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... is principally in order that the capital movements, when payments are balanced, shall be normally motivated by the tendency for capital to seek a common level of earnings and not motivated by temporary fears, especially by the fears aroused by an alteration of the exchange rate itself. We may perhap ...
... is principally in order that the capital movements, when payments are balanced, shall be normally motivated by the tendency for capital to seek a common level of earnings and not motivated by temporary fears, especially by the fears aroused by an alteration of the exchange rate itself. We may perhap ...
Push Factors and Capital Flows to Emerging Markets
... fundamentals, should expect to receive (or lose) external funding when financial conditions in advanced countries improve (or deteriorate). Our findings contribute to the literature in several respects. We are naturally connected to the literature on push factors and their impacts on EMs (see Forbes ...
... fundamentals, should expect to receive (or lose) external funding when financial conditions in advanced countries improve (or deteriorate). Our findings contribute to the literature in several respects. We are naturally connected to the literature on push factors and their impacts on EMs (see Forbes ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... in the 1950s, 12.5 percent in the 1960s, and 17.2 percent in the 1970s. Economic policy thinking was very aware of the opportunity to use current account deficits, and net capital inflows, in order to supplement domestic savings, augment investment, and thus enjoy a faster growth trajectory. However ...
... in the 1950s, 12.5 percent in the 1960s, and 17.2 percent in the 1970s. Economic policy thinking was very aware of the opportunity to use current account deficits, and net capital inflows, in order to supplement domestic savings, augment investment, and thus enjoy a faster growth trajectory. However ...
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... of academic research results to economic-policy deliberations. The second EEAG report was prepared in 2002 and appeared in February 2003. Both reports were presented to the international public at a press conference in Brussels and at additional press conferences in major European cities and met wit ...
... of academic research results to economic-policy deliberations. The second EEAG report was prepared in 2002 and appeared in February 2003. Both reports were presented to the international public at a press conference in Brussels and at additional press conferences in major European cities and met wit ...
CHANGES IN THE CHARACTERISTICS OF THE
... financial markets. But the floating of the Australian dollar, and the increased integration of the Australian economy in world trade generally, and in the Asian region in particular, have also played an important role, During the late 1970s and the first half of the 1980s a number of OECD countries ...
... financial markets. But the floating of the Australian dollar, and the increased integration of the Australian economy in world trade generally, and in the Asian region in particular, have also played an important role, During the late 1970s and the first half of the 1980s a number of OECD countries ...
The Latin American Debt Crisis in Historical Perspective
... The lack of macroeconomic discipline was less widespread than it is often portrayed as having been (Bértola and Ocampo, 2012, ch. 4). In fact, at least until the mid-1970s, it was primarily a problem in Brazil and the Southern Cone rather than the rest of the region. The average inflation rate of th ...
... The lack of macroeconomic discipline was less widespread than it is often portrayed as having been (Bértola and Ocampo, 2012, ch. 4). In fact, at least until the mid-1970s, it was primarily a problem in Brazil and the Southern Cone rather than the rest of the region. The average inflation rate of th ...
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... contrast to logit models or Markov regime-switching models). Indeed the parametric models may be more efficient, when the models assumptions hold in reality. The signal approach on the other hand should be a quite versatile method. It should be especially advantageous when data quality is quite unsu ...
... contrast to logit models or Markov regime-switching models). Indeed the parametric models may be more efficient, when the models assumptions hold in reality. The signal approach on the other hand should be a quite versatile method. It should be especially advantageous when data quality is quite unsu ...
NBER WORKING PAPER SERIES TAX POLICY AND INTERNATIONAL CAPiTAL FLOWS Martin Feldstein
... achieve the highest available rate of return, national policies that change the domestic saving rate will not affect domestic investment. For example, if domestic tax incentives raise the private saving rate, the additional capital will simply be distributed around the world. Or if social security r ...
... achieve the highest available rate of return, national policies that change the domestic saving rate will not affect domestic investment. For example, if domestic tax incentives raise the private saving rate, the additional capital will simply be distributed around the world. Or if social security r ...
