Foreign Exchange Intervention and Equilibrium Real Exchange Rates
... source of shocks to real and nominal exchange rates (see, inter alia, Clarida and Gali, 1994, Kim and Roubini, 2000), Kim (2003) comes up with similar suggestions. Kim analyses jointly the effects of foreign exchange intervention strategies –pursued by setting exchange reserves- and monetary policy ...
... source of shocks to real and nominal exchange rates (see, inter alia, Clarida and Gali, 1994, Kim and Roubini, 2000), Kim (2003) comes up with similar suggestions. Kim analyses jointly the effects of foreign exchange intervention strategies –pursued by setting exchange reserves- and monetary policy ...
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 ...
Advanced Accounting Project Group #3
... warehouses. Costco has not acquired any new businesses since 2012. 7.Summarize the company’s hedging strategy(s) if any. There could be several strategies. Costco Wholesale is exposed to different risks based on its business practices and financial agreements with vendors, customers. The company has ...
... warehouses. Costco has not acquired any new businesses since 2012. 7.Summarize the company’s hedging strategy(s) if any. There could be several strategies. Costco Wholesale is exposed to different risks based on its business practices and financial agreements with vendors, customers. The company has ...
mmi09 Beine2 9070836 en
... commodity and energy prices and the quick decrease in the size of the manufacturing sector show that there is a potential case for a Dutch disease in Canada. This has led a lot of policy makers to express big concerns about the seriousness of such a phenomenon in Canada. To what extent can we ascri ...
... commodity and energy prices and the quick decrease in the size of the manufacturing sector show that there is a potential case for a Dutch disease in Canada. This has led a lot of policy makers to express big concerns about the seriousness of such a phenomenon in Canada. To what extent can we ascri ...
TOWARD A NEW DESIGN FOR INTERNATIONAL H.
... faced a number of crises, including: the developing country debt crisis of the 1980s; the global stock market collapse of 1987; periodic collapses of international financial intermediaries such as Banco Ambrosiano, Bank of Credit and Commerce International, Barings, and Long Term Capital Management; ...
... faced a number of crises, including: the developing country debt crisis of the 1980s; the global stock market collapse of 1987; periodic collapses of international financial intermediaries such as Banco Ambrosiano, Bank of Credit and Commerce International, Barings, and Long Term Capital Management; ...
mmi-funke 221764 en
... this requires that wages are not negotiated upwards to counteract the higher price level generated by a devaluation. 3 Inside EMU, the exchange rate weapon will be ruled out and a "one-size-fits-all" monetary policy will be imposed. Therefore, substantial prudence has to be exercised in order to min ...
... this requires that wages are not negotiated upwards to counteract the higher price level generated by a devaluation. 3 Inside EMU, the exchange rate weapon will be ruled out and a "one-size-fits-all" monetary policy will be imposed. Therefore, substantial prudence has to be exercised in order to min ...
PDF
... University of Bologna, Department of Economics, Piazza Scaravilli 2, Bologna 40126, Italy. Email: [email protected]. ...
... University of Bologna, Department of Economics, Piazza Scaravilli 2, Bologna 40126, Italy. Email: [email protected]. ...
Brazil in the 21 Century:
... bank reaction function. The argument is the following: the Brazilian Central Bank (BCB) faced two different constraints. In “good times,” foreign capital was plentiful, and the central bank reaction function did not take into consideration the pressure from the exchange rate (since it was a crawling ...
... bank reaction function. The argument is the following: the Brazilian Central Bank (BCB) faced two different constraints. In “good times,” foreign capital was plentiful, and the central bank reaction function did not take into consideration the pressure from the exchange rate (since it was a crawling ...
SP227: Lost at Sea: The Euro Needs a Euro Treasury
... around the world, but also the ultimate source of the currency union’s vulnerability. This peculiar divorce severely undermines the mutual strengthening-by-joining-powers effect normally enjoyed by the treasury-central bank axis in the currency and public finance spheres of sovereign nations: the tr ...
... around the world, but also the ultimate source of the currency union’s vulnerability. This peculiar divorce severely undermines the mutual strengthening-by-joining-powers effect normally enjoyed by the treasury-central bank axis in the currency and public finance spheres of sovereign nations: the tr ...
