Sectoral Analysis
... When there is no capital mobility, such as in a closed economy or autarky economy, fiscal and monetary policies work in the way that we have studies so far as long as the external economic policy as regards foreign exchange rates is the flexible foreign exchange rate system. In fact it does not have ...
... When there is no capital mobility, such as in a closed economy or autarky economy, fiscal and monetary policies work in the way that we have studies so far as long as the external economic policy as regards foreign exchange rates is the flexible foreign exchange rate system. In fact it does not have ...
Classification of Financial Assets and Liabilities
... to the effective control of the monetary authorities) have title and is held as a reserve asset as defined in BPM6 (paragraphs 6.64–92). It comprises gold bullion (including gold held in allocated gold accounts5) and unallocated gold accounts with nonresidents that give title to claims on the delive ...
... to the effective control of the monetary authorities) have title and is held as a reserve asset as defined in BPM6 (paragraphs 6.64–92). It comprises gold bullion (including gold held in allocated gold accounts5) and unallocated gold accounts with nonresidents that give title to claims on the delive ...
Ten Years After: Revisiting the Asian Financial Crisis
... and thereby prevent financial crises or help resolve them at the lowest possible cost should they occur. However, this macro-vision of a new international financial architecture has not materialized, as economists today admit that there still exists a real need for an international financial archite ...
... and thereby prevent financial crises or help resolve them at the lowest possible cost should they occur. However, this macro-vision of a new international financial architecture has not materialized, as economists today admit that there still exists a real need for an international financial archite ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... suggestions. Kletzer is grateful to the research department of the International Monetary Fund (IMF) for supporting his research on this paper. The views expressed herein are solely those of the authors and do not represent those of the IMF, IMF policy, or other organizations with which the authors ...
... suggestions. Kletzer is grateful to the research department of the International Monetary Fund (IMF) for supporting his research on this paper. The views expressed herein are solely those of the authors and do not represent those of the IMF, IMF policy, or other organizations with which the authors ...
The dynamics of the real purchasing power of Algeria`s oil revenues
... The main challenge we faced in terms of data gathering was to locate a unique source that would allow us to circumvent data compatibility problems often faced by researchers seeking to build a comprehensive database. However, after a preliminary investigation, we realized thatwe had to rely on multi ...
... The main challenge we faced in terms of data gathering was to locate a unique source that would allow us to circumvent data compatibility problems often faced by researchers seeking to build a comprehensive database. However, after a preliminary investigation, we realized thatwe had to rely on multi ...
THE “UNORTHODOX” MONETARY POLICY OF THE CENTRAL
... intervene the economy and decreased interest rates to stir economic activity. Federal Reserve decreased its policy rate to 0% levels from 5.25%, European Central Bank decreased its key interest rate to 0.75% from 3.75%, while the Central Bank of the Republic of Turkey decreased its policy rate, betw ...
... intervene the economy and decreased interest rates to stir economic activity. Federal Reserve decreased its policy rate to 0% levels from 5.25%, European Central Bank decreased its key interest rate to 0.75% from 3.75%, while the Central Bank of the Republic of Turkey decreased its policy rate, betw ...
Kad Brunner*
... maintained by clever construals or sophisticated contrivances. They require serious issues of major dimension bearing on important aspects of the world. The history of our discipline offers some remarkable examples in this respect. We note the bullion controversy early last century followed later by ...
... maintained by clever construals or sophisticated contrivances. They require serious issues of major dimension bearing on important aspects of the world. The history of our discipline offers some remarkable examples in this respect. We note the bullion controversy early last century followed later by ...
The Global Flow of Funds: Chapter 2
... determining its macroeconomic impact. A country running a modest deficit such as Germany after many years as an international creditor might not be adversely affected, even if the deficit is being used to finance current consumption. In short, persistent current account deficits generally boost a na ...
