BIS Working Papers No 112 Determinants of international bank
... economic fundamentals, not least owing to the limited potential to resell loans in the secondary market (Sarno and Taylor (1999a)). The rising share of short-term bank lending in the first half of the 1990s critically undermined this assumption of stability since the greater weight of short-term loa ...
... economic fundamentals, not least owing to the limited potential to resell loans in the secondary market (Sarno and Taylor (1999a)). The rising share of short-term bank lending in the first half of the 1990s critically undermined this assumption of stability since the greater weight of short-term loa ...
Analysis of Exchange Rate Fluctuations: A Study of PKR VS USD
... Vergil (2003) examined the association among exchange rate and macroeconomic variables inside Turkey and the European Union by means of quarterly data from 1990:1 to 2000:12. The results of Vergil’s study demonstrate that real exports in Turkey are strongly affected through exchange rate volatility. ...
... Vergil (2003) examined the association among exchange rate and macroeconomic variables inside Turkey and the European Union by means of quarterly data from 1990:1 to 2000:12. The results of Vergil’s study demonstrate that real exports in Turkey are strongly affected through exchange rate volatility. ...
A survey of literature on the equilibrium real exchange rate an
... current account in the short run. In this sense, FEER is a normative concept. In most cases, FEER is determined on the basis of a partial equilibrium model, in which an equation is estimated for the current account (or for the trade account). This equation is solved for the real exchange rate that m ...
... current account in the short run. In this sense, FEER is a normative concept. In most cases, FEER is determined on the basis of a partial equilibrium model, in which an equation is estimated for the current account (or for the trade account). This equation is solved for the real exchange rate that m ...
The ECB`s securities markets programme
... The thesis of Mr Leon Helm looks at an extremely topical issue, namely so-called nonstandard operations, which the European Central Bank (ECB) has been running since the outbreak of the euro area debt crisis. More precisely the thesis deals with the ECB’s purchase of high-yield government bonds on s ...
... The thesis of Mr Leon Helm looks at an extremely topical issue, namely so-called nonstandard operations, which the European Central Bank (ECB) has been running since the outbreak of the euro area debt crisis. More precisely the thesis deals with the ECB’s purchase of high-yield government bonds on s ...
finance and growth: theory and evidence
... Before continuing, I want to acknowledge and emphasize that this review treats only cursorily some important issues. Here I highlight two, though this list is by no means exhaustive. First, I do not discuss in much depth the relationship between growth and international finance, such as cross-border ...
... Before continuing, I want to acknowledge and emphasize that this review treats only cursorily some important issues. Here I highlight two, though this list is by no means exhaustive. First, I do not discuss in much depth the relationship between growth and international finance, such as cross-border ...
Sustainability of Sukuk and Conventional Bonds during Financial Crisis: Malaysian Capital Market
... affected the world’s economy and in particular the banking industry, among many other things. Islamic finance (sukuk) has also not been spared, although it has been enjoying tremendous growth since its debut in the 1970s. It had not shown any sign of slowing down until the recent global financial cr ...
... affected the world’s economy and in particular the banking industry, among many other things. Islamic finance (sukuk) has also not been spared, although it has been enjoying tremendous growth since its debut in the 1970s. It had not shown any sign of slowing down until the recent global financial cr ...
Australian Government Foreign Exchange Risk Management
... These Guidelines explain the Australian Government’s policy on foreign exchange risk management and the framework under which it operates. The policy has been in place since 1 July 2002. The reporting requirements set out in chapter 5 of these guidelines apply from 1 July 2006. This policy applies t ...
... These Guidelines explain the Australian Government’s policy on foreign exchange risk management and the framework under which it operates. The policy has been in place since 1 July 2002. The reporting requirements set out in chapter 5 of these guidelines apply from 1 July 2006. This policy applies t ...
Preliminary How Do Trade and Financial Integration Affect the Relationship
... explore how this relationship has been influenced by different aspects of globalization. The Ramey and Ramey results, which have become the benchmark in this literature, are based on a dataset that ends in 1985, just when the pace of globalization began to pick up and enveloped a number of developin ...
