With time, these ‘merchant-bankers’ specialized in such operations and progressively turned into banking houses or became integrated into the branch network of larger banks (García López 1992). New banks also appeared and specialized in remittance activities, such ...
... for national or even foreign banks. With time, these ‘merchant-bankers’ specialized in such operations and progressively turned into banking houses or became integrated into the branch network of larger banks (García López 1992). New banks also appeared and specialized in remittance activities, such ...
Japan`s Deflationary Hangover: Wage Stagnation and the Syndrome
... tradable goods price level while promoting high growth in money wages. By the end of the 1960s, however, American monetary policy became too inflationary for the dollar to provide a stable anchor, and the Bretton Woods system of fixed exchange rates collapsed. How did the switch to a “floating” but ...
... tradable goods price level while promoting high growth in money wages. By the end of the 1960s, however, American monetary policy became too inflationary for the dollar to provide a stable anchor, and the Bretton Woods system of fixed exchange rates collapsed. How did the switch to a “floating” but ...
Why are some exchange rates more volatile than others? Evidence from
... against the dollar. One of the factors behind rand depreciation is ongoing concern about the widening current account de…cit (4,2 percent of GDP in 2005 and 6,1 per cent in the …rst half of 2006). Figure 1 illustrates that, except for the Chilean peso, every economy among the ten worst-performing cu ...
... against the dollar. One of the factors behind rand depreciation is ongoing concern about the widening current account de…cit (4,2 percent of GDP in 2005 and 6,1 per cent in the …rst half of 2006). Figure 1 illustrates that, except for the Chilean peso, every economy among the ten worst-performing cu ...
Exchange Rate Forecasting, Order Flow and Macroeconomic
... …rst identi…ed the rift between the two, have become the benchmark against which failure in exchange rate literature is measured. Their results have not been convincingly overturned, despite the variety of models and econometric techniques employed (Neely and Sarno, 2002; Kilian and Taylor, 2003; Ch ...
... …rst identi…ed the rift between the two, have become the benchmark against which failure in exchange rate literature is measured. Their results have not been convincingly overturned, despite the variety of models and econometric techniques employed (Neely and Sarno, 2002; Kilian and Taylor, 2003; Ch ...
impact of exchange rate on trade and gdp for india a study of last
... crucial to the implementation of successful trade policy. In an economic climate where countries are focused on improving their output, often by permitting their currencies to lose value, this topic has become increasingly important. Standard theory dictates that these countries should be able to im ...
... crucial to the implementation of successful trade policy. In an economic climate where countries are focused on improving their output, often by permitting their currencies to lose value, this topic has become increasingly important. Standard theory dictates that these countries should be able to im ...
Real Exchange Rate Distortion in Southeast Europe
... estimates and exchange rate data was employed. Similarly to the data needed to calculate the additional RPLs, real GDP per capita data from the same sources for the same set of countries was acquired. Using PPP EUR/USD conversion factors in addition to 1996 USD price conversion factors (obtained by ...
... estimates and exchange rate data was employed. Similarly to the data needed to calculate the additional RPLs, real GDP per capita data from the same sources for the same set of countries was acquired. Using PPP EUR/USD conversion factors in addition to 1996 USD price conversion factors (obtained by ...
Unrestrained Credit In A Credit Economy, The Credit Cycle, And Fiat
... In view of the fact that control of the money supply is undertaken to stabilize prices, it is important to note that in the 1980s reductions in the general level of prices in the U.S. economy became associated with more rapid growth of the money supply. In the period 1975 through 1982, while average ...
... In view of the fact that control of the money supply is undertaken to stabilize prices, it is important to note that in the 1980s reductions in the general level of prices in the U.S. economy became associated with more rapid growth of the money supply. In the period 1975 through 1982, while average ...
OECD ECONOMIC SURVEYS: ICELAND
... domestic deposits and claims on residents previously held by the old banks. While an effective temporary solution, the present setup is not viable over time. The new banks hold impaired assets, they are too big and they should not stay forever in state ownership. The authorities should take the nece ...
... domestic deposits and claims on residents previously held by the old banks. While an effective temporary solution, the present setup is not viable over time. The new banks hold impaired assets, they are too big and they should not stay forever in state ownership. The authorities should take the nece ...
Henrike Michaelis und Sebastian Watzka: Are there Differences in
... through what is now called ‘forward guidance’ or increases in the monetary base through some form of ‘Quantitative Easing’ (QE). Within the VAR framework, several papers deal explicitly with the ZLB for Japan and investigate the monetary policy transmission during these periods. Fujiwara (2006) uses ...
... through what is now called ‘forward guidance’ or increases in the monetary base through some form of ‘Quantitative Easing’ (QE). Within the VAR framework, several papers deal explicitly with the ZLB for Japan and investigate the monetary policy transmission during these periods. Fujiwara (2006) uses ...
Conditional Probability of Default Methodology
... we have yearly observations from 1988 to 2001. For Mexico, we have quarterly observations from the second quarter of 1995 to the last quarter of 2000. The dataset is one of a few that cover an entire business cycle for both countries under analysis and focus on SMEs and unlisted borrowers;7 however, ...
... we have yearly observations from 1988 to 2001. For Mexico, we have quarterly observations from the second quarter of 1995 to the last quarter of 2000. The dataset is one of a few that cover an entire business cycle for both countries under analysis and focus on SMEs and unlisted borrowers;7 however, ...
The Impact of the Financial Crisis on Emerging Asia
... Reflecting large declines in U.S. equity and housing prices, the household saving rate has risen from nearly zero in 2007 to about 5 percent and could rise to 7 to 8 percent.4 A second assumption, that emerging markets would be able to “decouple” from a U.S. downturn, crumbled after the collapse of ...