... determining its macroeconomic impact. A country running a modest deficit such as Germany after many years as an international creditor might not be adversely affected, even if the deficit is being used to finance current consumption. In short, persistent current account deficits generally boost a na ...
frenchdavis2001financialcrisis_en.pdf
... stock of external liabilities.4 All these macroeconomic variables experienced some overshooting.5 Adjustment was frequently anchored to one dominant balance, which generated imbalances in other macroeconomic variables, as in a falling inflation rate associated with real exchange rate appreciation a ...
... stock of external liabilities.4 All these macroeconomic variables experienced some overshooting.5 Adjustment was frequently anchored to one dominant balance, which generated imbalances in other macroeconomic variables, as in a falling inflation rate associated with real exchange rate appreciation a ...
Financial Growth in Singapore
... value of GNP! The heavy reliance on imports also causes significant leakages in Singapore’s flow of income. Policies designed to expand the economy are mitigated by these withdrawals. Under conventional monetary policy, the interest rate is endogenous. But such a policy is inappropriate in the conte ...
... value of GNP! The heavy reliance on imports also causes significant leakages in Singapore’s flow of income. Policies designed to expand the economy are mitigated by these withdrawals. Under conventional monetary policy, the interest rate is endogenous. But such a policy is inappropriate in the conte ...
An introduction to the UK Balance of Payments
... uniform valuation is essential to sum different types of transactions on a consistent and comparable basis. The use of a uniform valuation principle aids understanding by users. Moreover, statistics for different countries will not be comparable unless both parties to a transaction adopt the same va ...
... uniform valuation is essential to sum different types of transactions on a consistent and comparable basis. The use of a uniform valuation principle aids understanding by users. Moreover, statistics for different countries will not be comparable unless both parties to a transaction adopt the same va ...
Monetary Policy Statement June 2006 Contents
... household spending will be constrained by a continued weakening in the housing market, high petrol prices and a slowdown in employment growth. While weaker economic activity will reduce medium-term inflation pressures, the short-term inflation outlook has deteriorated. The sharp decline in the exchang ...
... household spending will be constrained by a continued weakening in the housing market, high petrol prices and a slowdown in employment growth. While weaker economic activity will reduce medium-term inflation pressures, the short-term inflation outlook has deteriorated. The sharp decline in the exchang ...
Presentation before the Planning and Budget Erdem Başçı Governor
... their problems leads to increased volatility in short-term capital flows to emerging economies. ...
... their problems leads to increased volatility in short-term capital flows to emerging economies. ...
Asia 2050 - Asian Development Bank
... Fast-growing converging economies.2 Avoiding the Middle Income Trap should be the main objective of this group’s eleven countries. They should—in addition to further reducing inequalities and consolidating the fundamentals of development—train a world-class, skilled labor force and build credible an ...
... Fast-growing converging economies.2 Avoiding the Middle Income Trap should be the main objective of this group’s eleven countries. They should—in addition to further reducing inequalities and consolidating the fundamentals of development—train a world-class, skilled labor force and build credible an ...
NBER WORKING PAPER SERIES FINANCIAL OPENNESS UNDER ALTERNATIVE REAL EXCHANGE RATE REGIMES
... (and investment) to the development strategy has somehow been taken care of and we may, for our purposes, consider the long-run capital imports as largely determined outside the present framework. ...
... (and investment) to the development strategy has somehow been taken care of and we may, for our purposes, consider the long-run capital imports as largely determined outside the present framework. ...
Garrison Lect-1. 4 Hayek and Friedman
... Friedman allows for a possible effect on interest rates: Holders of cash will…bid up the price of assets. If the extra demand is initially directed at a particular class of assets, say, government securities, or commercial paper, or the like, the result will be to pull the prices of such assets out ...
... Friedman allows for a possible effect on interest rates: Holders of cash will…bid up the price of assets. If the extra demand is initially directed at a particular class of assets, say, government securities, or commercial paper, or the like, the result will be to pull the prices of such assets out ...
... The deterioration in bank balance sheets in the first stage of the crisis is a key factor leading to the second stage, a currency crisis. With a weakened banking sector it becomes very difficult for the central bank to defend its currency against a speculative attack. Any rise in interest rates to k ...