The third wave of globalisation
... has managed to reduce inequality in recent years, in part due to its successful bolsa familia (family allowance) policy. ...
... has managed to reduce inequality in recent years, in part due to its successful bolsa familia (family allowance) policy. ...
Dealing with large and volatile capital flows and the role of the IMF
... experiences and emerging issues as regards the handling of capital flows. Further work will bring together the workstreams on capital flow management and macroprudential policies to further strengthen guidance for member countries. The G20 has reactivated its International Financial Architecture Wor ...
... experiences and emerging issues as regards the handling of capital flows. Further work will bring together the workstreams on capital flow management and macroprudential policies to further strengthen guidance for member countries. The G20 has reactivated its International Financial Architecture Wor ...
May 2004 U.S. Antidumping Enforcement and Macroeconomic
... its woes on unfairly-traded imports than one having the same experience during a recessionary period – this would predict a positive relationship between GDP growth and the likelihood of favorable antidumping outcomes. ...
... its woes on unfairly-traded imports than one having the same experience during a recessionary period – this would predict a positive relationship between GDP growth and the likelihood of favorable antidumping outcomes. ...
Exchange Rate Pass-Through to Import Prices in the
... evolved considerably over time. After a long period of debate over the law of one price and convergence across countries, beginning in the late 1980s exchange rate pass-through studies emphasized industrial organization and the role of segmentation and price discrimination across geographically dist ...
... evolved considerably over time. After a long period of debate over the law of one price and convergence across countries, beginning in the late 1980s exchange rate pass-through studies emphasized industrial organization and the role of segmentation and price discrimination across geographically dist ...
The Political Economy of Exchange Rate Policy in the Caribbean
... earnings. Tourism was just gathering pace, and as yet there was only a little manufacturing. Most countries mainly exported sugar and other agricultural products. GDP per capita for the English-speaking Caribbean ranged from under US$100 for the countries that now constitute the OECS to about US$65 ...
... earnings. Tourism was just gathering pace, and as yet there was only a little manufacturing. Most countries mainly exported sugar and other agricultural products. GDP per capita for the English-speaking Caribbean ranged from under US$100 for the countries that now constitute the OECS to about US$65 ...
Inflation Targeting and the Liquidity Trap Bennett T. McCallum Carnegie Mellon University and
... with j ≥ 1. In practice, this is evidently the way that actual inflation targeting regimes have been operated, due to the perceived need for central banks to behave preemptively—i.e., adjusting policy instruments to combat inflationary (or deflationary) pressures before measured inflation (or deflat ...
... with j ≥ 1. In practice, this is evidently the way that actual inflation targeting regimes have been operated, due to the perceived need for central banks to behave preemptively—i.e., adjusting policy instruments to combat inflationary (or deflationary) pressures before measured inflation (or deflat ...
measures of finance-adjusted output gaps
... market capitalization) matter for output gap, in addition to the conventional indicators such as inflation rate or unemployment. This paper contributes to this on-going research agenda by providing estimates of financeadjusted output gaps and sustainable growth for a large sample of emerging market ...
... market capitalization) matter for output gap, in addition to the conventional indicators such as inflation rate or unemployment. This paper contributes to this on-going research agenda by providing estimates of financeadjusted output gaps and sustainable growth for a large sample of emerging market ...
Halpern-Wyplosz
... The arrangements for the new ERM-2 were set out by the Amsterdam Council Resolution of 16 June 1997 and the Agreement between the ECB and the national central banks of non-euro area member states of 1 September 1998. Central rates are to be set and adjusted jointly by the ECB and the relevant non-eu ...
... The arrangements for the new ERM-2 were set out by the Amsterdam Council Resolution of 16 June 1997 and the Agreement between the ECB and the national central banks of non-euro area member states of 1 September 1998. Central rates are to be set and adjusted jointly by the ECB and the relevant non-eu ...
The Exchange Rate
... Describe a country’s balance of payments accounts Explain what determines the amount of international borrowing and lending Explain why the United States changed from being a lender to being a borrower in the mid-1980s ...
