Capital account liberalisation: the Japanese experience
... We can observe the small but increasing gap between Japan’s current account balance and its changes in foreign reserves in this period (see Graph 1). However, most countries, including the United States, maintained some foreign exchange controls on pure international financial transactions so as to ...
... We can observe the small but increasing gap between Japan’s current account balance and its changes in foreign reserves in this period (see Graph 1). However, most countries, including the United States, maintained some foreign exchange controls on pure international financial transactions so as to ...
Can Low Interest Rates be Harmful: An Assessment of the Bank Risk
... methodology, in addition to the loan and bank specific characteristics as per Ioannidou et al. (2009), Paligorova and Santos (2012) also control for borrower specific characteristics and find over the period of 1990 to 2010, when the US federal funds rates were low, banks demanded relatively lower s ...
... methodology, in addition to the loan and bank specific characteristics as per Ioannidou et al. (2009), Paligorova and Santos (2012) also control for borrower specific characteristics and find over the period of 1990 to 2010, when the US federal funds rates were low, banks demanded relatively lower s ...
1. Introduction
... From the point of view of this author, the degree of international capital mobility is a fundamental attribute of the terrain within both domestic and international economic politics unfold. When the level of this capital mobility is altered, the terrain is altered. As McNamara points out; “At the i ...
... From the point of view of this author, the degree of international capital mobility is a fundamental attribute of the terrain within both domestic and international economic politics unfold. When the level of this capital mobility is altered, the terrain is altered. As McNamara points out; “At the i ...
Sovereign Money in Critical Context PDF
... The typical case in point is banking regulation according to Basel III (bank equity and liquidity requirements in relation to various classes of assets and liabilities). Basel III supporters believe that implementing such higher requirements would solve the problem.9 However, one has good reason to ...
... The typical case in point is banking regulation according to Basel III (bank equity and liquidity requirements in relation to various classes of assets and liabilities). Basel III supporters believe that implementing such higher requirements would solve the problem.9 However, one has good reason to ...
opinio juris - Kementerian Luar Negeri
... of liberalism is, among other things, about building a sense of uniformity and the incorporation of all mankind into a single idea free from restrictions of political boundaries.135 The sovereign state’s capacity for independent political action is weakened by globalization, especially in the area o ...
... of liberalism is, among other things, about building a sense of uniformity and the incorporation of all mankind into a single idea free from restrictions of political boundaries.135 The sovereign state’s capacity for independent political action is weakened by globalization, especially in the area o ...
The Bretton Woods Institutions: Governance without Legitimacy
... review whether the current quota formulas are adequate and also whether the variables in the formulas reasonably reflect the main features of the world economy. On the whole, the proposal for the revision of quotas prepared by the QFRG, must be seen as disappointing. Through their choice of variable ...
... review whether the current quota formulas are adequate and also whether the variables in the formulas reasonably reflect the main features of the world economy. On the whole, the proposal for the revision of quotas prepared by the QFRG, must be seen as disappointing. Through their choice of variable ...
Why We Shouldn`t Turn Our Backs on Globalization
... between nations that continued even after the war ended. From 1914 to 1929, the average level of international trade fell from 22% of world GDP to 16%, capital flows dried up, falling from close to 20% to 8% of world GDP (Obstfeld and Taylor, 2003), and worse was yet to come. In 1929, the Great Depr ...
... between nations that continued even after the war ended. From 1914 to 1929, the average level of international trade fell from 22% of world GDP to 16%, capital flows dried up, falling from close to 20% to 8% of world GDP (Obstfeld and Taylor, 2003), and worse was yet to come. In 1929, the Great Depr ...
Welcome to the Study Guide
... b. As percentage of world output (GDP), international investment has never been higher than it has been each year since 2000. c. As percentage of world output (GDP), international investment fell to near zero during most years of the 1930s d. International investment has never been a substantial par ...
... b. As percentage of world output (GDP), international investment has never been higher than it has been each year since 2000. c. As percentage of world output (GDP), international investment fell to near zero during most years of the 1930s d. International investment has never been a substantial par ...
