How Heterodox Is the Heterodoxy of the Monetary
... immediate link (for example, of convertibility) with any commodity that could be produced through human work. This at least is the position which the founders of neoclassical monetary theory explicitly adopted (including certainly Carl Menger, Alfred Marshall, Ludwig von Mises, Arthur Pigou and Char ...
... immediate link (for example, of convertibility) with any commodity that could be produced through human work. This at least is the position which the founders of neoclassical monetary theory explicitly adopted (including certainly Carl Menger, Alfred Marshall, Ludwig von Mises, Arthur Pigou and Char ...
Explaining the Early Years of the Euro Exchange Rate: an episode
... theoretical model of pre- and post-euro foreign exchange trading that generates three possible causes of euro depreciation: a reduction in hedging opportunities due to the elimination of the legacy currencies, asymmetric information due to some traders having superior information regarding shocks to ...
... theoretical model of pre- and post-euro foreign exchange trading that generates three possible causes of euro depreciation: a reduction in hedging opportunities due to the elimination of the legacy currencies, asymmetric information due to some traders having superior information regarding shocks to ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Japanese Monetary Policy
... time ( t - I ) , but instead will depend on surprises in money demand (velocity), even if the bank makes no such intramonth attempts. A second reason that the real exchange rate is present is that its value might affect intramonth decisions about whether or not to sterilize exchange rate operations, ...
... time ( t - I ) , but instead will depend on surprises in money demand (velocity), even if the bank makes no such intramonth attempts. A second reason that the real exchange rate is present is that its value might affect intramonth decisions about whether or not to sterilize exchange rate operations, ...
A theory of the currency denomination of international trade
... Received 7 November 2002; received in revised form 1 October 2003; accepted 2 January 2004 ...
... Received 7 November 2002; received in revised form 1 October 2003; accepted 2 January 2004 ...
Macroprudential Policy Frameworks and Tools
... tools, such as caps on loan-to-value ratios (LVRs), to target particular sources of systemic risk. Systemic risk can build over time (the time dimension) or be related to the distribution of risk in the financial system (the cross-sectional dimension). In addition to addressing the sources of risk, ...
... tools, such as caps on loan-to-value ratios (LVRs), to target particular sources of systemic risk. Systemic risk can build over time (the time dimension) or be related to the distribution of risk in the financial system (the cross-sectional dimension). In addition to addressing the sources of risk, ...
in Ahmet Kose, Fikret Senses and Erinc Yeldan (eds) Neoliberal
... Ironically, employment creation has dropped off the direct agenda of most central banks just as the problems of global unemployment, underemployment and poverty are taking center stage as critical world issues (Heintz, 2006a, 2006b). The ILO estimates that in 2003, approximately 186 million people w ...
... Ironically, employment creation has dropped off the direct agenda of most central banks just as the problems of global unemployment, underemployment and poverty are taking center stage as critical world issues (Heintz, 2006a, 2006b). The ILO estimates that in 2003, approximately 186 million people w ...
Epstein, Gerald and Erinc Yeldan: "Inflation Targeting, Employment
... Ironically, employment creation has dropped off the direct agenda of most central banks just as the problems of global unemployment, underemployment and poverty are taking center stage as critical world issues (Heintz, 2006a, 2006b). The ILO estimates that in 2003, approximately 186 million people w ...
... Ironically, employment creation has dropped off the direct agenda of most central banks just as the problems of global unemployment, underemployment and poverty are taking center stage as critical world issues (Heintz, 2006a, 2006b). The ILO estimates that in 2003, approximately 186 million people w ...
Chapter 16
... Relative interest rates (cont.) • Expectations about the value of the currency during the investment period – So far, the role of interest rates on the exchange rate has ignored expectations about the value of the currency during the investment period – Table 16.1 illustrates the interaction of int ...
... Relative interest rates (cont.) • Expectations about the value of the currency during the investment period – So far, the role of interest rates on the exchange rate has ignored expectations about the value of the currency during the investment period – Table 16.1 illustrates the interaction of int ...
THE GLOBAL CRISIS AND UNCONVENTIONAL MONETARY POLICY
... The global financial crisis arose in August of 2007, as a result of the burst of the housing bubble in the US, and then spread to the euro area – where it took the form of a sovereign debt crisis after 2010 – and to the rest of the globe. In its aftermath, the major central banks, such as the ECB an ...