... Describe a country’s balance of payments accounts Explain what determines the amount of international borrowing and lending Explain why the United States changed from being a lender to being a borrower in the mid-1980s ...
I．Crisis reinforces need for stronger trade and financial Introduction
... adjustable pegs and are not shy of using reserves to defend their currency values aligned with their national goals. Since the late 1990s, most economies, especially those that were hurt badly by the financial crisis, have reduced their exposure to short-term debt; nevertheless, some economies did e ...
... adjustable pegs and are not shy of using reserves to defend their currency values aligned with their national goals. Since the late 1990s, most economies, especially those that were hurt badly by the financial crisis, have reduced their exposure to short-term debt; nevertheless, some economies did e ...
The Shifting Composition of External Liabilities André Faria International Monetary Fund
... institutional quality and external capital structure at different points of time and the co-movement between changes in institutional quality and changes in external capital structure. The other main explanatory variables include the size of the economy (total GDP in U.S. dollars); the level of econ ...
... institutional quality and external capital structure at different points of time and the co-movement between changes in institutional quality and changes in external capital structure. The other main explanatory variables include the size of the economy (total GDP in U.S. dollars); the level of econ ...
Lost at Sea: The Euro Needs a Euro Treasury
... to Europe, and supposedly the world at large too. Remarkably, even as the global financial crisis was already smoldering for an extended time, EU Commissioner for Economic and Monetary Affairs Joaquín Almunia (2008) proudly declared in the foreword to the official “euro@10” anniversary volume on the ...
... to Europe, and supposedly the world at large too. Remarkably, even as the global financial crisis was already smoldering for an extended time, EU Commissioner for Economic and Monetary Affairs Joaquín Almunia (2008) proudly declared in the foreword to the official “euro@10” anniversary volume on the ...
Use of Exchange Rates as Approximate PPPs for Machinery and
... The full coverage of Machinery and Equipment (Category 15.01.00.0) is given in the ICP Classification of Final Expenditure on the GDP. Machinery and Equipment is divided into two Groups - Metal Products and Equipment (15.01.10.0) and Transport Equipment (15.01.20.0). Metal Products and Equipment con ...
... The full coverage of Machinery and Equipment (Category 15.01.00.0) is given in the ICP Classification of Final Expenditure on the GDP. Machinery and Equipment is divided into two Groups - Metal Products and Equipment (15.01.10.0) and Transport Equipment (15.01.20.0). Metal Products and Equipment con ...
Crude Oil Prices and the USD/EUR Exchange Rate
... the discontinuation of gold convertibility of the U.S. dollar given the deteriorating U.S. balance of payments. This move resulted in a steep depreciation of the value of the U.S. dollar against gold and many other currencies, notably the Deutsche mark and the Japanese yen. Since oil was invoiced in ...
... the discontinuation of gold convertibility of the U.S. dollar given the deteriorating U.S. balance of payments. This move resulted in a steep depreciation of the value of the U.S. dollar against gold and many other currencies, notably the Deutsche mark and the Japanese yen. Since oil was invoiced in ...
Fiscal Multipliers: Lessons from the Great Recession for Small Open
... stance—either via explicit discretionary stimulus measures, or by letting automatic stabilizers work to their full extent, disregarding the implied strong deterioration of fiscal deficits (see Corsetti and Müller, 2013, for an overview). However, as the crisis and recession turned out to be more pe ...
... stance—either via explicit discretionary stimulus measures, or by letting automatic stabilizers work to their full extent, disregarding the implied strong deterioration of fiscal deficits (see Corsetti and Müller, 2013, for an overview). However, as the crisis and recession turned out to be more pe ...
NBER WORKING PAPER SERIES HOW WELL CAN THE NEW OPEN ECONOMY
... movements in a manner other than macroeconomic fundamentals. This often is done by adding an extra term to the uncovered interest rate parity condition (UIP) in the macro model.4 Such a term is motivated by well-documented empirical evidence of strong deviations from UIP,5 and it can be interpreted ...
... movements in a manner other than macroeconomic fundamentals. This often is done by adding an extra term to the uncovered interest rate parity condition (UIP) in the macro model.4 Such a term is motivated by well-documented empirical evidence of strong deviations from UIP,5 and it can be interpreted ...
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.