CAPITAL FLOWS AND THEIR IMPLICATION FOR CENTRAL BANK
... Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement, with effect from February 1, 19961. The implementations of the current and capital account liberalization have had both negative and positive impacts in the economy. Mongolia was the first country in transition to join the World Tr ...
... Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement, with effect from February 1, 19961. The implementations of the current and capital account liberalization have had both negative and positive impacts in the economy. Mongolia was the first country in transition to join the World Tr ...
BANK OF JAMAICA Quarterly Monetary Policy Report
... confidence, low and stable inflation as well as increased external competitiveness in the context an expanding global economy. The strengthening in growth should also be supported by the continued timely implementation of critical structural reforms over the course of the Programme. In the context o ...
... confidence, low and stable inflation as well as increased external competitiveness in the context an expanding global economy. The strengthening in growth should also be supported by the continued timely implementation of critical structural reforms over the course of the Programme. In the context o ...
July 2011 minutes - Lars E.O. Svensson
... disrupt financial stability. Ms Ekholm said that this was a reasonable assumption, even though the management of these problems to date does not appear to have been particularly effective. It is also reasonable to assume that there is some likelihood that the situation will not be dealt with success ...
... disrupt financial stability. Ms Ekholm said that this was a reasonable assumption, even though the management of these problems to date does not appear to have been particularly effective. It is also reasonable to assume that there is some likelihood that the situation will not be dealt with success ...
DP2005/06 A Simple, Structural, and Empirical Model of the Antipodean Transmission Mechanism
... behaviour in each country, as the Reserve Bank of Australia (RBA) shows considerably larger concern for output growth targeting than its New Zealand counterpart, the RBNZ. Perhaps surprisingly, neither central bank responds consistently to exchange rates. Finally, the structural estimation reveals t ...
... behaviour in each country, as the Reserve Bank of Australia (RBA) shows considerably larger concern for output growth targeting than its New Zealand counterpart, the RBNZ. Perhaps surprisingly, neither central bank responds consistently to exchange rates. Finally, the structural estimation reveals t ...
Currency Misalignments and Optimal Monetary Policy: A
... These misalignments arise even when foreign exchange markets are efficient. The currency misalignment distortion that concerns policymakers arises in the goods market—from price setting—and not in the foreign exchange market. The model of this paper determines the foreign exchange rate in an efficie ...
... These misalignments arise even when foreign exchange markets are efficient. The currency misalignment distortion that concerns policymakers arises in the goods market—from price setting—and not in the foreign exchange market. The model of this paper determines the foreign exchange rate in an efficie ...
global financial crisis and restructuring of global economy
... commodity markets coupled with doubts about the monetary policy to be pursued by developed nations, many developing nations became uncertain about the policy they themselves have to pursue. • With fewer funds available for development, the GFC has become a crisis of poverty for humanity. The social ...
... commodity markets coupled with doubts about the monetary policy to be pursued by developed nations, many developing nations became uncertain about the policy they themselves have to pursue. • With fewer funds available for development, the GFC has become a crisis of poverty for humanity. The social ...
NBER WORKING PAPER SERIES Pierpaolo Benigno Working Paper 12219
... (2004), a theory in which financial adjustments and in particular exchange rate movements are important in determining the frontier of the feasible allocation of quantities and relative prices can raise the tempting argument that exchange rates adjust to sustain any real allocation achieved. They ca ...
... (2004), a theory in which financial adjustments and in particular exchange rate movements are important in determining the frontier of the feasible allocation of quantities and relative prices can raise the tempting argument that exchange rates adjust to sustain any real allocation achieved. They ca ...
Exchange Rates, Balance of Payments, and International Debt
... 4. Continuing the yap example, what might the yap government be forced to do if it did not have a sufficient quantity of yaps on reserve to eliminate the excess demand? • The yap government might be forced to borrow yaps from another country, or even agree to increase the exchange rate ($ per yap). ...
... 4. Continuing the yap example, what might the yap government be forced to do if it did not have a sufficient quantity of yaps on reserve to eliminate the excess demand? • The yap government might be forced to borrow yaps from another country, or even agree to increase the exchange rate ($ per yap). ...
