THE INDEPENDENCE OF THE FED: “IN THE FED WE TRUST” OR
... Reserve System, informally referred to as the Fed, is no exception to the rule. It was created on December 23, 1913 with a purpose. Its very existence and original purpose was to handle and calm financial panics or economic crisis. In other words, the Fed’s purpose was to convey, on a national scale ...
... Reserve System, informally referred to as the Fed, is no exception to the rule. It was created on December 23, 1913 with a purpose. Its very existence and original purpose was to handle and calm financial panics or economic crisis. In other words, the Fed’s purpose was to convey, on a national scale ...
Farewell to cheap capital? The implications of long‑term shifts in
... Farewell to cheap capital? The implications of long-term shifts in global investment and saving is the latest research by the McKinsey Global Institute (MGI) on the outlook for global capital markets in the wake of the 2008 financial crisis and subsequent recession. Among the lingering effects of th ...
... Farewell to cheap capital? The implications of long-term shifts in global investment and saving is the latest research by the McKinsey Global Institute (MGI) on the outlook for global capital markets in the wake of the 2008 financial crisis and subsequent recession. Among the lingering effects of th ...
Meeting Global Challenges - Yale Center for the Study of Globalization
... Indeed, the world’s promise can be realized and its perils restrained only through extensive and ambitious cooperation across borders. Ours is a world of shared risks and common opportunities, grounded in the realities of mutual dependence and growing interconnection. All peoples’ health, security a ...
... Indeed, the world’s promise can be realized and its perils restrained only through extensive and ambitious cooperation across borders. Ours is a world of shared risks and common opportunities, grounded in the realities of mutual dependence and growing interconnection. All peoples’ health, security a ...
Slow disinflation process willl delay policy rate cuts
... Inflation has declined more slowly than the Central Bank of Iceland forecast at the end of March 2007, even though the real exchange rate has been higher than expected at that time. Underlying inflation – i.e. excluding volatile items and changes in public services prices, indirect taxes and mortgag ...
... Inflation has declined more slowly than the Central Bank of Iceland forecast at the end of March 2007, even though the real exchange rate has been higher than expected at that time. Underlying inflation – i.e. excluding volatile items and changes in public services prices, indirect taxes and mortgag ...
US Intervention in the Exchange Market for DM, 1977-80
... falling, is the plot for November 1, 1978. At that time, the U.S. government took the position that the dollar was oversold on the market and should be strengthened by intervention. Because this observation is associated with peculiar circumstances and is so far removed from the usual pattern, it i ...
... falling, is the plot for November 1, 1978. At that time, the U.S. government took the position that the dollar was oversold on the market and should be strengthened by intervention. Because this observation is associated with peculiar circumstances and is so far removed from the usual pattern, it i ...
Money, Central Banking in India and International Financial Institutions - I
... product for another between two individuals. Person A has two chickens but wants to get some apples; meanwhile, Person B has six apples but wants some chickens. If the two can find each other, Person A might trade one of his chickens for three of Person B's apples. No medium of exchange is used. The ...
... product for another between two individuals. Person A has two chickens but wants to get some apples; meanwhile, Person B has six apples but wants some chickens. If the two can find each other, Person A might trade one of his chickens for three of Person B's apples. No medium of exchange is used. The ...
Volatility, Crises and Growth
... for their current institutions. We also showed a large effect of institutions on longrun economic development. Fig. 1 shows that there is also a strong relationship between settler mortality rates and postwar economic outcomes, especially volatility and crises. Former colonies with higher European m ...
... for their current institutions. We also showed a large effect of institutions on longrun economic development. Fig. 1 shows that there is also a strong relationship between settler mortality rates and postwar economic outcomes, especially volatility and crises. Former colonies with higher European m ...
Monetary–Fiscal Interactions: How to Improve Policy Outcomes?* Jan Libich, James Savage
... There are few current policy issues as pertinent as the optimal setting of fiscal and monetary policies. A cursory view of the heated debate in the United States today, between proponents of fiscal tightening and loosening, is a case in point. Choosing optimal fiscal and monetary policy is, however, ...