... Reflecting large declines in U.S. equity and housing prices, the household saving rate has risen from nearly zero in 2007 to about 5 percent and could rise to 7 to 8 percent.4 A second assumption, that emerging markets would be able to “decouple” from a U.S. downturn, crumbled after the collapse of ...
EY Global Job Creation Survey 2016
... driving employment change since the first steampowered textile looms displaced craft workers in 18th-century Britain. Consider the effects of the first Industrial Revolution: at one point, more than 95% of jobs involved growing food; today fewer than 2% of people in the developed world work in agric ...
... driving employment change since the first steampowered textile looms displaced craft workers in 18th-century Britain. Consider the effects of the first Industrial Revolution: at one point, more than 95% of jobs involved growing food; today fewer than 2% of people in the developed world work in agric ...
How costly was the crisis of the 1990s?
... ii) Key macroeconomic time series. As regards the statistical evidence, Chart 4 displays the annual percentage changes in real income in Sweden 1872-1996. Charts 5, 6 and 7 reproduce similar series for industrial production, employment and the number of bankruptcies. Chart 4 confirms the judgment o ...
... ii) Key macroeconomic time series. As regards the statistical evidence, Chart 4 displays the annual percentage changes in real income in Sweden 1872-1996. Charts 5, 6 and 7 reproduce similar series for industrial production, employment and the number of bankruptcies. Chart 4 confirms the judgment o ...
What causes housing bubbles? A theoretical and - LaI FU
... has poured into the United States in the form of capital imports and depressed the level of (long-term) interest rates, which the Fed could not counteract. The idea of capital inflows causing housing bubbles is also found in the literature on house price bubbles in emerging markets (Favilukis et al. ...
... has poured into the United States in the form of capital imports and depressed the level of (long-term) interest rates, which the Fed could not counteract. The idea of capital inflows causing housing bubbles is also found in the literature on house price bubbles in emerging markets (Favilukis et al. ...
2. The Sacrifice Ratio - Hal-SHS
... Abstract: This article focuses on the comparison of sacrifice ratios as an indicator for structural dispersion within the euro area over the period 1972-2003. Estimates of the sacrifice ratio, defined as the cumulative output cost arising from permanent inflation reduction, are obtained using struct ...
... Abstract: This article focuses on the comparison of sacrifice ratios as an indicator for structural dispersion within the euro area over the period 1972-2003. Estimates of the sacrifice ratio, defined as the cumulative output cost arising from permanent inflation reduction, are obtained using struct ...
Chapter 18
... § Imbalances in the net capital outflow (NCO) are associated with imbalances in the trade balance (or net exports, NX), following the identity NCO = NX. § Each exchange that affects the net capital outflow, also affects net exports in the same amount. § For instance, if an economy is running a tr ...
... § Imbalances in the net capital outflow (NCO) are associated with imbalances in the trade balance (or net exports, NX), following the identity NCO = NX. § Each exchange that affects the net capital outflow, also affects net exports in the same amount. § For instance, if an economy is running a tr ...
essays Why stricter rules threaten the eurozone
... How did the eurozone come to find itself in its current predicament? The short answer is that the introduction of the euro spurred the emergence of enormous macroeconomic imbalances that were unsustainable, and that the eurozone has proved institutionally illequipped to tackle. North European policy ...
... How did the eurozone come to find itself in its current predicament? The short answer is that the introduction of the euro spurred the emergence of enormous macroeconomic imbalances that were unsustainable, and that the eurozone has proved institutionally illequipped to tackle. North European policy ...
Capital Flows and Real Exchange Rates in Emerging Asian Countries
... The swift and strong rebound of capital inflows in emerging Asian countries after the current global financial crisis has added new impetus to the debate on how countries receive benefits from capital inflows and avoid costs that are associated with them. One of the unfavorable side effects of “too ...
... The swift and strong rebound of capital inflows in emerging Asian countries after the current global financial crisis has added new impetus to the debate on how countries receive benefits from capital inflows and avoid costs that are associated with them. One of the unfavorable side effects of “too ...
A Wave of Protectionism? An Analysis of
... imbalance to China keeping the value of the yuan artificially low. In their view, this makes Chinese goods unfairly cheap on world markets, thereby ‘stealing’ American jobs (interest groups claim that as many as 3 million jobs in U.S. manufacturing might have been lost to China between 2000 and 2005 ...
... imbalance to China keeping the value of the yuan artificially low. In their view, this makes Chinese goods unfairly cheap on world markets, thereby ‘stealing’ American jobs (interest groups claim that as many as 3 million jobs in U.S. manufacturing might have been lost to China between 2000 and 2005 ...
Chapter 15
... • Incidentally, this will generate profits for the RBA because this stabilising role means it will be buying the AUD when it is too low and selling when it is too high Copyright 2005 McGraw-Hill Australia Pty Ltd PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
... • Incidentally, this will generate profits for the RBA because this stabilising role means it will be buying the AUD when it is too low and selling when it is too high Copyright 2005 McGraw-Hill Australia Pty Ltd PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
determinants of the choice of exchange rate regime in resource
... This research studies the specic determinants of the choice of exchange rate regime in resource-rich countries. We run multinomial logit regressions for an unbalanced panel data set of 145 countries over the 1975-2004 period. We nd that resource-rich countries are more likely to adopt a xed excha ...
... This research studies the specic determinants of the choice of exchange rate regime in resource-rich countries. We run multinomial logit regressions for an unbalanced panel data set of 145 countries over the 1975-2004 period. We nd that resource-rich countries are more likely to adopt a xed excha ...
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.