Globak Slack and Domestic Inflation Rates: A
... are both assigned significant posterior probabilities. Overall, mainly through the effect on domestic demand, global output can still affect domestic inflation rates. From the variance decomposition, shocks to global conditions account for a large share of output fluctuations in France, Germany, Can ...
... are both assigned significant posterior probabilities. Overall, mainly through the effect on domestic demand, global output can still affect domestic inflation rates. From the variance decomposition, shocks to global conditions account for a large share of output fluctuations in France, Germany, Can ...
Slide 1
... The last 19 years have been full of turmoil from the economic and financial point of view. Considering the number of financial crises that have taken place and the unfolding of the current financial crisis that began in 2007, I considered the phenomenon of Sudden Stop an important issue, especially ...
... The last 19 years have been full of turmoil from the economic and financial point of view. Considering the number of financial crises that have taken place and the unfolding of the current financial crisis that began in 2007, I considered the phenomenon of Sudden Stop an important issue, especially ...
Post keynesian monetary theory and its implications
... response to criticism, has been taken up by Davidson (1994) and other Post Keynesians as an important aspect of the money supply process. It is examined in Chapter 3, especially in relation to endogenous monetary expansion and its implications for investment activity. It forms a current aspect of Po ...
... response to criticism, has been taken up by Davidson (1994) and other Post Keynesians as an important aspect of the money supply process. It is examined in Chapter 3, especially in relation to endogenous monetary expansion and its implications for investment activity. It forms a current aspect of Po ...
Promoting active learning
... EXCHANGE RATE SYSTEMS IN PRACTICE • UK experience of managed floating – effects of first oil crisis: 1973–6 – second oil crisis and the rise in monetarism – effects of growing US budget and trade deficits in the 1980s – the 1985 exchange crisis ...
... EXCHANGE RATE SYSTEMS IN PRACTICE • UK experience of managed floating – effects of first oil crisis: 1973–6 – second oil crisis and the rise in monetarism – effects of growing US budget and trade deficits in the 1980s – the 1985 exchange crisis ...
Economics of Money, Banking, and Financial Markets, 8e
... B) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the public. C) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the ...
... B) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the public. C) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the ...
Zimbabwe’s Black Market for Foreign Exchange Albert Makochekanwa
... exchange constraint through its effects on capital flight and the recorded current account balance. ... Controlling inflation could become more difficult under high premium regimes (p.508)” The negative effects of the parallel exchange rate were also echoed by Kiguel and O’Connel (1995) when they sa ...
... exchange constraint through its effects on capital flight and the recorded current account balance. ... Controlling inflation could become more difficult under high premium regimes (p.508)” The negative effects of the parallel exchange rate were also echoed by Kiguel and O’Connel (1995) when they sa ...
Real currency appreciation in accession countries
... issue for the euro currency area (which accounts for nearly 75% of OECD country weights in the real effective exchange rate computations) as soon as the access of EU accession countries to European Monetary Union (EMU) is discussed. In these discussions, it may be valuable to have an idea of the ori ...
... issue for the euro currency area (which accounts for nearly 75% of OECD country weights in the real effective exchange rate computations) as soon as the access of EU accession countries to European Monetary Union (EMU) is discussed. In these discussions, it may be valuable to have an idea of the ori ...
Some Further Evidence on Exchange
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
English
... Figure 1, which shows a clear negative relationship between the fraction of imports invoiced in the importer’s currency and the pass-through of exchange rate changes to import prices for a set of 7 industrialized countries.1 If firms set prices in the importer’s currency, we should expect zero pass- ...
... Figure 1, which shows a clear negative relationship between the fraction of imports invoiced in the importer’s currency and the pass-through of exchange rate changes to import prices for a set of 7 industrialized countries.1 If firms set prices in the importer’s currency, we should expect zero pass- ...
Levels and changes in the value of exports and imports divided by
... production away from commodities. However, they offer no evidence to justify this claim. Another study by de Ferranti, Perry, Lederman, and Maloney (2002) argues that part of a proper strategy for diversifying production in natural resource rich countries involves “openness to trade, market access, ...
... production away from commodities. However, they offer no evidence to justify this claim. Another study by de Ferranti, Perry, Lederman, and Maloney (2002) argues that part of a proper strategy for diversifying production in natural resource rich countries involves “openness to trade, market access, ...
LEADING INDICATORS OF CURRENCY CRISES IN EMERGING
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
Quantifying Beggar-my-neighbour Effects Evidence from
... which is vital to the identification of bilateral effects. A difference in differences approach allows us to test the predictive power of retaliation for the devaluations against the general increase in protectionism, be it for trilemma forces, a response to unemployment or lobbying efforts. In this ...
... which is vital to the identification of bilateral effects. A difference in differences approach allows us to test the predictive power of retaliation for the devaluations against the general increase in protectionism, be it for trilemma forces, a response to unemployment or lobbying efforts. In this ...
Austerity is not the solution! - Foundation for European Progressive
... The desire to coordinate macroeconomic policies is more than welcome, but it seems that without a truly European government on the issue, this desire is limited to the alignment of the macroeconomic policies towards pro-market and mercantilist policies, or towards the policies defended by the most ...
