The Political Economy of Persistent Current Account Imbalances
... to the as-yet unresolved crisis. Moreover, if developing economies are running current account surpluses and important developed economies deficits, then capital is inefficiently allocated on a global scale. Unsurprisingly, commentators across the political spectrum, from liberals like Paul Krugman ...
... to the as-yet unresolved crisis. Moreover, if developing economies are running current account surpluses and important developed economies deficits, then capital is inefficiently allocated on a global scale. Unsurprisingly, commentators across the political spectrum, from liberals like Paul Krugman ...
April 2017 World Economic Outlook, Chapter 1: Global
... short-term growth could indeed surprise on the upside. But these positive developments should not distract from binding structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term. Structural problems—such as low productiv ...
... short-term growth could indeed surprise on the upside. But these positive developments should not distract from binding structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term. Structural problems—such as low productiv ...
Using monetary policy to stabilize economic activity
... or a specification of policy objectives, the resulting framework has been used to address an extensive range of policy questions. An important point to note is that (3) potentially overstates the number of policy instruments the central bank can use, as central banks may lack the credibility to mani ...
... or a specification of policy objectives, the resulting framework has been used to address an extensive range of policy questions. An important point to note is that (3) potentially overstates the number of policy instruments the central bank can use, as central banks may lack the credibility to mani ...
The relationship between carry trade currencies and
... provide a very small collateral for the ability to control large positions, however, high leverage can be a double-sided factor, increasing gains as well as losses. Adverse movements can lead to margin calls which might force the closure of trades if not topped up, thus realizing the paper losses. B ...
... provide a very small collateral for the ability to control large positions, however, high leverage can be a double-sided factor, increasing gains as well as losses. Adverse movements can lead to margin calls which might force the closure of trades if not topped up, thus realizing the paper losses. B ...
... and tend to reduce consumption demand. So under normal circumstances it can be expected that a rise in interest rates will lead to a decline in consumption and investment expenditures, which – all other things being equal – should ultimately lower inflationary pressures. While monetary policy can hav ...
Slides for Chapter 9 - Columbia University
... What is the world share of GDP of high income, middle-income, and low-income economies? Comparisons of the size of economies (in $) tend to overstate the size of rich countries and understate the size of poor countries. Look at the next chart. It shows that in 2011, middle-income countries produced ...
... What is the world share of GDP of high income, middle-income, and low-income economies? Comparisons of the size of economies (in $) tend to overstate the size of rich countries and understate the size of poor countries. Look at the next chart. It shows that in 2011, middle-income countries produced ...
here - Levy Economics Institute of Bard College
... we look at places like Brazil or China, it was because of the public financial system that both countries didn’t really have a financial crisis. So this is something that I think should be underlined, because it’s not sufficiently debated, at least the way I see it, in the conversations since the be ...
... we look at places like Brazil or China, it was because of the public financial system that both countries didn’t really have a financial crisis. So this is something that I think should be underlined, because it’s not sufficiently debated, at least the way I see it, in the conversations since the be ...
Invoice Currency: puzzling evidence and new questions from Brazil
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
The Influence of IMF Programs on the Re
... different states of the economy is achieved, with 1 being the worst state and 4 being the best (see Table 1). Loans could either be provided by the IMF or on a bilateral basis (by other countries or the international capital market). They are disbursed during period t. Voters are informed immediatel ...
... different states of the economy is achieved, with 1 being the worst state and 4 being the best (see Table 1). Loans could either be provided by the IMF or on a bilateral basis (by other countries or the international capital market). They are disbursed during period t. Voters are informed immediatel ...
Macroprudential Policy: Promise and Challenges * By Enrique G
... The task of macroprudential policy, as originally described by Borio (2003) or in the more recent description by Bernanke (2010), is to enrich financial regulation and financial policies with a macroeconomic, rather than microeconomic, approach to credit dynamics and systemic risk, with the goal of ...