Super Imperialism The Economic Strategy of American Empire
... real output and by selling off their companies. But this is not what American officials are willing to do today. The world economy now operates on a double standard that enables America to spend internationally without limit, following whatever economic and military policies it wishes to, without an ...
... real output and by selling off their companies. But this is not what American officials are willing to do today. The world economy now operates on a double standard that enables America to spend internationally without limit, following whatever economic and military policies it wishes to, without an ...
FINANCIAL MARKET REFORM by
... crucial impediment to the efficient functioning of the financial system is asymmetric information, a situation in which one party to a financial contract has much less accurate information than the other party. For example, borrowers who take out loans usually have much better information about the ...
... crucial impediment to the efficient functioning of the financial system is asymmetric information, a situation in which one party to a financial contract has much less accurate information than the other party. For example, borrowers who take out loans usually have much better information about the ...
The impact of trade finance on international trade
... ABSTRACT Approximately 80 percent of global trade relies on some version of trade finance. This paper seeks to further the understanding of the relationship between trade flows and the availability of trade finance, while accounting for the development of the sample countries’ financial sectors. The ...
... ABSTRACT Approximately 80 percent of global trade relies on some version of trade finance. This paper seeks to further the understanding of the relationship between trade flows and the availability of trade finance, while accounting for the development of the sample countries’ financial sectors. The ...
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... The volume of U S farm exports contmues below lts 1980 peak Thls lS one of the major problems plagu mg agrlculture Lower exports contrIbuted m the elghtles to lower mcomes, financlal stress, and reduced values of land and other farm assets AgI l culture may not recover until farm exports plck up T ...
... The volume of U S farm exports contmues below lts 1980 peak Thls lS one of the major problems plagu mg agrlculture Lower exports contrIbuted m the elghtles to lower mcomes, financlal stress, and reduced values of land and other farm assets AgI l culture may not recover until farm exports plck up T ...
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... It is absolutely vital to maintain the momentum gained so far and continue to build up support for enlargement. The outcome of the Irish referendum was a warning signal to both European governments and EU institutions that enlargement will only be a success if its aims and long-term benefits are und ...
... It is absolutely vital to maintain the momentum gained so far and continue to build up support for enlargement. The outcome of the Irish referendum was a warning signal to both European governments and EU institutions that enlargement will only be a success if its aims and long-term benefits are und ...
intertemporal analysis of foreign borrowing An for developing economies* –
... Foreign capital flows have become increasingly important in financing investment and growth in developing countries. The foreign debt problem, however, has continued to pose a threat to the integration and fabric of the international financial system, as foreign capital flows can be volatile as is e ...
... Foreign capital flows have become increasingly important in financing investment and growth in developing countries. The foreign debt problem, however, has continued to pose a threat to the integration and fabric of the international financial system, as foreign capital flows can be volatile as is e ...
Financial capital
... under Article 5bis of the Insolvency Act in November 2015. During this period, a new viability plan was published, along with indicative conditions of capital structure restructuring, which is in the process of being signed up to by our creditors. Due to this situation, Abengoa’s financing model wil ...
... under Article 5bis of the Insolvency Act in November 2015. During this period, a new viability plan was published, along with indicative conditions of capital structure restructuring, which is in the process of being signed up to by our creditors. Due to this situation, Abengoa’s financing model wil ...
Economic Costs of Alternative Monetary Policy Responses During
... unsustainable; (ii) do not attempt to defend the currency and allow the currency to depreciate immediately. The existing literature on currency attacks has shown that the ease with which a currency devaluation can be prevented depends on the economic environment at the time of the attack. Therefore ...
... unsustainable; (ii) do not attempt to defend the currency and allow the currency to depreciate immediately. The existing literature on currency attacks has shown that the ease with which a currency devaluation can be prevented depends on the economic environment at the time of the attack. Therefore ...
Asset Prices, Financial Conditions, and the
... high, constant level before the first oil price shock in 1974, a low constant level after the first oil price shock and an upward trend since the early eighties. The problem is that the expected long-run growth rate of dividends cannot be assumed to be constant. Adverse supply side conditions, cause ...
