The Economic Origins of Democracy Reconsidered
... 20th century for financially integrated autocracies vs. closed autocracies, we argue. Financial integration enables native elites to diversify internationally asset portfolios. Diversification decreases both elite stakes in, and elite collective action capacity for, opposing democracy. Financial int ...
... 20th century for financially integrated autocracies vs. closed autocracies, we argue. Financial integration enables native elites to diversify internationally asset portfolios. Diversification decreases both elite stakes in, and elite collective action capacity for, opposing democracy. Financial int ...
What Matters for Financial Development? Capital Controls
... The link between financial liberalization and financial development is not unequivocal, however. It is often argued that to benefit from more open cross-border financial transactions, ...
... The link between financial liberalization and financial development is not unequivocal, however. It is often argued that to benefit from more open cross-border financial transactions, ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... Asymptotically, the economy approaches a long-run equilibrium characterized by simultaneous internal and external balance. The nature of the path leading there depends, however, on whether a rise in the relative price of tradables improves or worsens the current account. The dynamics of the economy ...
... Asymptotically, the economy approaches a long-run equilibrium characterized by simultaneous internal and external balance. The nature of the path leading there depends, however, on whether a rise in the relative price of tradables improves or worsens the current account. The dynamics of the economy ...
Fiscal Policy and Housing IRWIN FRIEND 131
... if our goal were a high rate of residential construction, and if X (the growth rate of money) were a moderately low number, I suspect that the fiscal policy necessary to achieve our goal--if it could be achieved at all--would then be one which required heavy unemployment and stagnation of overall pr ...
... if our goal were a high rate of residential construction, and if X (the growth rate of money) were a moderately low number, I suspect that the fiscal policy necessary to achieve our goal--if it could be achieved at all--would then be one which required heavy unemployment and stagnation of overall pr ...
Chapter 12 Macroeconomic Issues
... poverty reduction strategies.1 Economic growth, however, remains the single most important factor influencing poverty, and macroeconomic stability is essential for high and sustainable rates of growth.2 Macroeconomic stability must therefore be a key component of any poverty reduction strategy. Macr ...
... poverty reduction strategies.1 Economic growth, however, remains the single most important factor influencing poverty, and macroeconomic stability is essential for high and sustainable rates of growth.2 Macroeconomic stability must therefore be a key component of any poverty reduction strategy. Macr ...
Explain why exchange rates indicate the price of
... Note that, since the supply of euros arises from purchases of American goods by European residents, and since the demand for euros derives from Americans’ purchases of European goods, it follows that if there is an excess supply of euros in Figure 1 (a), this means that at the prevailing exchange r ...
... Note that, since the supply of euros arises from purchases of American goods by European residents, and since the demand for euros derives from Americans’ purchases of European goods, it follows that if there is an excess supply of euros in Figure 1 (a), this means that at the prevailing exchange r ...
2016 Global Economic Outlook, October
... training; promoting capital investment, including in infrastructure as well as areas such as social protection; increasing spending on research and development; and reforming regulations. For the most part, developed economies continue to rely almost exclusively on monetary policy to support their p ...
... training; promoting capital investment, including in infrastructure as well as areas such as social protection; increasing spending on research and development; and reforming regulations. For the most part, developed economies continue to rely almost exclusively on monetary policy to support their p ...
Board of Governors of the Federal Reserve System IFDP 1058
... The death of cash has often been predicted, and it would seem that demand for currency would thus grow somewhat more slowly than income. Despite a general increase in the variety of payment media as well as increasing noncash means of payment, though, U.S. currency in circulation has grown at an ave ...
... The death of cash has often been predicted, and it would seem that demand for currency would thus grow somewhat more slowly than income. Despite a general increase in the variety of payment media as well as increasing noncash means of payment, though, U.S. currency in circulation has grown at an ave ...
Speech - Bank of England
... pursued when doing so imposes costs in terms of lost output and higher unemployment? Low, stable and predictable inflation is a public good. It is not merely that rising prices mean households have to shop around or businesses have to update their prices periodically. High inflation hurts those, par ...
