Table 2 - Bank of Namibia
... Recent studies have drawn attention to the fact that most time series data might exhibit non-stationary which is likely to result in ‘spurious regressions” and the concomitant incorrect statistical inferences. Though first differencing can be used to overcome this problem, potentially useful informa ...
... Recent studies have drawn attention to the fact that most time series data might exhibit non-stationary which is likely to result in ‘spurious regressions” and the concomitant incorrect statistical inferences. Though first differencing can be used to overcome this problem, potentially useful informa ...
Macroeconomic Policy Responses to Financial
... An extensive literature suggests that emerging countries tend to adopt pro-cyclical policies that tend to exacerbate the impact of negative shocks. For instance, Calderón et al (2003) find, for a sample of 12 emerging economies with annual data covering the period 1996-2002 (except for Chile, 1991-2 ...
... An extensive literature suggests that emerging countries tend to adopt pro-cyclical policies that tend to exacerbate the impact of negative shocks. For instance, Calderón et al (2003) find, for a sample of 12 emerging economies with annual data covering the period 1996-2002 (except for Chile, 1991-2 ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... was conspiring to undermine the American economy through collusive trading practices. Although in the 1990s Japan has liberalized many of its more restrictive regulatory barriers to foreigners selling in the Japanese market-such as the opening of large-scale discount retailers (Organization for Econ ...
... was conspiring to undermine the American economy through collusive trading practices. Although in the 1990s Japan has liberalized many of its more restrictive regulatory barriers to foreigners selling in the Japanese market-such as the opening of large-scale discount retailers (Organization for Econ ...
Political Pressure on Central Banks
... stability, aligning the Czech koruna (CZK) short-term interest rates with those on the USD and DEM. Thus, it can be argued that within the fixed-exchange rate arrangement the central bank was not actually free to pursue an independent monetary policy, so that there was no space for public discussion ...
... stability, aligning the Czech koruna (CZK) short-term interest rates with those on the USD and DEM. Thus, it can be argued that within the fixed-exchange rate arrangement the central bank was not actually free to pursue an independent monetary policy, so that there was no space for public discussion ...
1 RECENT DEVELOPMENTS, PROSPECTS, AND POLICY PRIORITIES CHAPTER
... withdrawal of monetary stimulus in some major advanced economies. Geopolitical tensions have risen. So far their macroeconomic effects appear mostly confined to the regions involved, but there are tangible risks of more widespread disruptions. Some medium-term problems that predate the crisis, such ...
... withdrawal of monetary stimulus in some major advanced economies. Geopolitical tensions have risen. So far their macroeconomic effects appear mostly confined to the regions involved, but there are tangible risks of more widespread disruptions. Some medium-term problems that predate the crisis, such ...
Currency Options
... The foreign exchange or FX market is one of the most liquid financial markets in the world with an average daily turnover of almost US$2 trillion in 2004 (source: Bank for International Settlements). The FX market is normally driven by macroeconomic factors and international monetary flows: for exam ...
... The foreign exchange or FX market is one of the most liquid financial markets in the world with an average daily turnover of almost US$2 trillion in 2004 (source: Bank for International Settlements). The FX market is normally driven by macroeconomic factors and international monetary flows: for exam ...
Has the U.S. Economy Become Less Interest Rate Sensitive?
... durable goods manufacturing and construction are the most interestsensitive sectors and nondurable goods manufacturing and private service-providing industries are less interest sensitive, with the overall economy somewhere in between. In the post-1984 period, interest sensitivity declined across al ...
... durable goods manufacturing and construction are the most interestsensitive sectors and nondurable goods manufacturing and private service-providing industries are less interest sensitive, with the overall economy somewhere in between. In the post-1984 period, interest sensitivity declined across al ...
PPT - Ave Maria University
... The Financial System and the Allocation of Saving to Productive Uses High rates of saving and capital formation are important for economic growth and increased productivity… … but they are not enough. “A successful economy not only saves but also uses its savings wisely by applying these limi ...