... high, constant level before the first oil price shock in 1974, a low constant level after the first oil price shock and an upward trend since the early eighties. The problem is that the expected long-run growth rate of dividends cannot be assumed to be constant. Adverse supply side conditions, cause ...
Inflation, Disinflation, and Deflation in China: Identifying the Shocks
... of estimating small order vector autoregressions (VARs). However, in view of the uncertainty surrounding the sources of economic shocks, this paper compares results from three sets of alternative identification conditions, namely the standard Blanchard-Quah approach, an approach recently proposed by ...
... of estimating small order vector autoregressions (VARs). However, in view of the uncertainty surrounding the sources of economic shocks, this paper compares results from three sets of alternative identification conditions, namely the standard Blanchard-Quah approach, an approach recently proposed by ...
NBER WORKING PAPER SERIES CAPITAL CONTROLS, THE DUAL EXCHANGE RATE, AND Maurice Obstfeld
... showing that under certain idealized conditions (including interest—bearing official reserves), devaluation is fully neutral, even in the short run. This result was demonstrated previously in Obstfeld [1981} under assumptions about individual preferences somewhat different from those made below. Sec ...
... showing that under certain idealized conditions (including interest—bearing official reserves), devaluation is fully neutral, even in the short run. This result was demonstrated previously in Obstfeld [1981} under assumptions about individual preferences somewhat different from those made below. Sec ...
La Follette School of Public Affairs Dollar Real Exchange Rate
... We assumed that West German inflation and growth rates of output in 1991:1 (the first year of reunification) also applied to Germany as a whole, and used that ratio to scale up the level of post-1990 data on German output and price level. Thus growth rates of inflation and output match those for Wes ...
... We assumed that West German inflation and growth rates of output in 1991:1 (the first year of reunification) also applied to Germany as a whole, and used that ratio to scale up the level of post-1990 data on German output and price level. Thus growth rates of inflation and output match those for Wes ...
The Czech National Bank`s Role Since the Global Crisis
... of the global economic crisis started to disappear, foreign effective GDP switched to positive growth rates again from the beginning of 2010. The effective GDP growth reached its highest point one year later, to slow down to zero again by the first quarter of 2013 due to the escalation of euro area ...
... of the global economic crisis started to disappear, foreign effective GDP switched to positive growth rates again from the beginning of 2010. The effective GDP growth reached its highest point one year later, to slow down to zero again by the first quarter of 2013 due to the escalation of euro area ...
Contemporary exchange rate regimes: floating, fixed and hybrid
... questions in models calibrated to New Zealand. They ask whether monetary policy can trade off price stability with stability in other variables. The first two papers are based on New Keynesiantype models calibrated to the New Zealand economy. Hampton et al use the FPS model, a larger, micro-founded ...
... questions in models calibrated to New Zealand. They ask whether monetary policy can trade off price stability with stability in other variables. The first two papers are based on New Keynesiantype models calibrated to the New Zealand economy. Hampton et al use the FPS model, a larger, micro-founded ...
Official PDF , 46 pages
... the savings (even without taking into account the additional increasing participation of crossborder investors). The nature of financing is also changing to some extent. For instance, there is a longer maturity of bonds from the private sector in domestic markets. The extent of the dollarization of ...
... the savings (even without taking into account the additional increasing participation of crossborder investors). The nature of financing is also changing to some extent. For instance, there is a longer maturity of bonds from the private sector in domestic markets. The extent of the dollarization of ...
NBER WORKING PAPER SERIES CAN INFLATION TARGETING WORK IN EMERGING MARKET COUNTRIES?
... emerging market countries need to be taken seriously. Before starting it is important to make clear what an inflation targeting regime is all about. It comprises five elements: 1) the public announcement of medium-term numerical targets for inflation; 2) an institutional commitment to price stabilit ...
... emerging market countries need to be taken seriously. Before starting it is important to make clear what an inflation targeting regime is all about. It comprises five elements: 1) the public announcement of medium-term numerical targets for inflation; 2) an institutional commitment to price stabilit ...
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.