Regional monetary integration in the member states of the Gulf
... currency and a basic consensus on the orientation of a single monetary and exchange rate policy are key prerequisites for establishing a sustainable monetary union in 2010, taking into account the fact that monetary union inevitably entails the transfer of monetary sovereignty from the national to t ...
... currency and a basic consensus on the orientation of a single monetary and exchange rate policy are key prerequisites for establishing a sustainable monetary union in 2010, taking into account the fact that monetary union inevitably entails the transfer of monetary sovereignty from the national to t ...
Exchange rate exposure among European firms
... independent of exchange rate movements. Empirically, this definition offers the convenience of allowing exposure to be measured as the coefficients in a linear regression of stock returns on rates of change in exchange rates. The present paper provides evidence on the direction and magnitude of curr ...
... independent of exchange rate movements. Empirically, this definition offers the convenience of allowing exposure to be measured as the coefficients in a linear regression of stock returns on rates of change in exchange rates. The present paper provides evidence on the direction and magnitude of curr ...
International Accounting Standard 10
... On 18 March 20X2, the management of an entity authorises financial statements for issue to its supervisory board. The supervisory board is made up solely of non-executives and may include representatives of employees and other outside interests. The supervisory board approves the financial statement ...
... On 18 March 20X2, the management of an entity authorises financial statements for issue to its supervisory board. The supervisory board is made up solely of non-executives and may include representatives of employees and other outside interests. The supervisory board approves the financial statement ...
Transmission of Monetary Policy Impulses on Bank
... Furthermore, the studies conducted on interest rate pass-through are out-dated as they used data prior to 2003, before competitive OMO were adopted. The CBSL moved into a system of active OMO in 2003 from a passive OMO approach so as to conduct its monetary policy operations more effectively and in ...
... Furthermore, the studies conducted on interest rate pass-through are out-dated as they used data prior to 2003, before competitive OMO were adopted. The CBSL moved into a system of active OMO in 2003 from a passive OMO approach so as to conduct its monetary policy operations more effectively and in ...
THE ARGENTINEAN DEBT: HISTORY, DEFAULT AND RESTRUCTURING Mario Damill
... great extent associated to the different policies followed by the countries from the second half of the eighties (Frenkel, 2003a and 2003b; Damill et.al., 1993). Certainly, fiscal and public debt policies played a significant role, but the exchange rate policy and the financial opening management -i ...
... great extent associated to the different policies followed by the countries from the second half of the eighties (Frenkel, 2003a and 2003b; Damill et.al., 1993). Certainly, fiscal and public debt policies played a significant role, but the exchange rate policy and the financial opening management -i ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... both trade and financial flows. Another branch in this literature examines the joint effect of both financial and trade flows on a third variable as, for example, in Kose, Prasad, and Terrones (2006) investigation of their impact on output growth volatility. A different strand investigates and compare ...
... both trade and financial flows. Another branch in this literature examines the joint effect of both financial and trade flows on a third variable as, for example, in Kose, Prasad, and Terrones (2006) investigation of their impact on output growth volatility. A different strand investigates and compare ...
NBER WORKING PAPER SERIES INTERNATIONAL RESERVES MANAGEMENT
... the possibility of costly recessions. To simplify the discussion, we strip fiscal considerations from the problem, and identify the precautionary demand for international reserves that is independent of the inefficiencies associated with costly taxes. We study a two-period emerging-market economy wh ...
... the possibility of costly recessions. To simplify the discussion, we strip fiscal considerations from the problem, and identify the precautionary demand for international reserves that is independent of the inefficiencies associated with costly taxes. We study a two-period emerging-market economy wh ...
NBER WORKING PAPER SERIES GLOBALLY CORRELATED NOMINAL FLUCTUATIONS Espen Henriksen Finn E. Kydland
... substantially less across country pairs than those of real GDP. This empirical regularity is broadly robust to the inclusion of other economies as the required data become available, the exclusion of the Bretton Woods period of fixed exchange rates, the exclusion of commodity prices from price index ...
... substantially less across country pairs than those of real GDP. This empirical regularity is broadly robust to the inclusion of other economies as the required data become available, the exclusion of the Bretton Woods period of fixed exchange rates, the exclusion of commodity prices from price index ...
