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... in principle act as a lender of last resort for the sovereign, i.e. print money and buy government bonds (as the Federal Reserve, the Bank of England or the Bank of Japan did during the crisis). While the ECB has also started such a programme, it is extremely reluctant to do this and has said (so fa ...
... in principle act as a lender of last resort for the sovereign, i.e. print money and buy government bonds (as the Federal Reserve, the Bank of England or the Bank of Japan did during the crisis). While the ECB has also started such a programme, it is extremely reluctant to do this and has said (so fa ...
Portfolio-Flow Volatility and Demand for International Resemes
... leading up to the 1997 Asian financial crisis, and they were the least affected by its speculative pressures. Hardest hit were countries, such a s Korea, with inadequate holdings of international reserves. Since the crisis Korea has built up large stockpiles of reserves and has become the world's fo ...
... leading up to the 1997 Asian financial crisis, and they were the least affected by its speculative pressures. Hardest hit were countries, such a s Korea, with inadequate holdings of international reserves. Since the crisis Korea has built up large stockpiles of reserves and has become the world's fo ...
bank of Mau PDF - Bank of Mauritius
... The nominal exchange rate (s t ) used is the indicative Rs/US$ exchange rate because banks in Mauritius first adjust the rupee against the US dollar, taking into account daily movements in the US dollar on the international market and the liquidity situation of the domestic foreign exchange market, ...
... The nominal exchange rate (s t ) used is the indicative Rs/US$ exchange rate because banks in Mauritius first adjust the rupee against the US dollar, taking into account daily movements in the US dollar on the international market and the liquidity situation of the domestic foreign exchange market, ...
Inflation Targeting and the Crisis
... market economies (there is no point in including small poor developing countries since they typically do not have the institutional capability for inflation targeting). We present results for the full sample; but also for subsamples of emerging market and advanced countries. We define emerging marke ...
... market economies (there is no point in including small poor developing countries since they typically do not have the institutional capability for inflation targeting). We present results for the full sample; but also for subsamples of emerging market and advanced countries. We define emerging marke ...
conference paper
... and exchange rate counterparts? Three factors seem particularly relevant. First, coordination of fiscal policy faces free rider problems. States can not only benefit from others’ stimulative expenditures but also minimize the pain of their own fiscal consolidation by imposing austerity while others ...
... and exchange rate counterparts? Three factors seem particularly relevant. First, coordination of fiscal policy faces free rider problems. States can not only benefit from others’ stimulative expenditures but also minimize the pain of their own fiscal consolidation by imposing austerity while others ...
NBER WORKING PAPER SERIES A GLOBAL PERSPECTIVE ON EXTERNAL POSITIONS
... deficits. As was already discussed in the previous section, external imbalances were reduced or reversed in some emerging markets, particularly so in Asia after the 1997 crisis, and from the following year in Latin America. As shown in Table 1, valuation effects implied some losses for the United St ...
... deficits. As was already discussed in the previous section, external imbalances were reduced or reversed in some emerging markets, particularly so in Asia after the 1997 crisis, and from the following year in Latin America. As shown in Table 1, valuation effects implied some losses for the United St ...
To hedge or not to hedge? Evaluating currency
... 4 One could argue for a dynamic, yet strategic, approach to currency management to capture the dynamic nature of currency-asset correlations. Although this is not our approach here, see Opie, Brown, and Dark (2012) for a discussion of dynamic currency hedging. 5 It is important to remember that a ...
... 4 One could argue for a dynamic, yet strategic, approach to currency management to capture the dynamic nature of currency-asset correlations. Although this is not our approach here, see Opie, Brown, and Dark (2012) for a discussion of dynamic currency hedging. 5 It is important to remember that a ...
Jim2 Multicurrency - Happen Business Accounting Software
... On January 1st, purchasing and payments in USD transactions are going to be based on the $0.80 rate. On January 15th, users finishing a January USD Purchase Order will be warned that the “Out of Date” range has been reached. The Currency Rate for USD should now be reviewed and adjusted. On February ...
... On January 1st, purchasing and payments in USD transactions are going to be based on the $0.80 rate. On January 15th, users finishing a January USD Purchase Order will be warned that the “Out of Date” range has been reached. The Currency Rate for USD should now be reviewed and adjusted. On February ...
