I - Niehaus Center for Globalization and Governance
... population. This should especially be the case when policymaking authority is less-thanfully centralized: leaders will face strong incentives to build coalitions with a variety of social groups when power is spread across different regions or branches of government (Bates 1997). Most politicians wil ...
... population. This should especially be the case when policymaking authority is less-thanfully centralized: leaders will face strong incentives to build coalitions with a variety of social groups when power is spread across different regions or branches of government (Bates 1997). Most politicians wil ...
Faculty Research Working Papers Series
... term factors that make the South African economy stronger than the typical emerging market economy: a very developed financial sector, no “original sin”, world class corporations, a central bank with strong credibility, low budget deficits, low public sector debt levels, and a successful political t ...
... term factors that make the South African economy stronger than the typical emerging market economy: a very developed financial sector, no “original sin”, world class corporations, a central bank with strong credibility, low budget deficits, low public sector debt levels, and a successful political t ...
NEER WORKING PAPER SERIES INTERNATI)NAL COORDINATION OF ECONOMIC POLICIES: METHODS, AND EFFECTS
... exercise. Section II narrows the discussion to monetary and fiscal and ...
... exercise. Section II narrows the discussion to monetary and fiscal and ...
Asia
... as principal, securities recommended in this report. CGMI may have a position in securities or options of any issuer recommended in this report. An employee of CGMI may be a director of an issuer recommended in this report. CGMI may perform or solicit investment banking or other services from any is ...
... as principal, securities recommended in this report. CGMI may have a position in securities or options of any issuer recommended in this report. An employee of CGMI may be a director of an issuer recommended in this report. CGMI may perform or solicit investment banking or other services from any is ...
DP2010/10 Does the Kiwi fly when the Kangaroo
... Our results suggest that the NZ/US exchange rate responds strongly and significantly to Australian GDP and trade balance surprises, the two real Australian macroeconomic surprises we considered. However, it responds less to the nominal Australian shocks we considered, with no response to CPI shock ...
... Our results suggest that the NZ/US exchange rate responds strongly and significantly to Australian GDP and trade balance surprises, the two real Australian macroeconomic surprises we considered. However, it responds less to the nominal Australian shocks we considered, with no response to CPI shock ...
mmi11 Watzka 15082660 en
... Unfortunately, with the above exceptions, the corresponding empirical evidence evaluating those theories has however not been forthcoming. The recent financial crisis has led to renewed interest in the empirical effects of the so-called unconventional monetary policies implemented by the leading cen ...
... Unfortunately, with the above exceptions, the corresponding empirical evidence evaluating those theories has however not been forthcoming. The recent financial crisis has led to renewed interest in the empirical effects of the so-called unconventional monetary policies implemented by the leading cen ...
The Fund`s Legal Instruments to Promote Financial Stability
... 29. A particularly important component of the Fund’s TA activities in the financial sector concerns the Financial Sector Assessment or “FSAP” Program. This is a program that is administered jointly by the Fund and the World Bank. It was launched in 1999, partly in response to the Asian crisis and to ...
... 29. A particularly important component of the Fund’s TA activities in the financial sector concerns the Financial Sector Assessment or “FSAP” Program. This is a program that is administered jointly by the Fund and the World Bank. It was launched in 1999, partly in response to the Asian crisis and to ...
NBER WORKING PAPER SERIES SOUTH KOREA’S EXPERIENCE WITH INTERNATIONAL CAPITAL FLOWS Marcus Noland
... acknowledge that this period of rapid growth coincided with the existence of capital controls, and that these controls and the de-linking of domestic and international financial markets was an essential component of the country’s state-led development strategy. Problems arose as the country approach ...
... acknowledge that this period of rapid growth coincided with the existence of capital controls, and that these controls and the de-linking of domestic and international financial markets was an essential component of the country’s state-led development strategy. Problems arose as the country approach ...
MONETARY POLICY IN A DSGE MODEL WITH “CHINESE CHARACTERISTICS”
... Given these constraints, we investigate optimal Chinese monetary policy in response to external shocks. In particular, we evaluate the optimal monetary policy response to the sudden declines in foreign interest rates following the onset of the 2008-2009 global financial crisis. Following the sharp s ...
... Given these constraints, we investigate optimal Chinese monetary policy in response to external shocks. In particular, we evaluate the optimal monetary policy response to the sudden declines in foreign interest rates following the onset of the 2008-2009 global financial crisis. Following the sharp s ...
MID-TERM REVIEW OF THE 2016 MONETARY POLICY
... in benign inflationary pressures in the first half of 2016. External pressures on domestic prices were also restrained against the backdrop of low inflation among trading partner countries and an appreciation of the rand/Pula exchange rate. Therefore, domestic inflation was stable around the lower e ...
... in benign inflationary pressures in the first half of 2016. External pressures on domestic prices were also restrained against the backdrop of low inflation among trading partner countries and an appreciation of the rand/Pula exchange rate. Therefore, domestic inflation was stable around the lower e ...
International Liquidity and Exchange Rate Dynamics Xavier Gabaix Matteo Maggiori January 19, 2014
... We provide a theory of exchange rate determination based on capital flows in imperfect financial markets. In our model, exchange rates are volatile and largely disconnected from traditional macroeconomic fundamentals over the medium term; they are instead governed by financial forces. Global shifts ...
... We provide a theory of exchange rate determination based on capital flows in imperfect financial markets. In our model, exchange rates are volatile and largely disconnected from traditional macroeconomic fundamentals over the medium term; they are instead governed by financial forces. Global shifts ...
SEPTEMB ER 2016
... and creating an enabling environment for sustainable economic growth. Price stability in this context is defined as a medium-term inflation target of 8 percent with a symmetric band of 2 percent. This implies that headline inflation should range between 6 and 10 percent over the medium-term for the ...