... The task of macroprudential policy, as originally described by Borio (2003) or in the more recent description by Bernanke (2010), is to enrich financial regulation and financial policies with a macroeconomic, rather than microeconomic, approach to credit dynamics and systemic risk, with the goal of ...
No Slide Title
... method BUT inventory may be translated at current exchange rate IF it is shown at market value 4. Current Rate Method: All balance sheet and income ...
... method BUT inventory may be translated at current exchange rate IF it is shown at market value 4. Current Rate Method: All balance sheet and income ...
Study of the Behavior of the Indonesian Rupiah/US Dollar
... Indonesia implemented foreign exchange restrictions during 1949-1965 to control limited foreign exchange reserves. In response to rampant inflation in the early 1960s, it introduced a new rupiah worth of 1,000 units of the old rupiah in 1965 and pursued a stabilization program during 19661970 to enh ...
... Indonesia implemented foreign exchange restrictions during 1949-1965 to control limited foreign exchange reserves. In response to rampant inflation in the early 1960s, it introduced a new rupiah worth of 1,000 units of the old rupiah in 1965 and pursued a stabilization program during 19661970 to enh ...
The Role of Private International Financial Capital Flows in Support
... Assistance from the IMF was conditional on financial liberalization and structural reforms in support of free markets (Lee, 2003). This approach of conditional assistance has evolved since the Asian Financial Crisis as empirical studies continue to be discussed among practitioners in development fin ...
... Assistance from the IMF was conditional on financial liberalization and structural reforms in support of free markets (Lee, 2003). This approach of conditional assistance has evolved since the Asian Financial Crisis as empirical studies continue to be discussed among practitioners in development fin ...
Forecasting Global Commodity Prices Using South
... This research explores whether five South American commodity currencies, those of Argentina, Brazil, Columbia, Paraguay and Peru, can be used to develop a model that predicts future prices for individual commodities, and aggregate commodities indices. All five countries in the sample have had flexib ...
... This research explores whether five South American commodity currencies, those of Argentina, Brazil, Columbia, Paraguay and Peru, can be used to develop a model that predicts future prices for individual commodities, and aggregate commodities indices. All five countries in the sample have had flexib ...
Financial Aspects of Recent Trends in the Global Economy
... necessarily conditional to positive contributions of the financial sector development as well as the financial discipline of agents to the real performance of economies. Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange ...
... necessarily conditional to positive contributions of the financial sector development as well as the financial discipline of agents to the real performance of economies. Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange ...
romewp2013-01 - Research on Money in the Economy” ROME
... a clear distinction between different types of money. The most fundamental one is that between inside and outside-money (see, e.g., Lagos, 2006). Of course, the liquidity provision of a central bank to its counterparties – conducted via so-called outside money – does not necessarily affect consumer ...
... a clear distinction between different types of money. The most fundamental one is that between inside and outside-money (see, e.g., Lagos, 2006). Of course, the liquidity provision of a central bank to its counterparties – conducted via so-called outside money – does not necessarily affect consumer ...
On The International Transmission Of Productivity Shocks
... An attractive proposal to reconcile standard international business cycle models with the empirical evidence of lack of risk sharing comes from a recent line of research: Corsetti, Dedola and Leduc (Corsetti et al. (2006), Corsetti et al. (2008)) suggest that under some key hypotheses the traditiona ...
... An attractive proposal to reconcile standard international business cycle models with the empirical evidence of lack of risk sharing comes from a recent line of research: Corsetti, Dedola and Leduc (Corsetti et al. (2006), Corsetti et al. (2008)) suggest that under some key hypotheses the traditiona ...
World Economic Outlook, October 2016
... major advanced economies. It averaged slightly above 2 percent in the first half of the year in the United States, which may reflect temporary factors or seasonality, while it was lower at about ¾ percent in the euro area and Japan. Inflation has held steady in emerging market and developing economi ...
... major advanced economies. It averaged slightly above 2 percent in the first half of the year in the United States, which may reflect temporary factors or seasonality, while it was lower at about ¾ percent in the euro area and Japan. Inflation has held steady in emerging market and developing economi ...
