NBER WORKING PAPER SERIES M. Ayhan Kose
... corporate and public governance receive more of their inflows in the form of FDI and portfolio equity; these are more stable than debt flows and also confer more of the indirect benefits of financial integration (Wei, 2001). Some authors have used a country’s level of income as a proxy for overall i ...
... corporate and public governance receive more of their inflows in the form of FDI and portfolio equity; these are more stable than debt flows and also confer more of the indirect benefits of financial integration (Wei, 2001). Some authors have used a country’s level of income as a proxy for overall i ...
Global Citizen – Challenges and Responsibility
... The world must have looked small to the great economist John Maynard Keynes. Before the outbreak of the First World War, in the famous essay The Economic Consequences of the Peace (1919), he writes: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various produ ...
... The world must have looked small to the great economist John Maynard Keynes. Before the outbreak of the First World War, in the famous essay The Economic Consequences of the Peace (1919), he writes: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various produ ...
THÈSE Four Essays on Fiscal Policy after the Global Financial Crisis
... Fiscal policy received renewed attention after the global financial crisis and returned to the center of debates in the academia and the press. In the last two decades, fiscal policy was thought as playing a secondary role and monetary policy was considered the primary instrument to stabilize econom ...
... Fiscal policy received renewed attention after the global financial crisis and returned to the center of debates in the academia and the press. In the last two decades, fiscal policy was thought as playing a secondary role and monetary policy was considered the primary instrument to stabilize econom ...
FX Outlook: 2016
... China, keeping AUD in a volatile range with no directional bias for the currency. AUD has been trading in a volatile range within 0.69-0.74 since the start of Sep. The nascent signs of bottoming that we had identified at that point of time has started to play out. Growth is likely to remain sub-par ...
... China, keeping AUD in a volatile range with no directional bias for the currency. AUD has been trading in a volatile range within 0.69-0.74 since the start of Sep. The nascent signs of bottoming that we had identified at that point of time has started to play out. Growth is likely to remain sub-par ...
Poverty traps, the money growth rule, and the stage of financial
... Key Words: Poverty traps, monetary policy, financial development, indivisible investment, multiple steady states, local indeterminacy and Neimark-Sacker and saddle-node bifurcations. ...
... Key Words: Poverty traps, monetary policy, financial development, indivisible investment, multiple steady states, local indeterminacy and Neimark-Sacker and saddle-node bifurcations. ...
Taylor Rules and Exchange Rate Predictability in Emerging
... Surprisingly, in the last half of the 2000s a large number of studies claimed evidence of exchange rate out-of-sample performance. According to Engel, Mark and West (2007), emphasizing the importance of the monetary policy rule, using exchange rate models determined by expected present values of fu ...
... Surprisingly, in the last half of the 2000s a large number of studies claimed evidence of exchange rate out-of-sample performance. According to Engel, Mark and West (2007), emphasizing the importance of the monetary policy rule, using exchange rate models determined by expected present values of fu ...
IMF Reform Is Waiting on the United States
... in Ukraine today, and potentially in Egypt and other countries where US interests are at stake. Third, as the principal founder of the IMF and its largest shareholder, the United States has led the Fund through the many transitions of the global economy and financial system since 1944, including dur ...
... in Ukraine today, and potentially in Egypt and other countries where US interests are at stake. Third, as the principal founder of the IMF and its largest shareholder, the United States has led the Fund through the many transitions of the global economy and financial system since 1944, including dur ...
monetary policy review monetary policy review
... The monetary Policy environment in the review period was benign with the continued moderation in consumer price inflation to single digit, indicating the effectiveness of the sustained tight monetary policy stance of the Bank. This was against the background of several key challenges including the p ...
... The monetary Policy environment in the review period was benign with the continued moderation in consumer price inflation to single digit, indicating the effectiveness of the sustained tight monetary policy stance of the Bank. This was against the background of several key challenges including the p ...