-1- June 2004 THE MACROFOUNDATION OF MONETARY POWER
... from outside pressure in policy formulation and implementation. In this sense, power does not mean influencing others; rather, it means not allowing others to influence you -- others letting you have your way. A useful synonym for this meaning of power is autonomy. The distinction between the two me ...
... from outside pressure in policy formulation and implementation. In this sense, power does not mean influencing others; rather, it means not allowing others to influence you -- others letting you have your way. A useful synonym for this meaning of power is autonomy. The distinction between the two me ...
DD-AA
... and outputs have time to adjust. • In the short run, some prices of inputs and outputs may not have time to adjust, due to labor contracts, costs of adjustment or imperfect information about market demand. • This chapter builds on the short run and long models of exchange rates to explain how output ...
... and outputs have time to adjust. • In the short run, some prices of inputs and outputs may not have time to adjust, due to labor contracts, costs of adjustment or imperfect information about market demand. • This chapter builds on the short run and long models of exchange rates to explain how output ...
Macroprudential Policies in a Global Perspective Olivier Jeanne
... a recent contribution, Korinek (2012) shows in a model similar to the one presented here that international cooperation is not justified if small countries use prudential capital controls to redress domestic externalities. In another, Bengui (2012) studies the scope for international coordination in ...
... a recent contribution, Korinek (2012) shows in a model similar to the one presented here that international cooperation is not justified if small countries use prudential capital controls to redress domestic externalities. In another, Bengui (2012) studies the scope for international coordination in ...
From Capital Control to Capital`s Control : Political Economy of
... there is some consensus about capital account liberalization including the preconditions and sequence for that. Several conditions like macroeconomic stability and establishment of sound financial sector with strong supervision system are considered essential for the successful liberalization. And i ...
... there is some consensus about capital account liberalization including the preconditions and sequence for that. Several conditions like macroeconomic stability and establishment of sound financial sector with strong supervision system are considered essential for the successful liberalization. And i ...
How Richard Nixon Pressured Arthur Burns
... telephone conversation. Burns states that “I wanted you to know that we lowered the discount rate . . . got it down to 4.5 percent.” “Good, good, good,” replies Nixon. Burns indicates that the announcement of the discount rate reduction would be accompanied by the usual statement that it was done in ...
... telephone conversation. Burns states that “I wanted you to know that we lowered the discount rate . . . got it down to 4.5 percent.” “Good, good, good,” replies Nixon. Burns indicates that the announcement of the discount rate reduction would be accompanied by the usual statement that it was done in ...
Macroeconomics Chamberlin and Yueh
... around the world. • The process by which shocks can be transmitted across countries is known as contagion. • One solution would be to reimpose capital controls, but this would also make the advantages of international financial markets unattainable. • Therefore, policy makers have become increasingl ...
... around the world. • The process by which shocks can be transmitted across countries is known as contagion. • One solution would be to reimpose capital controls, but this would also make the advantages of international financial markets unattainable. • Therefore, policy makers have become increasingl ...
targeting financial stability: macroprudential or monetary policy?
... the financial system as a whole, but few had tools to ensure the resilience of the system. The events of 2007-08 demonstrated starkly how price stability was no guarantee of financial stability. Some had argued before the crisis that monetary policy should be used to tackle financial imbalances (Bor ...
... the financial system as a whole, but few had tools to ensure the resilience of the system. The events of 2007-08 demonstrated starkly how price stability was no guarantee of financial stability. Some had argued before the crisis that monetary policy should be used to tackle financial imbalances (Bor ...
Make Your Publication Visible
... time. While the market for copper cash was mostly local, to an extent that the exchange rate of copper to silver varied across regions and was determined by the local market, the silver price in terms of gold was determined in the highly competitive international market. The exchange rate between si ...
... time. While the market for copper cash was mostly local, to an extent that the exchange rate of copper to silver varied across regions and was determined by the local market, the silver price in terms of gold was determined in the highly competitive international market. The exchange rate between si ...
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.