Anchoring Growth: The Importance of Productivity-Enhancing
... II. UNDERSTANDING PAST GROWTH DRIVERS: A SUPPLY-SIDE PERSPECTIVE _______________ 6 ...
... II. UNDERSTANDING PAST GROWTH DRIVERS: A SUPPLY-SIDE PERSPECTIVE _______________ 6 ...
NBER WORKING PAPER SERIES STABILIZATION POLICIES IN OPEN ECONOMIES Richard C. Marston
... the trade balance, so no foreign disturbance can affect the economy. This strong conclusion about insulation has often been used as an argument for flexible rates, even though it is very sensitive to assumptions about capital mobility. ...
... the trade balance, so no foreign disturbance can affect the economy. This strong conclusion about insulation has often been used as an argument for flexible rates, even though it is very sensitive to assumptions about capital mobility. ...
1 Economic Fundamentals on Exchange Rates under Different
... believed that the fixed or pegged exchange rate regimes are ultimately destined to collapse, and resulting in the economic crisis. Therefore, the solution to the economic crisis lies in the increased exchange rate flexibility in the long term (Obstfeld and Rogoff 1995, Larrain and Velasco 2001). Eve ...
... believed that the fixed or pegged exchange rate regimes are ultimately destined to collapse, and resulting in the economic crisis. Therefore, the solution to the economic crisis lies in the increased exchange rate flexibility in the long term (Obstfeld and Rogoff 1995, Larrain and Velasco 2001). Eve ...
mmi14-Cheung 19106708 en
... Review Department, IMF, 2011).3 However, capital controls should not replace structural reforms that, for example, enhance the efficiency and capacity of the domestic financial sector. In the case of China, the country has undergone a sequence of reforms to transform its centrally planned economy t ...
... Review Department, IMF, 2011).3 However, capital controls should not replace structural reforms that, for example, enhance the efficiency and capacity of the domestic financial sector. In the case of China, the country has undergone a sequence of reforms to transform its centrally planned economy t ...
Ch12 – Financial Reporting and Translation of Foreign
... company on January 1, 2008, for $1,100,000. The British subsidiary's net assets amounted to 500,000 pounds on the date of acquisition. On January 1, 2008, the book values of its identifiable assets and liabilities approximated their fair values. As a result of an analysis of functional currency indi ...
... company on January 1, 2008, for $1,100,000. The British subsidiary's net assets amounted to 500,000 pounds on the date of acquisition. On January 1, 2008, the book values of its identifiable assets and liabilities approximated their fair values. As a result of an analysis of functional currency indi ...
Sebastian NEER WORKING PAPER SERIES OF CAPITAL CONTROLS AND ROLE
... JJ In general, there are as many possible measures of the real exchange rates as tradable goods. In the set up presented here, there is the exportables real exchange rate, l/q (l/Q), and the importables real exchange rate, p/q (P/Q). In what follows, we deal only with the former definition although ...
... JJ In general, there are as many possible measures of the real exchange rates as tradable goods. In the set up presented here, there is the exportables real exchange rate, l/q (l/Q), and the importables real exchange rate, p/q (P/Q). In what follows, we deal only with the former definition although ...
Natural Resources, Human Capital and Economic
... tendency inhibits the tendency for such countries to develop new technologies for other economic activities through education and research. The third concept is the vent-for-surplus development theory by Hla Myint (1965, 1971). According to this theory, a resource abundant country’s participation in ...
... tendency inhibits the tendency for such countries to develop new technologies for other economic activities through education and research. The third concept is the vent-for-surplus development theory by Hla Myint (1965, 1971). According to this theory, a resource abundant country’s participation in ...
NBER WORKING PAPER SERIES A THEORY AND EVIDENCE FROM EAST ASIA
... started to respond and accumulated substantial foreign exchange reserves. Since macroeconomic impacts of the increased liquidity risk aversion depend on which strategy the East Asian economies take, our results have several important implications. In particular, accumulating foreign exchange reserve ...
