the paper in PDF format
... resurgence of interest on the impact of financial market integration on both emerging and developing economies. While there might be some short-run side effects, it has been argued that in the long-run financial integration by encouraging financial development can provide a boost to the economy.1 Fi ...
... resurgence of interest on the impact of financial market integration on both emerging and developing economies. While there might be some short-run side effects, it has been argued that in the long-run financial integration by encouraging financial development can provide a boost to the economy.1 Fi ...
Monetary and Financial Policies in Emerging Markets
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
Monetary and Financial Policies in Emerging Markets
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
The Crisis Management of the ECB - Fritz Breuss
... “The Euro and the Crisis: Perspectives for the Eurozone as a Monetary and a Budgetary Union”, Series: Financial and Monetary Policy Studies, Vol. 43, Springer-Verlag, Heidelberg, ...
... “The Euro and the Crisis: Perspectives for the Eurozone as a Monetary and a Budgetary Union”, Series: Financial and Monetary Policy Studies, Vol. 43, Springer-Verlag, Heidelberg, ...
Greek exchange rate policies for the EMU. The economy, the public and the Euro.
... the member states without derogation, on a proposal from the Commission and after consulting the ECB, adopt the conversion rates at which their currencies shall be irrevocably fixed and at which irrevocably fixed rate the Ecu shall be substituted for these currencies’ (Maastricht Treaty, Article 109 ...
... the member states without derogation, on a proposal from the Commission and after consulting the ECB, adopt the conversion rates at which their currencies shall be irrevocably fixed and at which irrevocably fixed rate the Ecu shall be substituted for these currencies’ (Maastricht Treaty, Article 109 ...
Working Paper No. 427 Liquidity Preference Theory Revisited—To
... unstable and, intellectually, was a key insight in Keynes’s development towards the theory of effective demand. A related issue is that much in contrast to the prominent role of mistaken expectations in the Treatise, short-term expectations of producers are generally assumed to be correct in The Gen ...
... unstable and, intellectually, was a key insight in Keynes’s development towards the theory of effective demand. A related issue is that much in contrast to the prominent role of mistaken expectations in the Treatise, short-term expectations of producers are generally assumed to be correct in The Gen ...
spd04 Hughes-Hallett-k 225546 en
... independent Bank of England. They are set, in the main, to gain a series of medium to long term objectives – low debt, the provision of public services and investment, social equality and economic efficiency. The income stabilising aspects of fiscal policy have therefore been left passive, to act th ...
... independent Bank of England. They are set, in the main, to gain a series of medium to long term objectives – low debt, the provision of public services and investment, social equality and economic efficiency. The income stabilising aspects of fiscal policy have therefore been left passive, to act th ...
NBER WORKING PAPER SERIES THE INEXORABLE AND MYSTERIOUS TRADEOFF N. Gregory Mankiw
... There is a close and interesting connection between this business cycle theory and an earlier set of theories that often go by the label "general disequilibrium." (Barro and Grossman, 1971; Malinvaud, 1977). General disequilibrium theories took the vector of wages and prices as given and then used t ...
... There is a close and interesting connection between this business cycle theory and an earlier set of theories that often go by the label "general disequilibrium." (Barro and Grossman, 1971; Malinvaud, 1977). General disequilibrium theories took the vector of wages and prices as given and then used t ...
Exhibition The history of central banking – Poland and the USA
... We are pleased to present to you a special issue of „Bankoteka” designed to accompany the exhibition “History of central banking – Poland and the USA”. The exhibition has been organised to mark two anniversaries: Polish central banking celebrates its 185th anniversary, whereas in the United States o ...
... We are pleased to present to you a special issue of „Bankoteka” designed to accompany the exhibition “History of central banking – Poland and the USA”. The exhibition has been organised to mark two anniversaries: Polish central banking celebrates its 185th anniversary, whereas in the United States o ...
Monetary Policy - Central Bank of Nigeria
... monetary policy is the realization of stable non-inflationary growth. This gives the citizens confidence in the future value of their money, so that they can make sound economic and financial decisions. Low and stable inflation also helps to prevent inflationary boom and bust cycles that could resul ...
... monetary policy is the realization of stable non-inflationary growth. This gives the citizens confidence in the future value of their money, so that they can make sound economic and financial decisions. Low and stable inflation also helps to prevent inflationary boom and bust cycles that could resul ...
Productivity Growth and Capital Flows: The Dynamics of Reforms Francisco J. Buera
... At the same time, we liberalize the goods and capital flows in and out of this economy. We assume that domestic financial frictions remain as before. This sequencing of reforms—removing idiosyncratic distortions and opening up to international capital markets, while not reforming the domestic financ ...
... At the same time, we liberalize the goods and capital flows in and out of this economy. We assume that domestic financial frictions remain as before. This sequencing of reforms—removing idiosyncratic distortions and opening up to international capital markets, while not reforming the domestic financ ...
Causes, Effects and Regulatory Implications of Financial and
... There appears to be a trend among many commentators to refer to broad descriptions of factors pertaining to vulnerabilities, triggers and those that deepened the crisis. This seems reasonable, to the extent that certain vulnerabilities may have exposed certain economies to the risk of crisis, and th ...
... There appears to be a trend among many commentators to refer to broad descriptions of factors pertaining to vulnerabilities, triggers and those that deepened the crisis. This seems reasonable, to the extent that certain vulnerabilities may have exposed certain economies to the risk of crisis, and th ...