... pursued when doing so imposes costs in terms of lost output and higher unemployment? Low, stable and predictable inflation is a public good. It is not merely that rising prices mean households have to shop around or businesses have to update their prices periodically. High inflation hurts those, par ...
China`s African financial engagement, real
... world to secure the raw materials needed to sustain its high growth rate and to diversify its exports. This effort accelerated from 1999 when China adopted the “go out” policy. As part of this policy, China turned to Africa following the first China/Africa Cooperation Forum in 2000. Since then China ...
... world to secure the raw materials needed to sustain its high growth rate and to diversify its exports. This effort accelerated from 1999 when China adopted the “go out” policy. As part of this policy, China turned to Africa following the first China/Africa Cooperation Forum in 2000. Since then China ...
Market-specific and Currency-specific Risk during the
... intensified its quantitative easing policy. The unconventional monetary policy distorted yen-denominated money markets but not dollar-denominated ones. The TIBOR–LIBOR spreads still remained small even in yen-denominated transactions in the first half of the 2000s. A more noteworthy result in the Ta ...
... intensified its quantitative easing policy. The unconventional monetary policy distorted yen-denominated money markets but not dollar-denominated ones. The TIBOR–LIBOR spreads still remained small even in yen-denominated transactions in the first half of the 2000s. A more noteworthy result in the Ta ...
THE ENIGMATIC DOLLAR-EURO EXCHANGE RATE AND THE
... We have become accustomed to the fact that the dollar-euro exchange rate is fickle und seemingly unforecastable. Since its inception, it bottomed out at 0.82 dollar per euro, and peaked at 1,60. Many economists and policy makers take it as the fate of modern time, unchangeable like the tides of the ...
... We have become accustomed to the fact that the dollar-euro exchange rate is fickle und seemingly unforecastable. Since its inception, it bottomed out at 0.82 dollar per euro, and peaked at 1,60. Many economists and policy makers take it as the fate of modern time, unchangeable like the tides of the ...
Interest Rate Channel in Indonesia during Inflation - UvA-DARE
... country through its effects on households’ and firms’ decisions to consume and invest. Price stability enables households and firms to easily identify the changes in the relative price of various goods and services so that they will not misinterpret changes in general price level as changes in the r ...
... country through its effects on households’ and firms’ decisions to consume and invest. Price stability enables households and firms to easily identify the changes in the relative price of various goods and services so that they will not misinterpret changes in general price level as changes in the r ...
Revised draft, April 1998
... while right-wing parties value low inflation more highly. As a result, these models predict that right-wing governments consistently generate lower inflation and higher unemployment than do leftist governments. In more recent models, cycles are caused by long-term labor contracts which prevent an im ...
... while right-wing parties value low inflation more highly. As a result, these models predict that right-wing governments consistently generate lower inflation and higher unemployment than do leftist governments. In more recent models, cycles are caused by long-term labor contracts which prevent an im ...
Macroeconomics Chamberlin and Yueh
... ability to use monetary policy and the exchange rate to control the economy. This could result in an economic stability loss. • As all the countries in a single currency must have a common interest rate and exchange rate, asymmetric shocks become very difficult to correct. • These losses are likely ...
... ability to use monetary policy and the exchange rate to control the economy. This could result in an economic stability loss. • As all the countries in a single currency must have a common interest rate and exchange rate, asymmetric shocks become very difficult to correct. • These losses are likely ...
The Effect of Exchange Rates on Statistical Decisions Author(s
... conditions under which the same decision will be made, regardless of which of several currencies is used for paying the loss. In this connection, in section 6 we investigate elicitation and question 3 ðaboveÞ. We consider special decision problems in which a decision maker is asked to provide a subj ...
... conditions under which the same decision will be made, regardless of which of several currencies is used for paying the loss. In this connection, in section 6 we investigate elicitation and question 3 ðaboveÞ. We consider special decision problems in which a decision maker is asked to provide a subj ...