NBER WORKING PAPER SERIES Jesús Fernández-Villaverde
... probably be impossible for any economist or historian to digest the whole archival record.1 Third, even if we could forget for a minute about the limits of the documents, we would face the fact that actual decisions tell us only about what was done, but say little about what would have been done in ...
... probably be impossible for any economist or historian to digest the whole archival record.1 Third, even if we could forget for a minute about the limits of the documents, we would face the fact that actual decisions tell us only about what was done, but say little about what would have been done in ...
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... current account deficit VAR models and data Ogawa and Kudo (2007) investigated how the US dollar depreciation would affect the US current account deficit. In this context we simulated how much depreciation of the US dollar was needed for current account sustainability, given the estimated parameters ...
... current account deficit VAR models and data Ogawa and Kudo (2007) investigated how the US dollar depreciation would affect the US current account deficit. In this context we simulated how much depreciation of the US dollar was needed for current account sustainability, given the estimated parameters ...
the volatility of somalia`s unregulated exchange rates
... (Somali Shilling) had very strong value but Somali shilling started to depreciate after 1980s and its value reached to a very low level. Somalia’s central government collapsed in 1990 following three decades of stability. Following the collapse of the government, the national currency continued to c ...
... (Somali Shilling) had very strong value but Somali shilling started to depreciate after 1980s and its value reached to a very low level. Somalia’s central government collapsed in 1990 following three decades of stability. Following the collapse of the government, the national currency continued to c ...
Exchange rates and export performance: evidence from micro-data
... of (short-term) exchange rate risk Although we have shown that New Zealand exporting firms are not, in general, currency-setters, this does not imply that trade always takes place in the currency of the importing country. Rather, a substantial proportion of trade takes place in ‘vehicle currencies’ ...
... of (short-term) exchange rate risk Although we have shown that New Zealand exporting firms are not, in general, currency-setters, this does not imply that trade always takes place in the currency of the importing country. Rather, a substantial proportion of trade takes place in ‘vehicle currencies’ ...
Trade Balances, Economic Growth and Linkages to
... economic growth of a country. In both of these models, foreign direct investment and trade are assumed to be the exogenous variables with growth as the endogenous variable. Lipsey (1991), Graham and Krugman (1991) argued that foreign direct investment has no effect on trade balance. By definition, t ...
... economic growth of a country. In both of these models, foreign direct investment and trade are assumed to be the exogenous variables with growth as the endogenous variable. Lipsey (1991), Graham and Krugman (1991) argued that foreign direct investment has no effect on trade balance. By definition, t ...
NBER WORKING PAPER SERIES AND BUDGET DEFICITS, TAX
... It might be argued that the residuals in 1983, although negative, are smaller absolutely than the residuals of 1982, suggesting that "something" had made nominal GNP grow more rapidly in 1983 than would have been predicted on the basis of lagged money alone. There is no way to test this view that th ...
... It might be argued that the residuals in 1983, although negative, are smaller absolutely than the residuals of 1982, suggesting that "something" had made nominal GNP grow more rapidly in 1983 than would have been predicted on the basis of lagged money alone. There is no way to test this view that th ...
Escaping from a Liquidity Trap and Deflation: The Foolproof Way
... Japan lowered the interest rate to zero and kept it there from February 1999 to August 2000, and again from March 2001 until now. From March 2001, after long indecisiveness, it also attempted a so-called “quantitative easing,” a substantial expansion of the monetary base. During two years up to the ...
... Japan lowered the interest rate to zero and kept it there from February 1999 to August 2000, and again from March 2001 until now. From March 2001, after long indecisiveness, it also attempted a so-called “quantitative easing,” a substantial expansion of the monetary base. During two years up to the ...
A survey of the world economy September 16th 2006
... share is still less than 30%. But even at market exchange rates, they accounted for well over half of the increase in global output last year. And this is not just about China and India: those two together made up less than one-quarter of the total increase in emerging economies’ GDP last year. Ther ...
... share is still less than 30%. But even at market exchange rates, they accounted for well over half of the increase in global output last year. And this is not just about China and India: those two together made up less than one-quarter of the total increase in emerging economies’ GDP last year. Ther ...
