This PDF is a selection from a published volume from the... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... fact” found in step devaluations and financial crises with freely falling currencies, there is no such evidence here (Eichengreen and Rose, chapter 7, this volume). Yet the asymmetry between appreciating and depreciating exits—which was absent from the IMF’s original articles of agreement (note 5)—h ...
... fact” found in step devaluations and financial crises with freely falling currencies, there is no such evidence here (Eichengreen and Rose, chapter 7, this volume). Yet the asymmetry between appreciating and depreciating exits—which was absent from the IMF’s original articles of agreement (note 5)—h ...
The G-20 Calls a Truce in the Currency War
... First, the agreement recognizes that both excessive surpluses and deficits should be fixed, subject to country-specific factors such as natural resource endowment and the asymmetry between reservecurrency and non-reserve-currency countries. In fact, it calls on advanced economies, including those wi ...
... First, the agreement recognizes that both excessive surpluses and deficits should be fixed, subject to country-specific factors such as natural resource endowment and the asymmetry between reservecurrency and non-reserve-currency countries. In fact, it calls on advanced economies, including those wi ...
International Trade – A Global Transformation Mark S
... • Distressing GDP growth figure from 4th quarter of 2014 – 2.2% growth (source BEA) • Hope it is an anomaly • Europe remains mired in its own crisis – 2008 recession and the PIIGS – Daily pronouncements that Greece is likely to default – U.S. should at least be pleased we do not have a common curren ...
... • Distressing GDP growth figure from 4th quarter of 2014 – 2.2% growth (source BEA) • Hope it is an anomaly • Europe remains mired in its own crisis – 2008 recession and the PIIGS – Daily pronouncements that Greece is likely to default – U.S. should at least be pleased we do not have a common curren ...
On Some Unresolved Problems Of Monetary
... including those of stock market indexes, which are analogous to the demand for money for speculative purposes. In other words both are related to interest rates 4. If the theories elaborated by Keynes and successive economists still have some validity in clarifying how the demand for money for specu ...
... including those of stock market indexes, which are analogous to the demand for money for speculative purposes. In other words both are related to interest rates 4. If the theories elaborated by Keynes and successive economists still have some validity in clarifying how the demand for money for specu ...
International Monetary System
... Central banks were allowed to intervene in the exchange rate markets to iron out unwarranted volatilities. ...
... Central banks were allowed to intervene in the exchange rate markets to iron out unwarranted volatilities. ...
FT.com print article
... turns economic lead into gold. Yet Keynes would have insisted that such approaches are foolish. Markets are neither infallible nor dispensable. They are indeed the underpinnings of a productive economy and individual freedom. But they can also go seriously awry and so must be managed with care. The ...
... turns economic lead into gold. Yet Keynes would have insisted that such approaches are foolish. Markets are neither infallible nor dispensable. They are indeed the underpinnings of a productive economy and individual freedom. But they can also go seriously awry and so must be managed with care. The ...
frank th. zinnecker
... apply for the forthcoming QE in the EU. Although still differently valued, it will become a vital necessity for the EU banking system, as several important and still fragile banks will additionally be stressed by their deteriorating Russian assets. Today global economic growth rates are on retreat a ...
... apply for the forthcoming QE in the EU. Although still differently valued, it will become a vital necessity for the EU banking system, as several important and still fragile banks will additionally be stressed by their deteriorating Russian assets. Today global economic growth rates are on retreat a ...
Plumbers and Visionaries
... tsunami should delve into Peter Norman’s book to understand the reasons for the financial structures in the EU. But the appeal of the book is wider. Anyone entering the securities business today will find that its 352 pages will give them the history of the plumbing companies – often in minute (even ...
... tsunami should delve into Peter Norman’s book to understand the reasons for the financial structures in the EU. But the appeal of the book is wider. Anyone entering the securities business today will find that its 352 pages will give them the history of the plumbing companies – often in minute (even ...
The Commercial Banking Industry
... Open Market Operations Discount Policy Change in Reserve Requirements Moral Suasion ...
... Open Market Operations Discount Policy Change in Reserve Requirements Moral Suasion ...
PPT
... As a result of large current account deficits in the 1980s and ’90s, the US became the largest debtor in the world. NIIP of the US: -$2430 billion (2003) -$2233 billion (2002) It is important to compare these numbers to the size of the economy. Slide 1-3 ...
... As a result of large current account deficits in the 1980s and ’90s, the US became the largest debtor in the world. NIIP of the US: -$2430 billion (2003) -$2233 billion (2002) It is important to compare these numbers to the size of the economy. Slide 1-3 ...