Sovereign yield spreads during the Euro-crisis
... residual maturity of two years as well. Our main focus is on the third term in (3) that should capture the risk premium stemming from the perceived risk of a country’s withdrawal of the currency union ( ). Unfortunately, no market based measure of exit probabilities for individual EMU is available. ...
... residual maturity of two years as well. Our main focus is on the third term in (3) that should capture the risk premium stemming from the perceived risk of a country’s withdrawal of the currency union ( ). Unfortunately, no market based measure of exit probabilities for individual EMU is available. ...
Estimating the Size of the Hidden Economy in Peru: A Currency
... It is well established that informal activities are increasing around the world, particularly in developing countries. There are several reasons, in turn, why policy makers should be concerned about the rise of the hidden economy: (1) informal activities reduce the tax base, thereby limiting the fin ...
... It is well established that informal activities are increasing around the world, particularly in developing countries. There are several reasons, in turn, why policy makers should be concerned about the rise of the hidden economy: (1) informal activities reduce the tax base, thereby limiting the fin ...
The Eurozone Debt Crisis and the European Banking Union: A
... the European Union. Unfortunately, despite decades of effort to build a Single Financial Market, almost all EU jurisdictions lacked proper crisis resolution mechanisms, especially with respect to the cross-border dimensions of a global crisis.1 This led to a threat of widespread bank failures in EU ...
... the European Union. Unfortunately, despite decades of effort to build a Single Financial Market, almost all EU jurisdictions lacked proper crisis resolution mechanisms, especially with respect to the cross-border dimensions of a global crisis.1 This led to a threat of widespread bank failures in EU ...
A Long-Term Strategy and a Short
... mean exiting the peg under strong downward speculative pressure, with the result that confidence is undermined and the national balance sheet is weak.16 These points are drawn largely from the experience of emerging markets such as Colombia and Korea in the early 1990s. ...
... mean exiting the peg under strong downward speculative pressure, with the result that confidence is undermined and the national balance sheet is weak.16 These points are drawn largely from the experience of emerging markets such as Colombia and Korea in the early 1990s. ...
The International Financial Intregration of China and India Philip R. Lane
... integration of China and India. First, regarding size, China and India still only have a small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities). Second, in terms of composition, the international financial integration of China and India i ...
... integration of China and India. First, regarding size, China and India still only have a small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities). Second, in terms of composition, the international financial integration of China and India i ...
Chapter 15 Price Levels and the Exchange Rate in the Long Run
... • The long run models are not intended to be completely realistic descriptions about how exchange rates behave, but ways of generalizing how market participants form expectations about future exchange rates. ...
... • The long run models are not intended to be completely realistic descriptions about how exchange rates behave, but ways of generalizing how market participants form expectations about future exchange rates. ...
Eurosystem contribution to the European - ECB
... Initiatives to support the financing of the economy should maintain the robustness of the regulatory framework resulting from post-crisis reforms. In the current scenario characterised by a lack of investment and therefore a lack of growth and employment across the euro area, several initiatives hav ...
... Initiatives to support the financing of the economy should maintain the robustness of the regulatory framework resulting from post-crisis reforms. In the current scenario characterised by a lack of investment and therefore a lack of growth and employment across the euro area, several initiatives hav ...
foreign exchange rate regimes and foreign exchange markets in
... transformation of their economies.6 As regards the availability of the data necessary for our analysis, we focus on 18 representatives. For reasons of historical comparison there are included both countries which, during the period under examination, had already completed their transformation by joi ...
... transformation of their economies.6 As regards the availability of the data necessary for our analysis, we focus on 18 representatives. For reasons of historical comparison there are included both countries which, during the period under examination, had already completed their transformation by joi ...
Is there a monetary growth imperative?
... Note the critical conceptual framing here: neoclassical economics sees interest and growth as independent of money. Both concepts are explained by certain characteristics of the capital stock (positive but diminishing returns on accumulation), individual preferences (saving vs. consuming) and techn ...
... Note the critical conceptual framing here: neoclassical economics sees interest and growth as independent of money. Both concepts are explained by certain characteristics of the capital stock (positive but diminishing returns on accumulation), individual preferences (saving vs. consuming) and techn ...
Why DSGE analysis cannot accurately model financial-real sector interaction
... In sum, agents attach utility to the medium of exchange because it facilitates trade by economising on, unlocking and enhancing market knowledge. That is why people hold money in spite of it not necessarily having any intrinsic value or carrying any interest. 1.2 Radical uncertainty: primacy of mone ...
... In sum, agents attach utility to the medium of exchange because it facilitates trade by economising on, unlocking and enhancing market knowledge. That is why people hold money in spite of it not necessarily having any intrinsic value or carrying any interest. 1.2 Radical uncertainty: primacy of mone ...
2. Institutions and their role in economic growth. Theoretical
... also the use of markets and the signalling role of prices. But these are only few of the institutions that matter in the process of economic growth. Which are others? A very systematic and thorough definition and classification of institutions was provided by Rodrik. He says it might be useful to th ...
... also the use of markets and the signalling role of prices. But these are only few of the institutions that matter in the process of economic growth. Which are others? A very systematic and thorough definition and classification of institutions was provided by Rodrik. He says it might be useful to th ...
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.