Nominal GDP Targeting for Developing Countries
... The earliest proponents of nominal GDP targeting were Meade (1978) and Tobin (1980), followed by other economists in the 1980s. The historical context was a desire to earn credibility for monetary discipline and lower inflation rates. The early 1980s saw monetarism as the official policy regime in s ...
... The earliest proponents of nominal GDP targeting were Meade (1978) and Tobin (1980), followed by other economists in the 1980s. The historical context was a desire to earn credibility for monetary discipline and lower inflation rates. The early 1980s saw monetarism as the official policy regime in s ...
Targeting Inflation in Dollarized Economies(2)
... year, up to the first half of 2002, monetary policy faced deflationary risk in the context of an almost zero growth economy, leading to a gradual cut in the policy rate to 2.5 percent (Figure 5.1). However, changing conditions led to a gradual hike in the policy rate to 3.8 percent at the end of 200 ...
... year, up to the first half of 2002, monetary policy faced deflationary risk in the context of an almost zero growth economy, leading to a gradual cut in the policy rate to 2.5 percent (Figure 5.1). However, changing conditions led to a gradual hike in the policy rate to 3.8 percent at the end of 200 ...
26 INTERNATIONAL ASPECTS OF STABILIZATION POLICIES
... the United States may have been the dominant factor. Krause closes by questioning whether the elasticity of Japanese exports with respect to import demand in the rest of the world should be regarded as a fixed parameter. Regarding it as endogenously determined, Krause asserts that investment-led gro ...
... the United States may have been the dominant factor. Krause closes by questioning whether the elasticity of Japanese exports with respect to import demand in the rest of the world should be regarded as a fixed parameter. Regarding it as endogenously determined, Krause asserts that investment-led gro ...
NBER WORKING PAPER SERIES CAPITAL ACCOUNT LIBERALIZATION, INSTITUTIONS AND FINANCIAL
... measures of financial deepening. The total value of shares traded per year measure only appears to depend upon the ICAPM measure. In these analyses, one important distinction is that between behavior in developed and developing countries. In the sample for which De Gregorio has data on the gross cap ...
... measures of financial deepening. The total value of shares traded per year measure only appears to depend upon the ICAPM measure. In these analyses, one important distinction is that between behavior in developed and developing countries. In the sample for which De Gregorio has data on the gross cap ...
Lien
... systemically important emerging economies (including, for example, China and India) have also announced plans for further liberalization. The pace of liberalization moderated slightly in the wake of the global crisis, but the general trend across the world remains one of increasing openness to cross ...
... systemically important emerging economies (including, for example, China and India) have also announced plans for further liberalization. The pace of liberalization moderated slightly in the wake of the global crisis, but the general trend across the world remains one of increasing openness to cross ...
Full Text ( Final Version , 158kb )
... hypothesis, Section 5 describe the selected data, Section 6 provides the main estimation results and finally, Section 7 the conclusions. ...
... hypothesis, Section 5 describe the selected data, Section 6 provides the main estimation results and finally, Section 7 the conclusions. ...
The Episodes of Currency Crises in the European Transition
... The series of currency crises which hit several developing countries in the 1990s did not leave the emerging market economies of Central and Eastern Europe unscathed. However, contrary to the experience of Mexico in 1995 and South East Asia in 1997–1998, the roots of the crises in our region were us ...
... The series of currency crises which hit several developing countries in the 1990s did not leave the emerging market economies of Central and Eastern Europe unscathed. However, contrary to the experience of Mexico in 1995 and South East Asia in 1997–1998, the roots of the crises in our region were us ...
Financial Reform and Development in the Philippines, 1980
... regulatory institutions in these countries, macroeconomic challenges posed by large capital flows, and the structural adjustment problems facing the economies themselves. It is to be noted that most of the countries that have been affected by the current currency and financial turmoil in the region ...
... regulatory institutions in these countries, macroeconomic challenges posed by large capital flows, and the structural adjustment problems facing the economies themselves. It is to be noted that most of the countries that have been affected by the current currency and financial turmoil in the region ...
MONETARY POLICY REPORT 2004-IV
... he ongoing disinflation process of the last three years continued throughout 2004 and CPI inflation, at 9.3 percent, was below the targeted level for the third consecutive year. The rising commodity prices in international markets in 2004 and the fluctuations in financial markets in April and May di ...