Forex Medium-Term Outlook
... Kuroda at the House of Representatives Committee on financial Affairs. As USD/JPY slid sharply by about 3yen following Mr. Kuroda’s remarks, the headlines portrayed them in exaggerated tones such as “remarks aimed at checking JPY depreciation,” “verbal intervention,” “consideration for the U.S. econ ...
... Kuroda at the House of Representatives Committee on financial Affairs. As USD/JPY slid sharply by about 3yen following Mr. Kuroda’s remarks, the headlines portrayed them in exaggerated tones such as “remarks aimed at checking JPY depreciation,” “verbal intervention,” “consideration for the U.S. econ ...
Strategies for Controlling Inflation
... The discussion should shed light not only on how disinflation might best be achieved, but also on how the hard-won gains in lowering inflation can be locked in, so that inflation is less likely to rear its ugly head in the future. ...
... The discussion should shed light not only on how disinflation might best be achieved, but also on how the hard-won gains in lowering inflation can be locked in, so that inflation is less likely to rear its ugly head in the future. ...
International Political Economy: Perspectives on Global Power and
... politics as the economics profession has developed of markets. As in economics, however, social science models of political behavior are little more than didactic devices whose accuracy depends on a wide variety of unpredictable factors, including underlying economic trends. If an economist would be ...
... politics as the economics profession has developed of markets. As in economics, however, social science models of political behavior are little more than didactic devices whose accuracy depends on a wide variety of unpredictable factors, including underlying economic trends. If an economist would be ...
7 Research Department Working Paper ... The Central Bank of the Republic of Turkey
... and employment, has the peril of an inflationary bias. ...
... and employment, has the peril of an inflationary bias. ...
general assessment of the macroeconomic situation
... increased, reflecting weaker commodity prices, tighter credit conditions and lower potential output growth, with the risk that capital outflows and sharp currency depreciations may expose financial vulnerabilities. Growth would also be hit in the euro area, as well as Japan, where the short-run impa ...
... increased, reflecting weaker commodity prices, tighter credit conditions and lower potential output growth, with the risk that capital outflows and sharp currency depreciations may expose financial vulnerabilities. Growth would also be hit in the euro area, as well as Japan, where the short-run impa ...
New Zealand’s short- and medium-term real implications
... Mabin (2010) used a “judgemental” approach to identifying medium-term exchange rate cycles, including requiring as a “general rule of thumb” that cycles should be five years or more in duration (i.e. much longer than the 5 quarter minimum cycle length used by Harding and Pagan to replicate NBER busi ...
... Mabin (2010) used a “judgemental” approach to identifying medium-term exchange rate cycles, including requiring as a “general rule of thumb” that cycles should be five years or more in duration (i.e. much longer than the 5 quarter minimum cycle length used by Harding and Pagan to replicate NBER busi ...
NBER WORKING PAPER SERIES SETTING THE RECORD STRAIGHT ON
... monetary policy could not determine real variables such as output or employment in the long run. Friedman’s stand on what monetary policy could do, and what it could not do, stood him apart from the predominant views associated with successive versions of Keynesian economics. The successive Keynesia ...
... monetary policy could not determine real variables such as output or employment in the long run. Friedman’s stand on what monetary policy could do, and what it could not do, stood him apart from the predominant views associated with successive versions of Keynesian economics. The successive Keynesia ...
2007 Asia and the Pacific Surging Ahead in Uncertain Times
... Currency appreciation is expected to continue in 2007. It will be increasingly difficult for monetary authorities to pursue an independent monetary policy in response to shocks, as was the case in 2006, while targeting exchange rates against the backdrop of more open capital accounts. Monetary autho ...
... Currency appreciation is expected to continue in 2007. It will be increasingly difficult for monetary authorities to pursue an independent monetary policy in response to shocks, as was the case in 2006, while targeting exchange rates against the backdrop of more open capital accounts. Monetary autho ...
The Effect of Monetary Policy on Private Sector Investment in Kenya
... growth, as the consistent increase in gross domestic savings. Another case in point is Bangladesh that maintained low public debt whilst financing development expenditures from tax revenues. Therefore monetary policy is a prime anchor for the growth of private sector investment in an enabling enviro ...