... The global financial crisis arose in August of 2007, as a result of the burst of the housing bubble in the US, and then spread to the euro area – where it took the form of a sovereign debt crisis after 2010 – and to the rest of the globe. In its aftermath, the major central banks, such as the ECB an ...
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... then it reversed this trend, began to rise and kept doing so until December 2004. The Euro has substantially stabilized at a high level with respect to the USD, afterwards. The study of this anomalous behavior has given rise to a growing literature that looks for theoretically coherent explanations. ...
... then it reversed this trend, began to rise and kept doing so until December 2004. The Euro has substantially stabilized at a high level with respect to the USD, afterwards. The study of this anomalous behavior has given rise to a growing literature that looks for theoretically coherent explanations. ...
Exchange Rate Policies in Arab Countries
... Arab countries as a group have fared in terms of competitiveness—to this end, developments in real effective exchange rates, as a relevant indicator, are analyzed. The hypotheses postulated in the literature to explain the choice of exchange rate regimes are then reviewed in the context of Arab econ ...
... Arab countries as a group have fared in terms of competitiveness—to this end, developments in real effective exchange rates, as a relevant indicator, are analyzed. The hypotheses postulated in the literature to explain the choice of exchange rate regimes are then reviewed in the context of Arab econ ...
Understanding Spanish Financial crises, 1850-2000
... more likely when the capital account is liberalised or a country receives large capital inflows. Bordo, Meissner, and Stuckler (2010) and Bordo and Meissner (2011), using a set of 19 countries for the first wave of globalisation (1880-1913) and 49 countries for the second wave (1973-2003), obtained ...
... more likely when the capital account is liberalised or a country receives large capital inflows. Bordo, Meissner, and Stuckler (2010) and Bordo and Meissner (2011), using a set of 19 countries for the first wave of globalisation (1880-1913) and 49 countries for the second wave (1973-2003), obtained ...
Policy Biases when the Monetary and Fiscal Authorities
... the recurring episodes of very high inflation in several developing countries justified this focus. The main policy recommendation for countries seeking to avoid high and variable inflation has been to institute an independent monetary authority whose main mandate is the control of inflation (see Cu ...
... the recurring episodes of very high inflation in several developing countries justified this focus. The main policy recommendation for countries seeking to avoid high and variable inflation has been to institute an independent monetary authority whose main mandate is the control of inflation (see Cu ...
EMP – A Note on Empiricism and Foreign Exchange Markets
... results showed persistent violation of the law of one price. He concluded that ‘the law of one price is flagrantly and systematically violated by empirical data’; he went on to say that ‘these relative price effects seem to persist for at least several years and cannot be shrugged off as transitory’ ...
... results showed persistent violation of the law of one price. He concluded that ‘the law of one price is flagrantly and systematically violated by empirical data’; he went on to say that ‘these relative price effects seem to persist for at least several years and cannot be shrugged off as transitory’ ...
The Influence of Elections on Compliance with IMF and World Bank
... deficit have been achieved in only 30 percent of 34 programs approved in 1983. In 1984 compliance was reduced further: the ceiling was observed in only 19 percent of the programs. One year later, 57 percent of these countries failed to comply. As for changes in domestic credit, compliance was highes ...
... deficit have been achieved in only 30 percent of 34 programs approved in 1983. In 1984 compliance was reduced further: the ceiling was observed in only 19 percent of the programs. One year later, 57 percent of these countries failed to comply. As for changes in domestic credit, compliance was highes ...
The Financial Accelerator in a Quantitative Business Cycle Framework
... a major factor depressing economic activity. For example, Fisher (1933) attributed the severity of the Great Depression in part to the heavy burden of debt and ensuing financial distress associated with the deflation of the early 1930s, a theme taken up half a century later by Bernanke (1983). More ...
... a major factor depressing economic activity. For example, Fisher (1933) attributed the severity of the Great Depression in part to the heavy burden of debt and ensuing financial distress associated with the deflation of the early 1930s, a theme taken up half a century later by Bernanke (1983). More ...