... The desire to coordinate macroeconomic policies is more than welcome, but it seems that without a truly European government on the issue, this desire is limited to the alignment of the macroeconomic policies towards pro-market and mercantilist policies, or towards the policies defended by the most ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... to which I will come back later. But from an economic point of view, the message of this figure is quite striking. To see this, I will ask the reader to do two things. First, forget about Japan. Second, erase from your minds the confidence bands. The picture that emerges is one in which an increase ...
... to which I will come back later. But from an economic point of view, the message of this figure is quite striking. To see this, I will ask the reader to do two things. First, forget about Japan. Second, erase from your minds the confidence bands. The picture that emerges is one in which an increase ...
How does monetary policy respond to exchange rate movements
... very useful information about monetary policy and exchange rate dynamics in the open economy, that previous studies have been unable to recover. The standard approach for analyzing monetary policy responses has been to estimate interest rate rules like the simple Taylor rule. For the closed economie ...
... very useful information about monetary policy and exchange rate dynamics in the open economy, that previous studies have been unable to recover. The standard approach for analyzing monetary policy responses has been to estimate interest rate rules like the simple Taylor rule. For the closed economie ...
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus
... revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the years of surging NKI (putting downward pressure on domestic interest rates) and rapid ec ...
... revenues, but may find it easier to liberalize when there are no revenues to be lost. In fact, EMEs did liberalize outflow policy substantially in the 2000s. Most of the outflow liberalizations took place in the years of surging NKI (putting downward pressure on domestic interest rates) and rapid ec ...
2013 Low-Income Countries Global Risks and Vulnerabilities
... Solid pre-crisis fundamentals contributed to the resilience of most LICs. For all LIC subgroups, in the period until 2008 inflation was under control, fiscal deficits were relatively small and stable, and government debt levels, except for small states, were stable or declining. Prior to 2008, key m ...
... Solid pre-crisis fundamentals contributed to the resilience of most LICs. For all LIC subgroups, in the period until 2008 inflation was under control, fiscal deficits were relatively small and stable, and government debt levels, except for small states, were stable or declining. Prior to 2008, key m ...
Determinants of the physical demand for gold
... considered by its monetary authorities in their policy decisions. Similarly Tran and Starr (2007) analyze the role of gold in monetary- and exchange-rate policy in Vietnam where, in the turbulent period after economic reform began, gold served not only as a store of value but also as a unit of accou ...
... considered by its monetary authorities in their policy decisions. Similarly Tran and Starr (2007) analyze the role of gold in monetary- and exchange-rate policy in Vietnam where, in the turbulent period after economic reform began, gold served not only as a store of value but also as a unit of accou ...
S2005065_en.pdf
... Events like the dramatic Argentine crisis in 2001-2002 and the subsequent recovery have implied very large changes in economic behavior over relatively short time periods. In these gyrations, macroeconomic policies were managed with little regard for the spillovers on other regional economies. Trade ...
... Events like the dramatic Argentine crisis in 2001-2002 and the subsequent recovery have implied very large changes in economic behavior over relatively short time periods. In these gyrations, macroeconomic policies were managed with little regard for the spillovers on other regional economies. Trade ...
Bank of England Quarterly Bulletin May 1999
... policy. These responses provide a measure of the degree of transparency and credibility of a monetary regime. There is evidence of yield-curve responses having been dampened since the introduction of inflation targeting in the United Kingdom in 1992—consistent with greater transparency and credibili ...
... policy. These responses provide a measure of the degree of transparency and credibility of a monetary regime. There is evidence of yield-curve responses having been dampened since the introduction of inflation targeting in the United Kingdom in 1992—consistent with greater transparency and credibili ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... flight, not least because the lack of financial resources for appropriate economic development has pushed Nigeria and most other Sub-Sahara Africa (SSA) countries into external borrowing to augment domestic resources in their quest for economic growth. According to Lawson (2007), capital flight from ...
... flight, not least because the lack of financial resources for appropriate economic development has pushed Nigeria and most other Sub-Sahara Africa (SSA) countries into external borrowing to augment domestic resources in their quest for economic growth. According to Lawson (2007), capital flight from ...
The Economic Impact of the Stock Market Boom and Crash of 1929
... losses on corporate stocks in the market boom and bust of 1927-33. But how many of these paper gains and losses were actually "realized" through sales? We can get some indication from the gains and lo~ses recorded on income tax returns. The data, from a very careful study by Lawrence Seltzer, are gi ...
... losses on corporate stocks in the market boom and bust of 1927-33. But how many of these paper gains and losses were actually "realized" through sales? We can get some indication from the gains and lo~ses recorded on income tax returns. The data, from a very careful study by Lawrence Seltzer, are gi ...
EXCHANGE RATE FLEXIBIUTY, VOLATILITY, AND THE PATTERNS Joshua Paper No. 3953
... The goal of this paper is to investigate the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDO, and the correlation between exchange rate volatility and investment. We assume that producers may diversify internationally ...
... The goal of this paper is to investigate the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDO, and the correlation between exchange rate volatility and investment. We assume that producers may diversify internationally ...
World Economic Outlook, October 2015, Chapter 3: Exchange Rates
... typically evolve following real exchange rate movements? In particular, to what extent do exchange rate changes pass through to the relative prices of exports and imports, and how strongly do trade flows respond following these trade price changes? How quickly do the adjustments occur? •• Is there e ...
... typically evolve following real exchange rate movements? In particular, to what extent do exchange rate changes pass through to the relative prices of exports and imports, and how strongly do trade flows respond following these trade price changes? How quickly do the adjustments occur? •• Is there e ...
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.