... growth, as the consistent increase in gross domestic savings. Another case in point is Bangladesh that maintained low public debt whilst financing development expenditures from tax revenues. Therefore monetary policy is a prime anchor for the growth of private sector investment in an enabling enviro ...
146s10_l18.pdf
... Think cannot repay its debts and therefore make them stop lending Leads to financial crisis. A large current account surplus can cause protectionist pressure Pressure on Japan in the 1980s and China in the 2000s Maintaining external balance means keeping the exchange rate competitive. Managing reser ...
... Think cannot repay its debts and therefore make them stop lending Leads to financial crisis. A large current account surplus can cause protectionist pressure Pressure on Japan in the 1980s and China in the 2000s Maintaining external balance means keeping the exchange rate competitive. Managing reser ...
05low interest rates not appropriate for either euro area or germany
... price. Interest rate reaction functions suggest that monetary policy should be tightened in order to reflect macroeconomic developments. This applies even if, like the ECB, one assumes that the longterm equilibrium interest rate has fallen considerably. There is, however, no reliable empirical evide ...
... price. Interest rate reaction functions suggest that monetary policy should be tightened in order to reflect macroeconomic developments. This applies even if, like the ECB, one assumes that the longterm equilibrium interest rate has fallen considerably. There is, however, no reliable empirical evide ...
Credit and growth after financial crises
... sector will reduce economic growth in the coming years. For example, the Institute of International Finance (2011) argues that “private sector deleveraging will remain a major headwind to growth in the years ahead.” But is this consensus right? Does lower level of bank lending after output has botto ...
... sector will reduce economic growth in the coming years. For example, the Institute of International Finance (2011) argues that “private sector deleveraging will remain a major headwind to growth in the years ahead.” But is this consensus right? Does lower level of bank lending after output has botto ...
Sweden: 2015 Article IV Consultation--Press Release
... Swedish Kronor in government bonds in 2015, some 20 percent of the outstanding stock, and further purchases are planned in the first half of 2016. Migration inflows to Sweden have surged to over 1.5 percent of the population in 2015, with the majority being asylum seekers, and these inflows could re ...
... Swedish Kronor in government bonds in 2015, some 20 percent of the outstanding stock, and further purchases are planned in the first half of 2016. Migration inflows to Sweden have surged to over 1.5 percent of the population in 2015, with the majority being asylum seekers, and these inflows could re ...
Exchange rates, expected returns and risk: UIP unbound CAMA
... value of one (Dornbusch, 1976). Innovations in the idiosyncratic currency premium are correlated with ‘speculative’ positioning in foreign exchange futures markets and, for non-reserve currencies, with changes in the VIX index.5 When risk is accounted for, I estimate expected risk-free returns to ac ...
... value of one (Dornbusch, 1976). Innovations in the idiosyncratic currency premium are correlated with ‘speculative’ positioning in foreign exchange futures markets and, for non-reserve currencies, with changes in the VIX index.5 When risk is accounted for, I estimate expected risk-free returns to ac ...
Global Marshall Plan Initiative
... matrix structure, leading visitors to the specific branch of the website which is managed by the respective coordinator of the team they would probably belong to. What would the small man on the cover of this book do if the rock next to him lost its balance? If a hyper-system like today's world orde ...
... matrix structure, leading visitors to the specific branch of the website which is managed by the respective coordinator of the team they would probably belong to. What would the small man on the cover of this book do if the rock next to him lost its balance? If a hyper-system like today's world orde ...
Going Global: Transition from Plan to Market in the World Economy
... viability, slower reform strategies. They may well decide that a slower output recovery or expansion in the short run might yield a higher growth rate later by keeping the transition on track, whereas a rapid turnaround, which results in unsustainable unemployment (or income disparities or real wage ...
... viability, slower reform strategies. They may well decide that a slower output recovery or expansion in the short run might yield a higher growth rate later by keeping the transition on track, whereas a rapid turnaround, which results in unsustainable unemployment (or income disparities or real wage ...
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.