The World Bank EU10 Regular Economic Report Main Report
... First, the contraction in global spending on capital goods and durables has hurt manufacturing exports, such as automobile and electronics. Industrial production has contracted by over 20 percent over the last year across the EU10 region. The depreciation of domestic currencies between 5 and 30 perc ...
... First, the contraction in global spending on capital goods and durables has hurt manufacturing exports, such as automobile and electronics. Industrial production has contracted by over 20 percent over the last year across the EU10 region. The depreciation of domestic currencies between 5 and 30 perc ...
Is the Crisis Problem Growing More Severe?
... explanations for the recent Asian crisis, one which attributes its outbreak and severity to external economic policies (unsustainable currency pegs and precipitous capital-account liberalization), the other which blames it on flawed domestic financial regulation.3 This illustrates how our findings c ...
... explanations for the recent Asian crisis, one which attributes its outbreak and severity to external economic policies (unsustainable currency pegs and precipitous capital-account liberalization), the other which blames it on flawed domestic financial regulation.3 This illustrates how our findings c ...
MS Word - U of T : Economics
... Within each section, all readings are listed in the chronological order of original publication (when that can be ascertained), except for collections of essays. ...
... Within each section, all readings are listed in the chronological order of original publication (when that can be ascertained), except for collections of essays. ...
Monetary Regime Change and Business Cycles
... implies a different decomposition of business cycle volatility. Our results suggest that the influence of different shocks is regime dependent to a substantial degree. We also find that monetary policy reacted strongly to exchange rate movements during the target zone regime while it focused mainly ...
... implies a different decomposition of business cycle volatility. Our results suggest that the influence of different shocks is regime dependent to a substantial degree. We also find that monetary policy reacted strongly to exchange rate movements during the target zone regime while it focused mainly ...
Arcos Dorados Holdings Inc.
... the continuation of the affordability platform. The Happy Meal performed well with “Talking Tom” and “The Secret Life of Pets” properties Also in the quarter, the Company launched the McShake Ovomaltine, which has performed strongly since its introduction. As reported Adjusted EBITDA increased by 49 ...
... the continuation of the affordability platform. The Happy Meal performed well with “Talking Tom” and “The Secret Life of Pets” properties Also in the quarter, the Company launched the McShake Ovomaltine, which has performed strongly since its introduction. As reported Adjusted EBITDA increased by 49 ...
PDF
... rates of interest. Without the capital inflow real expenditure in the US would have had to be lower: real interest rates and/or inflation and/or taxes would have been higher. While capital inflow softened the impact on real interest rates in the US, the other side of this coin is that real interest ...
... rates of interest. Without the capital inflow real expenditure in the US would have had to be lower: real interest rates and/or inflation and/or taxes would have been higher. While capital inflow softened the impact on real interest rates in the US, the other side of this coin is that real interest ...
The Influence of IMF Programs on the Re
... According to case study evidence reported by Killick (1995), however, IMF programs helped maintain governments in office in the majority of the cases examined. This could result from a boom supported by IMF money. In that case, support gained with the help of Fund credit would outweigh the loss of s ...
... According to case study evidence reported by Killick (1995), however, IMF programs helped maintain governments in office in the majority of the cases examined. This could result from a boom supported by IMF money. In that case, support gained with the help of Fund credit would outweigh the loss of s ...
Natural Resource Dependence and Economic Performance in the
... large amount of resource rents. But, more importantly, total rent-seeking expenditure for any level of natural resource rents will be greater when the polity is more predatory, oligarchic, and poor institutions abound. This means that z0 is large in (5) and s > 1. © 2011 Blackwell Publishing Ltd ...
... large amount of resource rents. But, more importantly, total rent-seeking expenditure for any level of natural resource rents will be greater when the polity is more predatory, oligarchic, and poor institutions abound. This means that z0 is large in (5) and s > 1. © 2011 Blackwell Publishing Ltd ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... debt. The reduction in private debt resulted partly from the abrupt interruption of access during the crises but also from the floating of the currency, which ended a period of implicit guarantees that included a fixed parity for borrowers. 2. The profile of external financing has also changed since ...