... There are few current policy issues as pertinent as the optimal setting of fiscal and monetary policies. A cursory view of the heated debate in the United States today, between proponents of fiscal tightening and loosening, is a case in point. Choosing optimal fiscal and monetary policy is, however, ...
exchange rate volatility and trade
... The consequences of exchange rate volatility on trade have long been at the centre of the debate on the optimality of alternative exchange rate regimes.1 Proponents of fixed rates argue that since the advent of the floating regime, exchange rates have been subject to excessive volatility and deviati ...
... The consequences of exchange rate volatility on trade have long been at the centre of the debate on the optimality of alternative exchange rate regimes.1 Proponents of fixed rates argue that since the advent of the floating regime, exchange rates have been subject to excessive volatility and deviati ...
External Stability, Real Exchange Rate
... Freund and Warnock (2005) use an event-study approach to examine episodes of CA adjustment in advanced countries. They first determine episodes of CA deficit reversals using the criteria in Freund (2005), and then examine the behaviour of key variables during the reversal. They find that CA adjustm ...
... Freund and Warnock (2005) use an event-study approach to examine episodes of CA adjustment in advanced countries. They first determine episodes of CA deficit reversals using the criteria in Freund (2005), and then examine the behaviour of key variables during the reversal. They find that CA adjustm ...
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... When the International Monetary Fund (IMF) saw the light of day in the mid-1940s, 29 IMF member countries signed the Articles of Agreement at first. International trade in goods, services and especially capital was limited as a consequence of the Great Depression and World War II. While one of the m ...
... When the International Monetary Fund (IMF) saw the light of day in the mid-1940s, 29 IMF member countries signed the Articles of Agreement at first. International trade in goods, services and especially capital was limited as a consequence of the Great Depression and World War II. While one of the m ...
Download Full Report
... This report has been a particularly interesting analysis for Global Financial Integrity. Utilizing the usual World Bank Residual model plus trade misinvoicing yields a figure of US$782 billion in unrecorded outflows from Russia for the period 1994 to 2011. Utilizing an alternative model—Hot Money Na ...
... This report has been a particularly interesting analysis for Global Financial Integrity. Utilizing the usual World Bank Residual model plus trade misinvoicing yields a figure of US$782 billion in unrecorded outflows from Russia for the period 1994 to 2011. Utilizing an alternative model—Hot Money Na ...
Sebastian Edwards Working Paper No. 1507 Massachusetts Avenue Cambridge,
... This paper was written while I was visiting the Country Policy Department of the World Bank during the summer of 1983, and presented at the World Bank Conference, Economic Liberalization: Adjustments During the Transition, Washington, D.C., October 1983. I am indebted to A. Choksi, D. Papageorgiou, ...
... This paper was written while I was visiting the Country Policy Department of the World Bank during the summer of 1983, and presented at the World Bank Conference, Economic Liberalization: Adjustments During the Transition, Washington, D.C., October 1983. I am indebted to A. Choksi, D. Papageorgiou, ...
World Economic Outlook
... assumed to have remained constant in nominal terms relative to the euro; that established policies of national authorities will be maintained (for specific assumptions about fiscal and monetary policies for selected economies, see Box A1 in the Statistical Appendix); that the average price of oil wi ...
... assumed to have remained constant in nominal terms relative to the euro; that established policies of national authorities will be maintained (for specific assumptions about fiscal and monetary policies for selected economies, see Box A1 in the Statistical Appendix); that the average price of oil wi ...
NBER WORKING PAPER SERIES DEVALUATION CRISES AND THE MACROECONOMIC CONSEQUENCES
... episodes the current account to GDP ratio reached remarkable levels. ...
... episodes the current account to GDP ratio reached remarkable levels. ...