... The Financial System and the Allocation of Saving to Productive Uses High rates of saving and capital formation are important for economic growth and increased productivity… … but they are not enough. “A successful economy not only saves but also uses its savings wisely by applying these limi ...
The theoretical and empirical credibility of commodity money
... curiosity, because it reveals itself to provide the explanation of nominal prices in the global financial system. I shall use the term "nominal anchor as shorthand for "that which determines the absolute level of prices". I shall show that such an anchor is necessary, and the anchor is a money commo ...
... curiosity, because it reveals itself to provide the explanation of nominal prices in the global financial system. I shall use the term "nominal anchor as shorthand for "that which determines the absolute level of prices". I shall show that such an anchor is necessary, and the anchor is a money commo ...
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)
... perfect arbitrage in the world markets, (3) money and other assets may exist, which are close substitutes for domestic and foreign goods or assets. This approach has also been called the “global monetarist” (Whitman, 1975). The Keynesian view has the following assumptions: (1) there is unemployment, ...
... perfect arbitrage in the world markets, (3) money and other assets may exist, which are close substitutes for domestic and foreign goods or assets. This approach has also been called the “global monetarist” (Whitman, 1975). The Keynesian view has the following assumptions: (1) there is unemployment, ...
Supporting Paper A2 A review of economic developments and monetary policy
... evaluate the conduct of monetary policy in that context. The rest of this paper is structured as follows. We first describe the broad macroeconomic outcomes over the review period, and briefly compare them to the experience over the 1990s and against the average experience of other OECD countries. W ...
... evaluate the conduct of monetary policy in that context. The rest of this paper is structured as follows. We first describe the broad macroeconomic outcomes over the review period, and briefly compare them to the experience over the 1990s and against the average experience of other OECD countries. W ...
NBER WORKING PAPER SERIES CENTURY Raghuram G. Rajan
... demand. In other words, we should not see measures of financial development waxing and waning independent of demand. Similarly, conditional on demand, the relative position of different countries should not change dramatically over time – if some countries have a system that is pre-disposed towards ...
... demand. In other words, we should not see measures of financial development waxing and waning independent of demand. Similarly, conditional on demand, the relative position of different countries should not change dramatically over time – if some countries have a system that is pre-disposed towards ...
Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning
... underestimation of increased systemic risk. Coval et al, (2009) argue that the excessively high ratings received by structured instruments are attributable to the excessive confidence that rating agencies had in their own abilities to assess risk Existing regulatory structures may also have encoura ...
... underestimation of increased systemic risk. Coval et al, (2009) argue that the excessively high ratings received by structured instruments are attributable to the excessive confidence that rating agencies had in their own abilities to assess risk Existing regulatory structures may also have encoura ...
NBER WORKING PAPER SERIES ADVANTAGE? Jiandong Ju
... 3 studies equilibrium properties, with attention to differences between economies with high-quality institutions or low-quality institutions. Section 4 discusses the endogenous determination of both firm-level demand for external finance and country-level size of financial market. ...
... 3 studies equilibrium properties, with attention to differences between economies with high-quality institutions or low-quality institutions. Section 4 discusses the endogenous determination of both firm-level demand for external finance and country-level size of financial market. ...
Download paper (PDF)
... 3 studies equilibrium properties, with attention to differences between economies with high-quality institutions or low-quality institutions. Section 4 discusses the endogenous determination of both firm-level demand for external finance and country-level size of financial market. ...
... 3 studies equilibrium properties, with attention to differences between economies with high-quality institutions or low-quality institutions. Section 4 discusses the endogenous determination of both firm-level demand for external finance and country-level size of financial market. ...
... In the environment of highly restricted capital flows of the 1960s, Mundell’s exploration of balance-of-payments crises seemed of little relevance compared to his findings regarding the stabilizing properties of fixed exchange rates. Hence, his analysis of speculative capital flows was largely ignor ...
Trade Network Centrality and Currency Risk Premia
... have a significant impact on their interest rates, controlling for GDP share does not change the economic or statistical significance of trade network centrality. Second, countries may rely heavily on trade causing them to be highly exposed to global shocks. This mechanism could also result in lower ...