... explore how this relationship has been influenced by different aspects of globalization. The Ramey and Ramey results, which have become the benchmark in this literature, are based on a dataset that ends in 1985, just when the pace of globalization began to pick up and enveloped a number of developin ...
NBER WORKING PAPER SERIES MONETARY RULES FOR COMMODITY TRADERS Luis Catão Roberto Chang
... and in addition assume only perfect international sharing. Our discussion of optimal monetary policy is inspired by and has some overlap with Gali and Monacelli (2005) and Faia and Monacelli (2007). But our approach is simpler and more intuitive, which allows us to extend the analysis to our much mo ...
... and in addition assume only perfect international sharing. Our discussion of optimal monetary policy is inspired by and has some overlap with Gali and Monacelli (2005) and Faia and Monacelli (2007). But our approach is simpler and more intuitive, which allows us to extend the analysis to our much mo ...
Materiality in Planning and Performing an Audit
... and performing the audit; evaluating the effect of identified misstatements on the audit and the effect of uncorrected misstatements, if any, on the financial statements; and in forming the opinion in the auditor's report. (Ref: par. .A1) .06 In planning the audit, the auditor makes judgments about ...
... and performing the audit; evaluating the effect of identified misstatements on the audit and the effect of uncorrected misstatements, if any, on the financial statements; and in forming the opinion in the auditor's report. (Ref: par. .A1) .06 In planning the audit, the auditor makes judgments about ...
Effects of monetary policy on the $ / £ exchange rate. Is there a
... and Romer (2004) monetary policy index. For the period from 1974M1 to 1990M5, Eichenbaum and Evans (1995) found the considered exchange rates to appreciate for several months after an expansionary US monetary policy shock until reaching a peak from which they then start to decline in value. The dete ...
... and Romer (2004) monetary policy index. For the period from 1974M1 to 1990M5, Eichenbaum and Evans (1995) found the considered exchange rates to appreciate for several months after an expansionary US monetary policy shock until reaching a peak from which they then start to decline in value. The dete ...
EditedxThesis
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
FREE Sample Here - We can offer most test bank and
... C. Providing financial assistance to the under-developed countries. D. Raising average U.S. tariffs on more than 20,000 imported goods. E. Outsourcing its production activities to other countries. ...
... C. Providing financial assistance to the under-developed countries. D. Raising average U.S. tariffs on more than 20,000 imported goods. E. Outsourcing its production activities to other countries. ...
Accounting for Emerging Market Countries` International Reserves
... developed IMF methodology for assessing reserve adequacy, for instance, suggests a range between 100 and 150 percent of its Reserve Adequacy Metric as being appropriate, but for the typical EME, that range translates into 10 percent of GDP. In this paper, therefore, we adopt a more pragmatic tack. R ...
... developed IMF methodology for assessing reserve adequacy, for instance, suggests a range between 100 and 150 percent of its Reserve Adequacy Metric as being appropriate, but for the typical EME, that range translates into 10 percent of GDP. In this paper, therefore, we adopt a more pragmatic tack. R ...
What is Financial Stability? Financial Stability
... Alawode and Al Sadek What is Financial Stability? ...
... Alawode and Al Sadek What is Financial Stability? ...
Reform of APEC - The Australian APEC Study Centre
... trade liberalization but reforming domestic systems to sustain growth and maintain global competitiveness. New Declaration or not, APEC’s machinery needs to be rejigged to provide a more direct focus on and higher priority for economic reform in APEC. APEC Finance Ministers need to be “mainstreamed” ...
... trade liberalization but reforming domestic systems to sustain growth and maintain global competitiveness. New Declaration or not, APEC’s machinery needs to be rejigged to provide a more direct focus on and higher priority for economic reform in APEC. APEC Finance Ministers need to be “mainstreamed” ...
Global Macro Risks in Currency Excess Returns
... In this paper, we study the cross-section of carry-trade generated currency excess returns in terms of their exposure to risk. We focus attention on global risk factors, constructed from macroeconomic fundamentals. The factors are designed to reflect variations in global macroeconomic uncertainty. T ...