9th-12th Grade 2011 Social Studies Standards
... resources efficiently or meet other goals, & this often leads to government attempts to correct the problem. ...
... resources efficiently or meet other goals, & this often leads to government attempts to correct the problem. ...
NBER WORKING PAPER SERIES US AFTER 2001 Lawrence Christiano
... have exhibited more of the volatility evident in the US data (see Figure 1). This volatility would have increased the volatility in the ECB’s policy rate, causing the movements in the EA interest rate to more closely resemble those in the US. At the same time, we find that differences in wage and pri ...
... have exhibited more of the volatility evident in the US data (see Figure 1). This volatility would have increased the volatility in the ECB’s policy rate, causing the movements in the EA interest rate to more closely resemble those in the US. At the same time, we find that differences in wage and pri ...
Exchange Rates
... – In the past, many currencies operated under a fixed-exchange-rate system, in which exchange rates were determined by governments • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold ...
... – In the past, many currencies operated under a fixed-exchange-rate system, in which exchange rates were determined by governments • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold ...
Essays on Monetary Economics DEPARTMENT OF ECONOMICS UNIVERSITAT POMPEU FABRA
... The implementation of the European Monetary Union has changed the way macroeconomic policy has been conducted within and outside Europe. The estabhshment of a common currency and a conunon central bank has in fact created a new major contender to the United States and Japan in the world monetary ave ...
... The implementation of the European Monetary Union has changed the way macroeconomic policy has been conducted within and outside Europe. The estabhshment of a common currency and a conunon central bank has in fact created a new major contender to the United States and Japan in the world monetary ave ...
HYPOTHETICAL EVOLVENT OF MACROECONOMIC STABILITY
... The Evolvent of Macroeconomic Stability Surveillance Indicators - Old Wine in New Bottles? Starting from the summer of 2008, the European Union’s economy suffers the recession. The discontent of EU citizens does not allow to implement impartial (although sometimes painful) actions for the recovery o ...
... The Evolvent of Macroeconomic Stability Surveillance Indicators - Old Wine in New Bottles? Starting from the summer of 2008, the European Union’s economy suffers the recession. The discontent of EU citizens does not allow to implement impartial (although sometimes painful) actions for the recovery o ...
Monetary and Fiscal Policies in a Sudden Stop: Is tighter brigther
... temporarily, even if higher interest costs complicate the situation of weak banks and corporations. … Once confidence is restored, interest rates can return to more normal levels. … Indeed, the reluctance to tighten interest rates forcefully at the beginning has been an important factor in perpetuat ...
... temporarily, even if higher interest costs complicate the situation of weak banks and corporations. … Once confidence is restored, interest rates can return to more normal levels. … Indeed, the reluctance to tighten interest rates forcefully at the beginning has been an important factor in perpetuat ...
NBER WORKING PAPER SERIES OPTIMAL MONETARY AND FISCAL POLICY Jordi Gali
... …scal authority. Thirdly, the framework should comprise many open economies, linked by trade and …nancial ‡ows. It is worth noticing that while several examples of optimizing sticky price models of the world economy can be found in the literature, tractability often requires that they be restricted ...
... …scal authority. Thirdly, the framework should comprise many open economies, linked by trade and …nancial ‡ows. It is worth noticing that while several examples of optimizing sticky price models of the world economy can be found in the literature, tractability often requires that they be restricted ...
Depreciation of the Indian Currency: Implications for the
... FIIs had stepped up selling from the beginning of September as major investment banks such as Lehman-Brothers and Merrill-Lynch plunged into deep trouble which was followed by others such as AIG, Morgan Stanley and Goldman Sachs. The net sales by foreign institutional investors (FIIs) amounted to $ ...
... FIIs had stepped up selling from the beginning of September as major investment banks such as Lehman-Brothers and Merrill-Lynch plunged into deep trouble which was followed by others such as AIG, Morgan Stanley and Goldman Sachs. The net sales by foreign institutional investors (FIIs) amounted to $ ...
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.