... have a significant impact on their interest rates, controlling for GDP share does not change the economic or statistical significance of trade network centrality. Second, countries may rely heavily on trade causing them to be highly exposed to global shocks. This mechanism could also result in lower ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... than consumer spending, have much larger cycles in percentage terms. Aggregate production typically fluctuates more widely than aggregate sales, which implies a procyclical behavior of inventory investment. Business profits show very high conformity and much greater amplitude of cyclical movements t ...
... than consumer spending, have much larger cycles in percentage terms. Aggregate production typically fluctuates more widely than aggregate sales, which implies a procyclical behavior of inventory investment. Business profits show very high conformity and much greater amplitude of cyclical movements t ...
(See report).
... Past performance is not an indication of future returns. The market prices provided are closing prices on the ...
... Past performance is not an indication of future returns. The market prices provided are closing prices on the ...
DIGITAL GLOBALIZATION: THE NEW ERA OF GLOBAL FLOWS
... commerce, information, searches, video, communication, and intracompany traffic continue to surge. Digital platforms change the economics of doing business across borders, bringing down the cost of international interactions and transactions. They create markets and user communities with global s ...
... commerce, information, searches, video, communication, and intracompany traffic continue to surge. Digital platforms change the economics of doing business across borders, bringing down the cost of international interactions and transactions. They create markets and user communities with global s ...
Principles of Economics, Case and Fair,9e
... Early in the century, during the gold standard era, nearly all currencies were backed by gold. The values were fixed in terms of a specific number of ounces of gold. At the end of World War II, the Bretton Woods system came into force before its demise in 1971. Under this system, countries were to m ...
... Early in the century, during the gold standard era, nearly all currencies were backed by gold. The values were fixed in terms of a specific number of ounces of gold. At the end of World War II, the Bretton Woods system came into force before its demise in 1971. Under this system, countries were to m ...
Government Bonds in Domestic and Foreign Currency
... international capital markets. At the same time, there have been many financial crises, especially in emerging markets, a phenomenon that has been partly attributed to the increase in debt burdens, particularly in foreign currency. These factors have led to a growing interest regarding the determina ...
... international capital markets. At the same time, there have been many financial crises, especially in emerging markets, a phenomenon that has been partly attributed to the increase in debt burdens, particularly in foreign currency. These factors have led to a growing interest regarding the determina ...
Interim Report of the Commission of Enquiry_0
... The performance of the rand is usually illustrated against the US dollar. Although the rand/euro exchange rate was no worse in early September 2000 than it had been when the euro was introduced, between September 2000 and November 2000, the rand suddenly began declining against all currencies, espec ...
... The performance of the rand is usually illustrated against the US dollar. Although the rand/euro exchange rate was no worse in early September 2000 than it had been when the euro was introduced, between September 2000 and November 2000, the rand suddenly began declining against all currencies, espec ...
Tight Money, Real Interest Rates, and Inflation in Sub
... hypothesis seems attractive. It runs into problems, however, when confronted with the large, erratic fluctuations of the real interest rate seen in different tight-money episodes. Maybe the real interest rate in Kenya fell sharply between July and November of 1993 because the public judged the gover ...
... hypothesis seems attractive. It runs into problems, however, when confronted with the large, erratic fluctuations of the real interest rate seen in different tight-money episodes. Maybe the real interest rate in Kenya fell sharply between July and November of 1993 because the public judged the gover ...
OAO LUKOIL
... Effective January 1, 2001, the Group adopted the Financial Accounting Standards Board (“FASB”) Statement of Accounting Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments and Hedging Activities” and SFAS No. 138, “Accounting for Certain Derivative Instruments and Certain Hedging Activ ...
... Effective January 1, 2001, the Group adopted the Financial Accounting Standards Board (“FASB”) Statement of Accounting Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments and Hedging Activities” and SFAS No. 138, “Accounting for Certain Derivative Instruments and Certain Hedging Activ ...
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.