Chapter Two: New Nature of Emerging-Market Crises -
... level after floating for a year and bolstered its new peg with capital controls. Ecuador’s currency fell into a free fall early in its crisis, well before its government defaulted in 1999. After the government default, it formally adopted the US dollar as its currency to restore its monetary stabili ...
... level after floating for a year and bolstered its new peg with capital controls. Ecuador’s currency fell into a free fall early in its crisis, well before its government defaulted in 1999. After the government default, it formally adopted the US dollar as its currency to restore its monetary stabili ...
Current Account Reversals: Always a Problem?
... are interested in the determinants and consequences of current account reversals in modern-day emerging markets and how these compare with such reversals in their historical antecedents, then a sample that includes at most a couple of modern-day emerging markets is not likely to be representative of ...
... are interested in the determinants and consequences of current account reversals in modern-day emerging markets and how these compare with such reversals in their historical antecedents, then a sample that includes at most a couple of modern-day emerging markets is not likely to be representative of ...
Bulletin Contents Volume 76 No. 4, December 2013
... credit and asset prices imbalances, or high interest rates ...
... credit and asset prices imbalances, or high interest rates ...
2 Digression on balance of payments accounting identities
... the monetary authorities are expected to shortly deplete an economy’s reserves since a possible depreciation might ceteris paribus reduce the rate of return expected by investors (IMF, 2008). This situation can result in a currency crisis in which a speculative attack precipitates a devaluation or a ...
... the monetary authorities are expected to shortly deplete an economy’s reserves since a possible depreciation might ceteris paribus reduce the rate of return expected by investors (IMF, 2008). This situation can result in a currency crisis in which a speculative attack precipitates a devaluation or a ...
Modeling and Forecasting the Malawi Kwacha
... main objective of attaining low inflation rates was achieved towards the end of 1997 but at the expense of huge foreign exchange reserves and high interest rates, which were used to support the exchange rate. Consequently, the real exchange rate appreciated and had a negative impact on the current a ...
... main objective of attaining low inflation rates was achieved towards the end of 1997 but at the expense of huge foreign exchange reserves and high interest rates, which were used to support the exchange rate. Consequently, the real exchange rate appreciated and had a negative impact on the current a ...
IMF World Economic Outlook (WEO)
... 2009 to about 5¼ percent recently. Indicators of manufacturing activity have been retreating for some time (Figure 1.3, panel 1). The IMF staff’s Global Projection Model suggests that more than half of the downward revisions to real GDP growth in 2012 are rooted in domestic developments. •• Growth i ...
... 2009 to about 5¼ percent recently. Indicators of manufacturing activity have been retreating for some time (Figure 1.3, panel 1). The IMF staff’s Global Projection Model suggests that more than half of the downward revisions to real GDP growth in 2012 are rooted in domestic developments. •• Growth i ...
Impacts of IMF Policies on National Education Budgets and Teachers
... The idea was to create increased levels of productive employment as a way out of poverty, to avoid dependence on just a few low‐level commodities by diversifying the economy and building up the domestic tax base over time so countries could increasingly finance their education and other needs by ...
... The idea was to create increased levels of productive employment as a way out of poverty, to avoid dependence on just a few low‐level commodities by diversifying the economy and building up the domestic tax base over time so countries could increasingly finance their education and other needs by ...
The Coming Resolution of the European Crisis: An Update
... proportional political institutions in the euro area—e.g., a euro area federal finance ministry—is simply politically impossible in the short term, as it would require fundamentally revising the EU Treaty, looming failure is the inevitable verdict for the common currency. A related widespread misper ...
... proportional political institutions in the euro area—e.g., a euro area federal finance ministry—is simply politically impossible in the short term, as it would require fundamentally revising the EU Treaty, looming failure is the inevitable verdict for the common currency. A related widespread misper ...
BOZ READER Special 2014B
... greater trade, financial and political integration. On the domestic economy, the Minister observed that Zambia's financial markets remained shallow and did not effectively support small scale entrepreneurs in the economy who are the most dynamic creators of growth and jobs. He also intimated that to ...
... greater trade, financial and political integration. On the domestic economy, the Minister observed that Zambia's financial markets remained shallow and did not effectively support small scale entrepreneurs in the economy who are the most dynamic creators of growth and jobs. He also intimated that to ...
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.