... started to respond and accumulated substantial foreign exchange reserves. Since macroeconomic impacts of the increased liquidity risk aversion depend on which strategy the East Asian economies take, our results have several important implications. In particular, accumulating foreign exchange reserve ...
Leading Indicators of Currency Crises
... ultimately will collapse, and that in the absence of an attack they would suffer a capital loss on their holdings of domestic money. This model suggests that the period preceding a currency crisis would be characterized by a gradual but persistent decline in international reserves and a rapid growth ...
... ultimately will collapse, and that in the absence of an attack they would suffer a capital loss on their holdings of domestic money. This model suggests that the period preceding a currency crisis would be characterized by a gradual but persistent decline in international reserves and a rapid growth ...
Public support for the single European currency, the euro,
... are drawn. The basic sampling design in all EU member states is multi-stage and random (probability), thereby guaranteeing the polling of a representative sample of the population. To measure public support for the euro the survey respondents were asked about their opinion on several proposals: “Ple ...
... are drawn. The basic sampling design in all EU member states is multi-stage and random (probability), thereby guaranteeing the polling of a representative sample of the population. To measure public support for the euro the survey respondents were asked about their opinion on several proposals: “Ple ...
On the Mechanics of Economic Development
... in, say, England or the United States, so they cannot be taken at face value and I will avoid hanging too much on their exact magnitudes. But I do not think anyone will argue that there is not enormous diversity in living standards. I Rates of growth of real per capita GNP are also diverse, even ove ...
... in, say, England or the United States, so they cannot be taken at face value and I will avoid hanging too much on their exact magnitudes. But I do not think anyone will argue that there is not enormous diversity in living standards. I Rates of growth of real per capita GNP are also diverse, even ove ...
PPT slides for chapter 8
... Why does prudential regulation fail to stem a banking crisis? Is this different than the U.S. and other developed economies? The story is similar to the U.S., with various interests trying to prevent regulators from doing their jobs. However, in developing economies, these interest (business) pr ...
... Why does prudential regulation fail to stem a banking crisis? Is this different than the U.S. and other developed economies? The story is similar to the U.S., with various interests trying to prevent regulators from doing their jobs. However, in developing economies, these interest (business) pr ...
- Brookings Institution
... Over the last two decades when China has been pursuing the “open door” policy and other reforms, it has managed to achieve close to 10% annual GDP growth rate on average. This equates or surpasses the best growth record that Korea, Taiwan, Singapore, Hong Kong or other economies have had in their re ...
... Over the last two decades when China has been pursuing the “open door” policy and other reforms, it has managed to achieve close to 10% annual GDP growth rate on average. This equates or surpasses the best growth record that Korea, Taiwan, Singapore, Hong Kong or other economies have had in their re ...
The Changing Dynamics of the Global Business Cycle
... Sources: Heston, Summers, and Aten (2006); Maddison (2007); United Nations, Population Prospects: The 2004 Revision Population database; World Bank, World Development Indicators database (2007); and IMF staff calculations. 1 See Appendix 5.1 for information on country group composition. 2 Growth of ...
... Sources: Heston, Summers, and Aten (2006); Maddison (2007); United Nations, Population Prospects: The 2004 Revision Population database; World Bank, World Development Indicators database (2007); and IMF staff calculations. 1 See Appendix 5.1 for information on country group composition. 2 Growth of ...
Financial globalization or great financial expansion
... crises may lead to and be aggravated by currency crises (Kaminsky and Reinhart, 1999; Mishkin, 1999). Generally, there is less attention in the literature on isolating the domestic and foreign components of credit excesses in order to understand which has been the prime driver of the imbalances whi ...
... crises may lead to and be aggravated by currency crises (Kaminsky and Reinhart, 1999; Mishkin, 1999). Generally, there is less attention in the literature on isolating the domestic and foreign components of credit excesses in order to understand which has been the prime driver of the imbalances whi ...
Prospects for Financial Sector Reform in the Context of
... The reform of the financial sector has been an important component of the structural adjustment programmes pursued by developing countries, whereby reform entails reducing government involvement, freeing up financial markets, and strengthening financial institutions. In Southern Africa, however, the ...