Expectations, Real Exchange Rates, and Monetary Policy Michael B. Devereux Charles Engel UBC
... We are not saying that monetary policy should target all asset prices, such as equity prices. Our intuition is that exchange rates are different. Exchange rates are the only asset price whose movement directly causes a change in the relative price of two non-durables that have fixed nominal prices. ...
... We are not saying that monetary policy should target all asset prices, such as equity prices. Our intuition is that exchange rates are different. Exchange rates are the only asset price whose movement directly causes a change in the relative price of two non-durables that have fixed nominal prices. ...
Models of Equilibrium Real Exchange Rates Revisited: A Selective
... competitiveness and growth slowdowns and eventual currency crises (in the event of sustained overvaluations), overheating (in the event of sustained undervaluation), sectoral misallocation of resources, and global macroeconomic imbalances. This paper examines the underlying concepts, assumptions and ...
... competitiveness and growth slowdowns and eventual currency crises (in the event of sustained overvaluations), overheating (in the event of sustained undervaluation), sectoral misallocation of resources, and global macroeconomic imbalances. This paper examines the underlying concepts, assumptions and ...
EU membership and the Bank of England
... the financial sector in the UK is determined at EU level. Such EU legislation and regulation must balance the achievement of the safety and soundness of firms and overall financial stability of the system with the need to ensure the fair competition and common rules necessary for the single market. ...
... the financial sector in the UK is determined at EU level. Such EU legislation and regulation must balance the achievement of the safety and soundness of firms and overall financial stability of the system with the need to ensure the fair competition and common rules necessary for the single market. ...
1) The objectives of the Federal Reserve in its conduct of monetary
... Answer: Question Status: Previous Edition ...
... Answer: Question Status: Previous Edition ...
Financial Instability Revisited: The Economics of Disaster
... awareness of the possibility of a financial crisis and of the need to have "broad, deep, and resilient markets11 for a wide spectrum of financial instruments once a financial crisis threatens in order to moderate its effects. ...
... awareness of the possibility of a financial crisis and of the need to have "broad, deep, and resilient markets11 for a wide spectrum of financial instruments once a financial crisis threatens in order to moderate its effects. ...
How Do Monetary and Fiscal Policy Shocks Explain US
... economy. Three main themes have emerged. First, there has been an increase in economic integration as trade and …nancial linkages across countries have multiplied. Second, emerging economies have become increasingly important to global growth. Third, emerging economies such as China and India have c ...
... economy. Three main themes have emerged. First, there has been an increase in economic integration as trade and …nancial linkages across countries have multiplied. Second, emerging economies have become increasingly important to global growth. Third, emerging economies such as China and India have c ...
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... place, and the recession should not be used as an excuse to postpone necessary reforms of the state sector, it would be appropriate for deficits to rise throughout Europe during the current cyclical downturn except where stabilisation efforts have been weakest, and debt income ratios are also highes ...
... place, and the recession should not be used as an excuse to postpone necessary reforms of the state sector, it would be appropriate for deficits to rise throughout Europe during the current cyclical downturn except where stabilisation efforts have been weakest, and debt income ratios are also highes ...
BIS 76th Annual Report - June 2006
... Macroeconomic overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pattern of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rising inflation pressures . . . . . . . . . . . . . . . . . . . . . . . . ...
... Macroeconomic overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pattern of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rising inflation pressures . . . . . . . . . . . . . . . . . . . . . . . . ...
International Financial Integration* Philip R. Lane Institute for International Integration Studies
... (Lane and Milesi-Ferretti, 2002a and 2002b). For example, rates of return on assets have systematically exceeded those on liabilities for the US, so that the US investment income position stayed positive for a number of years even when the net foreign asset position had turned negative. Rates of ret ...
... (Lane and Milesi-Ferretti, 2002a and 2002b). For example, rates of return on assets have systematically exceeded those on liabilities for the US, so that the US investment income position stayed positive for a number of years even when the net foreign asset position had turned negative. Rates of ret ...
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.