Three essays about monetary policy in China - ROS Home
... In practice, the monetary policy measures China has used for a similar purpose have varied substantially in different time periods since the 1980s. In the third quarter of 1988, the inflation based on the consumer price index (CPI) soared to 23.1 per cent. Frightened by inflation and other social un ...
... In practice, the monetary policy measures China has used for a similar purpose have varied substantially in different time periods since the 1980s. In the third quarter of 1988, the inflation based on the consumer price index (CPI) soared to 23.1 per cent. Frightened by inflation and other social un ...
Morris Inflationdynamicsandtheparallelmarketforforeignexchange
... the Government if Government has a deficit on its foreign exchange account. The result is reversed if Government has a surplus on the foreign exchange account. This result is obviously going to depend on exactly which items are denominated in local currency or dollars. Two critical items are those e ...
... the Government if Government has a deficit on its foreign exchange account. The result is reversed if Government has a surplus on the foreign exchange account. This result is obviously going to depend on exactly which items are denominated in local currency or dollars. Two critical items are those e ...
ge07 Egert 4676541 en
... growth (potential). The debt increases due to current account deficits in the early years. The accumulation of foreign debt is followed by debt repayment in subsequent periods. While sustainable current account imbalances can be rather large, as suggested by the intertemporal model, no size of the c ...
... growth (potential). The debt increases due to current account deficits in the early years. The accumulation of foreign debt is followed by debt repayment in subsequent periods. While sustainable current account imbalances can be rather large, as suggested by the intertemporal model, no size of the c ...
Rentier Incomes and Financial Crises: An Empirical Examination of Trends... Cycles in Some OECD Countries
... associated economic crises? Outside of mainstream economists' assumptions about the alleged efficiency of financial liberalization, the most common hypothesis accounting for its rise is that there has been an increase in the power of domestic and global rentiers – wealthy people who get most of thei ...
... associated economic crises? Outside of mainstream economists' assumptions about the alleged efficiency of financial liberalization, the most common hypothesis accounting for its rise is that there has been an increase in the power of domestic and global rentiers – wealthy people who get most of thei ...
The Drivers and Dynamics of Illicit Financial Flows from India: 1948
... The economic history of India since independence on August 15, 1947, can be characterized as a transition from a controlled economy to one embracing progressive liberalization. A foreign exchange crisis amidst political instability in 1991 provided the impetus for policymakers to reform the socialis ...
... The economic history of India since independence on August 15, 1947, can be characterized as a transition from a controlled economy to one embracing progressive liberalization. A foreign exchange crisis amidst political instability in 1991 provided the impetus for policymakers to reform the socialis ...
Cost-Push Shocks and Monetary Policy in Open Economies*
... of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky and unable to respond to shocks in the short run. A similar result has been shown to hold in open economies, where welfare maximising monetary policy should focus on st ...
... of consumer prices will maximise aggregate utility.1 Such a policy minimises relative price distortions when some prices are sticky and unable to respond to shocks in the short run. A similar result has been shown to hold in open economies, where welfare maximising monetary policy should focus on st ...
A Rehabilitation of Monetary Policy in the 1950`s
... view in Congressional testimony in 1959, saying: “If total demands tend to run ahead of the output potential, the general price level will begin to rise and this, in turn, will have an adverse impact both on growth of demands and on means of nancing increased and improved capacity. It will also ha ...
... view in Congressional testimony in 1959, saying: “If total demands tend to run ahead of the output potential, the general price level will begin to rise and this, in turn, will have an adverse impact both on growth of demands and on means of nancing increased and improved capacity. It will also ha ...
Does the Exchange Rate Regime Matter for Inflation? Ilker Domaç
... forefront as a result of the recent crises in Asia, Russia, Brazil, and more recently economic developments in Argentina. More precisely, the debate over fixed and flexible exchange regimes has once again taken center stage. Some claimed that the first round of this debate was won by those advocatin ...
... forefront as a result of the recent crises in Asia, Russia, Brazil, and more recently economic developments in Argentina. More precisely, the debate over fixed and flexible exchange regimes has once again taken center stage. Some claimed that the first round of this debate was won by those advocatin ...
SUSTAINING RECOVERY AND DYNAMISM FOR INCLUSIVE DEVELOPMENT 2010
... infrastructure development scores presented in Survey 2010. Some economies register high scores, including: Singapore; Japan; New Zealand; Republic of Korea; Australia; Brunei Darussalam; Hong Kong, China; and Macao, China. Others still have considerable infrastructure gaps, particularly the least d ...