BOP remaining
... • When exchange rates are fixed by a rigid gold standard,[33] or when imbalances exist between members of a currency union such as the Eurozone, the standard approach to correct imbalances is by making changes to the domestic economy. To a large degree, the change is optional for the surplus country ...
... • When exchange rates are fixed by a rigid gold standard,[33] or when imbalances exist between members of a currency union such as the Eurozone, the standard approach to correct imbalances is by making changes to the domestic economy. To a large degree, the change is optional for the surplus country ...
European Monetary System
... payments deficits were necessary in order to increase international liquidity. The US financed its balance of payments deficits through the issuing of its own currency: This practice supported the assurance of the international liquidity and, thus, favored the increase in the role of the US doll ...
... payments deficits were necessary in order to increase international liquidity. The US financed its balance of payments deficits through the issuing of its own currency: This practice supported the assurance of the international liquidity and, thus, favored the increase in the role of the US doll ...
FT 0623 2008 How Imbalances Led to Crunch and Inflation
... China's gross domestic product is as big as that of the US in normal years for both countries. The emerging countries are also in a good position to keep on growing, largely because they have such strong external positions. Many emerging economies have intervened in currency markets on a huge scale, ...
... China's gross domestic product is as big as that of the US in normal years for both countries. The emerging countries are also in a good position to keep on growing, largely because they have such strong external positions. Many emerging economies have intervened in currency markets on a huge scale, ...
1 The Oxford Companion to American Politics Matthias
... relations with the Smithsonian Agreement, which heralded a very short return to fixed exchange rates allowing wider fluctuation bands. However, the oil shock of 1973 put an end to that agreement and the U.S. started to embrace a new financial liberalism, including the phasing out of capital controls ...
... relations with the Smithsonian Agreement, which heralded a very short return to fixed exchange rates allowing wider fluctuation bands. However, the oil shock of 1973 put an end to that agreement and the U.S. started to embrace a new financial liberalism, including the phasing out of capital controls ...
Financial crisis in Latin America
... • Because the developing world had extensive dollardenominated debts (original sin in action), there was an immediate and spectacular rise in the interest burden debtor countries had to pay. • Sharp increase in the value of the dollar in the international market. • Finally, primary commodity prices ...
... • Because the developing world had extensive dollardenominated debts (original sin in action), there was an immediate and spectacular rise in the interest burden debtor countries had to pay. • Sharp increase in the value of the dollar in the international market. • Finally, primary commodity prices ...
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... yen?), which have already largely adjusted, will once again experience most of the counterpart appreciations against the dollar decline because the countries that aggressively manage their exchange rates continue to block their essential contribution to the adjustment. This especially means China, b ...
... yen?), which have already largely adjusted, will once again experience most of the counterpart appreciations against the dollar decline because the countries that aggressively manage their exchange rates continue to block their essential contribution to the adjustment. This especially means China, b ...
NBER WORKING PAPER SERIES HISTORICAL PERSPECTIVE ON GLOBAL IMBALANCES Michael D. Bordo
... and francs and the US, Great Britain and France held gold. But the interwar gold standard had serious flaws which prevented smooth adjustments to the imbalances that built up (Meltzer 2003, Eichengreen 1992). The key problem was that the major countries returned to gold at misaligned real exchange r ...
... and francs and the US, Great Britain and France held gold. But the interwar gold standard had serious flaws which prevented smooth adjustments to the imbalances that built up (Meltzer 2003, Eichengreen 1992). The key problem was that the major countries returned to gold at misaligned real exchange r ...
Macro Chapter 5
... North American Free Trade Agreement (1993) • A major trade bloc between US, Canada, and Mexico • Free trade area between the 3 countries • ***most critics feared that the agreement would allow the US to send jobs to Mexico for low wages • Also would allow South Korea and others to put plants in Mex ...
... North American Free Trade Agreement (1993) • A major trade bloc between US, Canada, and Mexico • Free trade area between the 3 countries • ***most critics feared that the agreement would allow the US to send jobs to Mexico for low wages • Also would allow South Korea and others to put plants in Mex ...
Chapter 2: The International Monetary System
... and, at the same time, a higher price level in Britain. ...
... and, at the same time, a higher price level in Britain. ...
Globalization
... Coca-Cola associates and alumni worldwide donated more than 70,000 volunteer hours in 2007 Polar bear support fund Coca-Cola and WWF are combining to help conserve and protect freshwater resources throughout the world ...
... Coca-Cola associates and alumni worldwide donated more than 70,000 volunteer hours in 2007 Polar bear support fund Coca-Cola and WWF are combining to help conserve and protect freshwater resources throughout the world ...
Lecture Slides Chapter 15
... o counters a balance of payment deficit by making exports less expensive ...
... o counters a balance of payment deficit by making exports less expensive ...
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.