The Liquidity Trap, the Great Depression, and Unconventional Policy
... There is even a disagreement on whether Keynes believed the United States was in a liquidity trap at any point during the Great Depression. The problem here is that Keynes did not coin or employ this name for the economic ailment that now flies under the Keynesian flag. That honor belongs to Dennis ...
... There is even a disagreement on whether Keynes believed the United States was in a liquidity trap at any point during the Great Depression. The problem here is that Keynes did not coin or employ this name for the economic ailment that now flies under the Keynesian flag. That honor belongs to Dennis ...
МИНИСТЕРСТВО ОБРАЗОВАНИЯ РОССИЙСКОЙ ФЕДЕРАЦИИ
... A7. (Perfect factor mobility) Factors are perfectly and costlessly mobile between industries. This results in wage equalization between industries. All the assumptions A1-A7 are quite standard for trade models and will be shared by many models, while in other cases some of them will be relaxed. In a ...
... A7. (Perfect factor mobility) Factors are perfectly and costlessly mobile between industries. This results in wage equalization between industries. All the assumptions A1-A7 are quite standard for trade models and will be shared by many models, while in other cases some of them will be relaxed. In a ...
International Institutions and Domestic Compensation: The IMF and the Politics of Financial Liberalization
... offer compensation ex post may lack credibility ex ante. International institutions, in short, can help governments to commit to redistributive policies in the wake of costly policy reforms, and thereby facilitate the political acquiescence of adversely affected domestic interest groups. We believe ...
... offer compensation ex post may lack credibility ex ante. International institutions, in short, can help governments to commit to redistributive policies in the wake of costly policy reforms, and thereby facilitate the political acquiescence of adversely affected domestic interest groups. We believe ...
Argentina`s Economic Crisis: Causes and Cures (English)
... completely out of control starting in March 1989; its annual rate was 4,924 percent in 1989 and 1,344 percent. The extreme inflation caused economic chaos and signaled the final collapse of the closed-economy approach. President Alfonsín stepped down six months early in July 1989. The Justicialist ( ...
... completely out of control starting in March 1989; its annual rate was 4,924 percent in 1989 and 1,344 percent. The extreme inflation caused economic chaos and signaled the final collapse of the closed-economy approach. President Alfonsín stepped down six months early in July 1989. The Justicialist ( ...
Money and Information in a New Neoclassical Synthesis Framework
... of monetary policy shocks. The first is the liquidity puzzle, which refers to the finding that nominal interest rates are positively associated with the money stock (or money growth). The second is the so-called price puzzle, which emerges when the price level rises (at least for some time) followin ...
... of monetary policy shocks. The first is the liquidity puzzle, which refers to the finding that nominal interest rates are positively associated with the money stock (or money growth). The second is the so-called price puzzle, which emerges when the price level rises (at least for some time) followin ...
NBER WORKING PAPER SERIES PERCEPTIONS AND MISPERCEPTIONS OF FISCAL INFLATION
... groundwork for how monetary and fiscal policies jointly determine equilibrium. These results are well known, but the broader implications of thinking about macro policies jointly are not fully appreciated. An infinitely lived representative household is endowed each period with a constant quan6 ...
... groundwork for how monetary and fiscal policies jointly determine equilibrium. These results are well known, but the broader implications of thinking about macro policies jointly are not fully appreciated. An infinitely lived representative household is endowed each period with a constant quan6 ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Exchange Rate Theory and Practice
... private agents do not treat the security holdings of the authorities as being implicitly a part of their own portfolios. Second, contemporaneous financial policy feedback rules can dampen the variance of employment caused by disturbances in the markets for goods and assets even though agents have ra ...
... private agents do not treat the security holdings of the authorities as being implicitly a part of their own portfolios. Second, contemporaneous financial policy feedback rules can dampen the variance of employment caused by disturbances in the markets for goods and assets even though agents have ra ...
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.