... The reform of the financial sector has been an important component of the structural adjustment programmes pursued by developing countries, whereby reform entails reducing government involvement, freeing up financial markets, and strengthening financial institutions. In Southern Africa, however, the ...
Optimal Monetary Policy in Open Economies
... symmetric in preferences and technology. In such a model, optimal monetary policy is characterized by a ‡exible in‡ation target, trading o¤ ‡uctuations in the GDP de‡ator and the output gap vis-à-vis ine¢ cient shocks — such as markup shocks (which would not be accommodated by the social planner). C ...
... symmetric in preferences and technology. In such a model, optimal monetary policy is characterized by a ‡exible in‡ation target, trading o¤ ‡uctuations in the GDP de‡ator and the output gap vis-à-vis ine¢ cient shocks — such as markup shocks (which would not be accommodated by the social planner). C ...
Experience with the monetary policy framework in
... extent to counteract the build-up of financial imbalances that may pose a threat to long-run economic stability. The marked decline in global real interest rates in recent decades has reduced the room for manoeuvre in monetary policy and the ability to respond to major adverse shocks. In the light o ...
... extent to counteract the build-up of financial imbalances that may pose a threat to long-run economic stability. The marked decline in global real interest rates in recent decades has reduced the room for manoeuvre in monetary policy and the ability to respond to major adverse shocks. In the light o ...
Current Account Norms in Natural Resource Rich and Capital
... the macroeconomic impact of the windfall, including on the current account balance and, therefore, on external stability. With the signi…cant rise of resource prices in the last ten years, the issue of how to manage resource windfalls has become more prominent in policy discussions, especially when ...
... the macroeconomic impact of the windfall, including on the current account balance and, therefore, on external stability. With the signi…cant rise of resource prices in the last ten years, the issue of how to manage resource windfalls has become more prominent in policy discussions, especially when ...
Not So Disconnected: Exchange Rates and the Capital Stock
... sector and does not affect the incentive to accumulate capital for the purposes of the production of traded goods. The reason is that shocks affecting the traded sector are fully shared internationally and thus have no effect on the relative price of consumption in different countries nor on real e ...
... sector and does not affect the incentive to accumulate capital for the purposes of the production of traded goods. The reason is that shocks affecting the traded sector are fully shared internationally and thus have no effect on the relative price of consumption in different countries nor on real e ...
NBER WORKING PAPER SERIES THE SMALL OPEN ECONOMY CASE
... anchor (and are referred to as Exchange Rate Based Stabilization, EBRS, programs). A salient and puzzling feature of ERBS programs is that during the initial stages of the program there typically is a consumption boom, real currency appreciation and overutilization of capacity (i.e., “overheating”). ...
... anchor (and are referred to as Exchange Rate Based Stabilization, EBRS, programs). A salient and puzzling feature of ERBS programs is that during the initial stages of the program there typically is a consumption boom, real currency appreciation and overutilization of capacity (i.e., “overheating”). ...
A Common Currency Peg in East Asia?
... (See De Grauwe, 1997, for a survey.) EA economies seem fairly well integrated both in trade and finance. Eichengreen and Bayoumi (1999) find that, on standard OCA grounds, they seem to be more or less as plausible candidates for internationally harmonized monetary policies as the members of the Euro ...
... (See De Grauwe, 1997, for a survey.) EA economies seem fairly well integrated both in trade and finance. Eichengreen and Bayoumi (1999) find that, on standard OCA grounds, they seem to be more or less as plausible candidates for internationally harmonized monetary policies as the members of the Euro ...
Financial globalization and exchange rates
... these emerging markets. Both assets and liabilities have increased substantially as a ratio of GDP during the past 20 years. However, there is virtually no increase in average external liabilities when they are scaled by exports, rather than GDP, while the trend increase in external assets is still ...
... these emerging markets. Both assets and liabilities have increased substantially as a ratio of GDP during the past 20 years. However, there is virtually no increase in average external liabilities when they are scaled by exports, rather than GDP, while the trend increase in external assets is still ...
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.