Momentum`s Got Style Style Investing and - Aalto
... limited cognitive abilities so that we can make decisions with less effort than if we treated each object uniquely. Categorization applies also to financial markets where information is abundant. Investors categorize individual assets into asset classes, such as equities, bonds, or currencies, to si ...
... limited cognitive abilities so that we can make decisions with less effort than if we treated each object uniquely. Categorization applies also to financial markets where information is abundant. Investors categorize individual assets into asset classes, such as equities, bonds, or currencies, to si ...
Migrant Worker Remittance Payments
... Region pegged to the United States dollar, the recent depreciation of the dollar has given migrant workers from India an incentive to send funds home. In fact, the rupee recently crossed the 50 unit mark against the dollar for the first time in five years. A lucrative exchange rate, which dramatical ...
... Region pegged to the United States dollar, the recent depreciation of the dollar has given migrant workers from India an incentive to send funds home. In fact, the rupee recently crossed the 50 unit mark against the dollar for the first time in five years. A lucrative exchange rate, which dramatical ...
PDF
... investment behaviour has been incorporated into the GTAP model. In this dynamic version of GTAP, time is included as a variable. This allows investment undertaken during each time period to add to the level of capital stocks available in subsequent time periods; thus in the dynamic model capital acc ...
... investment behaviour has been incorporated into the GTAP model. In this dynamic version of GTAP, time is included as a variable. This allows investment undertaken during each time period to add to the level of capital stocks available in subsequent time periods; thus in the dynamic model capital acc ...
Quarterly Projection Model for India: Key Elements and Properties
... corners in which conventional policy instruments lose effectiveness (Blanchard, 2014). For example, in major advanced economies, the main dark corner to be avoided in the recent period relates to deflation and the effective lower bound on interest rates. Under circumstances where inflation and the p ...
... corners in which conventional policy instruments lose effectiveness (Blanchard, 2014). For example, in major advanced economies, the main dark corner to be avoided in the recent period relates to deflation and the effective lower bound on interest rates. Under circumstances where inflation and the p ...
Does financial liberalization spur growth?
... Our results are robust to alternative measurements of the liberalization variable. The use of a homogeneous measure of international openness, focusing on equity markets, could explain why our results are so different from the capital account openness literature. We confirm that the standard Internat ...
... Our results are robust to alternative measurements of the liberalization variable. The use of a homogeneous measure of international openness, focusing on equity markets, could explain why our results are so different from the capital account openness literature. We confirm that the standard Internat ...
Download paper (PDF)
... Our results are robust to alternative measurements of the liberalization variable. The use of a homogeneous measure of international openness, focusing on equity markets, could explain why our results are so different from the capital account openness literature. We confirm that the standard Internat ...
... Our results are robust to alternative measurements of the liberalization variable. The use of a homogeneous measure of international openness, focusing on equity markets, could explain why our results are so different from the capital account openness literature. We confirm that the standard Internat ...
Exploring the Dynamics of Global Liquidity
... made clear that traditional monetary aggregates on a national level may not capture the full range of liquidity-creating instruments nor the full impact of the activities of large cross border financial intermediaries, which play an increasingly important role in globally integrated capital markets. ...
... made clear that traditional monetary aggregates on a national level may not capture the full range of liquidity-creating instruments nor the full impact of the activities of large cross border financial intermediaries, which play an increasingly important role in globally integrated capital markets. ...
External Reserves Accumulation and the
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
MEASURING EXCHANGE MARKET PRESSURE IN MONGOLIA
... needed to examine and implement is to determine exchange market pressure with numerical values and to review opportunity to use it in exchange rate policy. In international experience, pressure on domestic currency is expressed by “exchange market pressure (hereinafter “EMP”) index”. Griton&Roper (1 ...
... needed to examine and implement is to determine exchange market pressure with numerical values and to review opportunity to use it in exchange rate policy. In international experience, pressure on domestic currency is expressed by “exchange market pressure (hereinafter “EMP”) index”. Griton&Roper (1 ...
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.