... infrastructure development scores presented in Survey 2010. Some economies register high scores, including: Singapore; Japan; New Zealand; Republic of Korea; Australia; Brunei Darussalam; Hong Kong, China; and Macao, China. Others still have considerable infrastructure gaps, particularly the least d ...
Is Capital Flight Decisive in Explaining Economic Growth
... Balance of payments difficulties, financial system, and corruption channels According to Ajayi (1995), the persistent balance of payment deficits in most developing countries have been attributed to capital flight. Capital flight may negatively contribute to economic growth by exacerbating the balan ...
... Balance of payments difficulties, financial system, and corruption channels According to Ajayi (1995), the persistent balance of payment deficits in most developing countries have been attributed to capital flight. Capital flight may negatively contribute to economic growth by exacerbating the balan ...
IFI_Ch11
... • What is to be gained by the firm from hedging? – The major motive for firms to hedge is to increase the present value of firms – The value of a firm, according to financial theories, is the present value of all expected future cash flows in the future – For expected cash flows with higher uncertai ...
... • What is to be gained by the firm from hedging? – The major motive for firms to hedge is to increase the present value of firms – The value of a firm, according to financial theories, is the present value of all expected future cash flows in the future – For expected cash flows with higher uncertai ...
PRIVATE CAPITAL FLOWS AND THE REAL EXCHANGE RATE IN
... considers the ten main trade partners and excludes oil exporting countries (those for which petroleum related products represent at least 50% of the exports). Weights are calculated at the end of the period of observations in order to focus on the competitiveness diagnosis for the most recent years. ...
... considers the ten main trade partners and excludes oil exporting countries (those for which petroleum related products represent at least 50% of the exports). Weights are calculated at the end of the period of observations in order to focus on the competitiveness diagnosis for the most recent years. ...
A Comparison of Optimal Policy Rules Eras: Empirical Evidence from
... Adoption of IT seemed to help policy makers to anchor public expectations for inflation; however, there is mixed evidence as to whether the way the monetary policy conducted has changed following the adoption of IT. Cecchetti and Ehrmann (1999) assess the changes in central bank aversion to inflatio ...
... Adoption of IT seemed to help policy makers to anchor public expectations for inflation; however, there is mixed evidence as to whether the way the monetary policy conducted has changed following the adoption of IT. Cecchetti and Ehrmann (1999) assess the changes in central bank aversion to inflatio ...
Measuring financial conditions in major non
... Hatzius et al. (2010) provide a comprehensive review of 7 FCIs for the United States that are constructed and used mainly by investment banks, policy makers, and advisers (Bloomberg, Citi, DB, Goldman Sachs, Kansas Fed, Macroeconomic Advisers, OECD). They also assess their predictive power for GDP, ...
... Hatzius et al. (2010) provide a comprehensive review of 7 FCIs for the United States that are constructed and used mainly by investment banks, policy makers, and advisers (Bloomberg, Citi, DB, Goldman Sachs, Kansas Fed, Macroeconomic Advisers, OECD). They also assess their predictive power for GDP, ...
Untitled
... that stick closer to home. How can that be? The rapid growth of emerging markets is providing fresh impetus for companies to become ever more global in scope. Deep experience in other international markets means that many companies know globalization’s potential benefits—which include accessing new ...
... that stick closer to home. How can that be? The rapid growth of emerging markets is providing fresh impetus for companies to become ever more global in scope. Deep experience in other international markets means that many companies know globalization’s potential benefits—which include accessing new ...
NBER WORKING PAPER SERIES CAPITAL CONTROLS, CAPITAL FLOW CONTRACTIONS, AND MACROECONOMIC VULNERABILITY
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
Mexico - Banco de México
... impact on the current account as Mexico has a broadly balanced trade in hydrocarbons. However, it increased the fiscal consolidation burden and might affect prospects for private investment in the oil sector in the medium term. In addition, emerging market asset prices were hit by a rise in global f ...
... impact on the current account as Mexico has a broadly balanced trade in hydrocarbons. However, it increased the fiscal consolidation burden and might affect prospects for private investment in the oil sector in the medium term. In addition, emerging market asset prices were hit by a rise in global f ...
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.