... In this paper, we study the cross-section of carry-trade generated currency excess returns in terms of their exposure to risk. We focus attention on global risk factors, constructed from macroeconomic fundamentals. The factors are designed to reflect variations in global macroeconomic uncertainty. T ...
NBER WORKING PAPER SERIES THE U.S. CURRENT ACCOUNT DEFICIT: GRADUAL Sebastian Edwards
... Since 1970 the U.S. has been the only large industrial country that has run current account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. ...
... Since 1970 the U.S. has been the only large industrial country that has run current account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. ...
Central banks around the world: Does membership size differ?
... members’ preferences, smaller the larger the size of the committee, and smaller than if it was chosen by a single member.” Sibert (2006), however, argues that decision-making by committee may not necessarily result in moderation. ...
... members’ preferences, smaller the larger the size of the committee, and smaller than if it was chosen by a single member.” Sibert (2006), however, argues that decision-making by committee may not necessarily result in moderation. ...
the czech national bank`s forecasting and policy analysis system
... In December 1997, following an exchange rate crisis, the Czech Republic adopted a series of end-year inflation targets for monetary policy. The new regime proved very effective in combating inflation and anchoring inflation expectations in the aftermath of the crisis and continued to evolve in the s ...
... In December 1997, following an exchange rate crisis, the Czech Republic adopted a series of end-year inflation targets for monetary policy. The new regime proved very effective in combating inflation and anchoring inflation expectations in the aftermath of the crisis and continued to evolve in the s ...
DP2016/02 Persistence and Volatility of Real Exchange Britta Gehrke and Fang Yao
... Real exchange rates of major industrialized economies have been volatile and persistent ever since the Bretton Woods system of fixed exchange rates was abandoned in the 1970s. Economic theory suggests that supply shocks explain a large fraction of the fluctuations of real exchange rates both in the ...
... Real exchange rates of major industrialized economies have been volatile and persistent ever since the Bretton Woods system of fixed exchange rates was abandoned in the 1970s. Economic theory suggests that supply shocks explain a large fraction of the fluctuations of real exchange rates both in the ...
Language after Liftoff: Fed Communication Away from the Zero
... participants should stop focusing so much on dates when FOMC members speak, and instead focus more on new information related to the central bank reaction function. In Section 5, we provide recommendations for potential improvements for the Federal Reserve communication strategy. We argue that time- ...
... participants should stop focusing so much on dates when FOMC members speak, and instead focus more on new information related to the central bank reaction function. In Section 5, we provide recommendations for potential improvements for the Federal Reserve communication strategy. We argue that time- ...
Increasing the Macroeconomic Impact of Remittances
... To the extent that they finance education and health and increase investment, remittances could have a positive effect on economic growth. In the economies where the financial system is underdeveloped, remittances may alleviate credit constraints and act as a substitute for financial development.12 ...
... To the extent that they finance education and health and increase investment, remittances could have a positive effect on economic growth. In the economies where the financial system is underdeveloped, remittances may alleviate credit constraints and act as a substitute for financial development.12 ...
World Economic Outlook - September 2011
... and Overall Fiscal Balance Table B10. Emerging and Developing Economies: Broad Money Aggregates Table B11. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services Table B12. Emerging and Developing Economies by Region: Total Trade in Goods Table B13. Emerging and ...
... and Overall Fiscal Balance Table B10. Emerging and Developing Economies: Broad Money Aggregates Table B11. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services Table B12. Emerging and Developing Economies by Region: Total Trade in Goods Table B13. Emerging and ...
It`s Not Factor Accumulation: Stylized Facts and
... driving force in economic growth,2 this paper presents evidence regarding the sources of economic growth, the patterns of economic growth, the patterns of factor flows, and the impact of national policies on economic growth that suggest that “something else” besides capital accumulation is critical ...
... driving force in economic growth,2 this paper presents evidence regarding the sources of economic growth, the patterns of economic growth, the patterns of factor flows, and the impact of national policies on economic growth that suggest that “something else” besides capital accumulation is critical ...
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.