... debt. The reduction in private debt resulted partly from the abrupt interruption of access during the crises but also from the floating of the currency, which ended a period of implicit guarantees that included a fixed parity for borrowers. 2. The profile of external financing has also changed since ...
INDIAN MACRO ECONOMETRIC MODELS ON MONETARY
... Pandit (1984) also follows the tradition of structural and explanatory type of models. It is also an economy wide model with 58 equations covering the period from 1950-51 to 1977-78. This model describes agricultural sector, savinginvestment equilibrium, external, fiscal, monetary and price sectors. ...
... Pandit (1984) also follows the tradition of structural and explanatory type of models. It is also an economy wide model with 58 equations covering the period from 1950-51 to 1977-78. This model describes agricultural sector, savinginvestment equilibrium, external, fiscal, monetary and price sectors. ...
HOW TO REFORM THE EUROPEAN CENTRAL BANK Jean-Paul Fitoussi and Jérôme Creel
... to the vision of economic liberals. But it would be an EU scorned by those who want to strengthen the nation-state to prevent any further erosion of autonomous economic decision-making and levels of social protection. Unless the EU moves swiftly to create credible and effective institutions at the f ...
... to the vision of economic liberals. But it would be an EU scorned by those who want to strengthen the nation-state to prevent any further erosion of autonomous economic decision-making and levels of social protection. Unless the EU moves swiftly to create credible and effective institutions at the f ...
NBER WORKING PAPER SERIES DEBT DELEVERAGING AND THE EXCHANGE RATE Pierpaolo Benigno
... constraint. There are multiple traded goods but consumers are biased towards those produced in their own country. We consider first an environment with flexible prices and wages, then one with nominal rigidities. We study optimal monetary policy from a global perspective when the exchange rate is fr ...
... constraint. There are multiple traded goods but consumers are biased towards those produced in their own country. We consider first an environment with flexible prices and wages, then one with nominal rigidities. We study optimal monetary policy from a global perspective when the exchange rate is fr ...
inflation, exchange rates, and stabilization
... employment and profitability. This model of the inflation process is, of course, highly simplified and leaves out potentially important channels (in particular, demand). Even so, it captures the basic contradiction contained in the wage and exchange-rate policies.2 The disequilibrium implied by fixi ...
... employment and profitability. This model of the inflation process is, of course, highly simplified and leaves out potentially important channels (in particular, demand). Even so, it captures the basic contradiction contained in the wage and exchange-rate policies.2 The disequilibrium implied by fixi ...
Trading forex options on the JSE
... a profit if the Rand moves from R 7.60 to R 7.70 per Dollar. So in the Currency Options market, buying a Call Option means the trader is estimating a weakening of the Rand relative to the Dollar. In the left hand column, the speculator thinks that the Rand will weaken relative to the Dollar by the D ...
... a profit if the Rand moves from R 7.60 to R 7.70 per Dollar. So in the Currency Options market, buying a Call Option means the trader is estimating a weakening of the Rand relative to the Dollar. In the left hand column, the speculator thinks that the Rand will weaken relative to the Dollar by the D ...
Sattler102507
... to changes in popular evaluations feed back into economic outcomes. Economists analyze how monetary and fiscal policy affects the macroeconomy. However, they usually make no provisions for political accountability. The political and economic literatures thus only analyze one side of the complete pol ...
... to changes in popular evaluations feed back into economic outcomes. Economists analyze how monetary and fiscal policy affects the macroeconomy. However, they usually make no provisions for political accountability. The political and economic literatures thus only analyze one side of the complete pol ...
The exchange rate effect of multi-currency risk arbitrage
... allows for a clear identification of the speculators' optimal positionsdincluding hedging demands. In December 2000, the most important provider of international equity indices, Morgan Stanley Capital Inc. (MSCI), announced publicly that it would substantially alter the composition of its global equi ...
... allows for a clear identification of the speculators' optimal positionsdincluding hedging demands. In December 2000, the most important provider of international equity indices, Morgan Stanley Capital Inc. (MSCI), announced publicly that it would substantially alter the composition of its global equi ...
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.