... he ongoing disinflation process of the last three years continued throughout 2004 and CPI inflation, at 9.3 percent, was below the targeted level for the third consecutive year. The rising commodity prices in international markets in 2004 and the fluctuations in financial markets in April and May di ...
NBER WORKING PAPER SERIES LINKING EXTERNAL SECTOR IMBALANCES AND CHANGING FINANCIAL
... imbalances before the 2008 Financial Crisis were a major cause of the crisis, and the further claim that reducing im balances post crisis must be a central part of any effort to prevent a further occurrence. Analytical literature in economics seemingly does not provide satisfactory measures of finan ...
... imbalances before the 2008 Financial Crisis were a major cause of the crisis, and the further claim that reducing im balances post crisis must be a central part of any effort to prevent a further occurrence. Analytical literature in economics seemingly does not provide satisfactory measures of finan ...
Alessio Anzuini, Martina Cecioni and
... in the institutional setup of the common currency and market skepticism about its future. This trend was reversed after President Draghi’s speech, in late July, at the Global Investment Conference in London where he pledged to do ‘whatever it takes’ to preserve the euro, and the subsequent announcem ...
... in the institutional setup of the common currency and market skepticism about its future. This trend was reversed after President Draghi’s speech, in late July, at the Global Investment Conference in London where he pledged to do ‘whatever it takes’ to preserve the euro, and the subsequent announcem ...
CHAPTER 12—EXCHANGE-RATE DETERMINATION MULTIPLE
... 21. Under a system of floating exchange rates, relatively low productivity and high inflation rates in the United States result in: a. An increase in the demand for foreign currency, a decrease in the supply of foreign currency, and a depreciation in the dollar b. An increase in the demand for forei ...
... 21. Under a system of floating exchange rates, relatively low productivity and high inflation rates in the United States result in: a. An increase in the demand for foreign currency, a decrease in the supply of foreign currency, and a depreciation in the dollar b. An increase in the demand for forei ...
Macroeconomic Impact of Capital Flows in Sub
... John Weeks, University of London1 September 2012 ...
... John Weeks, University of London1 September 2012 ...
T C A B
... they are not exogenous shocks. Of course, if a behavioral equation predicts a change in policy that did not take place, then one can attribute the inaction to a negative shock to this relation. But the Depression was marked by governments and central banks acting in character, doing what they had be ...
... they are not exogenous shocks. Of course, if a behavioral equation predicts a change in policy that did not take place, then one can attribute the inaction to a negative shock to this relation. But the Depression was marked by governments and central banks acting in character, doing what they had be ...
Monetary Policy and Exchange Rate Volatility in a Small Open
... being the instrument of that policy.4 For this very reason our framework allows us to model alternative monetary regimes. Furthermore, we believe that our approach accords much better with the practice of modern central banks, and provides a more suitable framework for policy analysis than the tradi ...
... being the instrument of that policy.4 For this very reason our framework allows us to model alternative monetary regimes. Furthermore, we believe that our approach accords much better with the practice of modern central banks, and provides a more suitable framework for policy analysis than the tradi ...
Exchange Rates
... and making the appropriate adjustments to the dollar budget so that the spending limit shown reflects what is available to spend; c. When UNDP does the pre-financing before the payment of the last installment - this can be addressed by negotiating from the outset a smaller percentage to be disbursed ...
... and making the appropriate adjustments to the dollar budget so that the spending limit shown reflects what is available to spend; c. When UNDP does the pre-financing before the payment of the last installment - this can be addressed by negotiating from the outset a smaller percentage to be disbursed ...
Brandt Equation (2002)
... contagion, which can result in internal political instability, further eroding global investment in developing nations. Two major financial crises have already occurred: in Latin America (1981-86) and Southeast Asia (199798). Neither International Monetary Fund bailouts nor guarantees from private i ...
... contagion, which can result in internal political instability, further eroding global investment in developing nations. Two major financial crises have already occurred: in Latin America (1981-86) and Southeast Asia (199798). Neither International Monetary Fund bailouts nor guarantees from private i ...
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.