... and creating an enabling environment for sustainable economic growth. Price stability in this context is defined as a medium-term inflation target of 8 percent with a symmetric band of 2 percent. This implies that headline inflation should range between 6 and 10 percent over the medium-term for the ...
Global economic conditions survey report: Q4, 2015
... are having a particularly tough time. Global trade was up by just 1.4% in three-month year-on-year (yoy) volume terms in October, which means that it is growing at a much slower rate than global growth. In US dollar terms, trade is falling at double-digit rates. The global trade slowdown has hit lar ...
... are having a particularly tough time. Global trade was up by just 1.4% in three-month year-on-year (yoy) volume terms in October, which means that it is growing at a much slower rate than global growth. In US dollar terms, trade is falling at double-digit rates. The global trade slowdown has hit lar ...
The Globalization of Liberalization: Policy Diffusion in the
... economic policy areas, each of which is primarily monetary or financial in nature but has a profound impact on the real economy. The first is liberalization of the current account, which includes foreign debt repayment and payment for goods, services, and invisibles (see Simmons 2000). The second is ...
... economic policy areas, each of which is primarily monetary or financial in nature but has a profound impact on the real economy. The first is liberalization of the current account, which includes foreign debt repayment and payment for goods, services, and invisibles (see Simmons 2000). The second is ...
Currency Induced Credit Risk Management Guidelines
... most important risk in the banking operation. As its name says, it is a risk associated with a currency in which a loan or another placement is granted. Currency induced credit risk (hereinafter: CICR) is inherent in all the banking systems commonly considered dollarised or euroised systems. These a ...
... most important risk in the banking operation. As its name says, it is a risk associated with a currency in which a loan or another placement is granted. Currency induced credit risk (hereinafter: CICR) is inherent in all the banking systems commonly considered dollarised or euroised systems. These a ...
macropolicy in the rise and fall of the golden age
... be less willing to hire new workers who Thus, one ...
... be less willing to hire new workers who Thus, one ...
From bimetallism to monetarism
... and was formulated as a menu for policy choice in the 1960s, discussions about anti-inflation policies focussed not so much on picking an optimal point on the curve and using monetary policy to get there, as on finding means, usually involving structural policies, or wage-price guideposts, to shift ...
... and was formulated as a menu for policy choice in the 1960s, discussions about anti-inflation policies focussed not so much on picking an optimal point on the curve and using monetary policy to get there, as on finding means, usually involving structural policies, or wage-price guideposts, to shift ...
Fixing Argentina - Arlindo Correia
... Argentina was once one of the world’s richest countries. Again and again, though, its people have chosen or at least tolerated leaders who have had no idea how wealth is created and preserved. Argentina’s currency crisis and economic depression result from this disastrous failure of understanding. T ...
... Argentina was once one of the world’s richest countries. Again and again, though, its people have chosen or at least tolerated leaders who have had no idea how wealth is created and preserved. Argentina’s currency crisis and economic depression result from this disastrous failure of understanding. T ...
Official PDF , 23 pages
... and a substantial amount of empirical research has been devoted in recent years to testing this proposition. This article seeks to take stock of what has been learned about this issue as the result of this attention. It focuses on whether the recent systematic empirical research supports the proposi ...
... and a substantial amount of empirical research has been devoted in recent years to testing this proposition. This article seeks to take stock of what has been learned about this issue as the result of this attention. It focuses on whether the recent systematic empirical research supports the proposi ...
NBER WORKING PAPER SERIES CRISES AND SUDDEN STOPS:
... The rest of the 1980s witnesses a collapse of access of emerging markets to the international syndicated-loan market: Gross issuance of syndicated loans remains at half of the issuance reached in the early 1980s. The collapse of Latin America’s issuance is even more dramatic, with loan issuance at 1 ...
... The rest of the 1980s witnesses a collapse of access of emerging markets to the international syndicated-loan market: Gross issuance of syndicated loans remains at half of the issuance reached in the early 1980s. The collapse of Latin America’s issuance is even more dramatic, with loan issuance at 1 ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... which deals with the medium- and long-term equilibrium implications, and the other of which deals with the problem of short-run adjustment when factor markets do not clear. ...
... which deals with the medium- and long-term equilibrium implications, and the other of which deals with the problem of short-run adjustment when factor markets do not clear. ...
Fiscal Spillovers and Monetary Policy Transmission in the Euro Area
... policies of certain countries free riding at the disadvantage of others and how one common monetary policy could react to this (an example hereof would be Gali and Perotti (2003)) None of these different strings has so far to my knowledge been considered together. So analysis in a large macroeconomi ...
... policies of certain countries free riding at the disadvantage of others and how one common monetary policy could react to this (an example hereof would be Gali and Perotti (2003)) None of these different strings has so far to my knowledge been considered together. So analysis in a large macroeconomi ...
Tight Money in a Post-Crisis Defense of the Exchange Rate: What
... and a substantial amount of empirical research has been devoted in recent years to testing this proposition. This article seeks to take stock of what has been learned about this issue as the result of this attention. It focuses on whether the recent systematic empirical research supports the proposi ...
... and a substantial amount of empirical research has been devoted in recent years to testing this proposition. This article seeks to take stock of what has been learned about this issue as the result of this attention. It focuses on whether the recent systematic empirical research supports the proposi ...
MerCAtUS reSeArCh A MArket-Driven noMinAl GDP tArGetinG reGiMe
... Some advocates of laissez-faire in money favor defining the dollar in terms of a commodity such as gold and then allowing a system of free banking. But it is difficult to envision modern governments abdicating responsibility for determining the path of nominal spending. A gold standard might produce ...
... Some advocates of laissez-faire in money favor defining the dollar in terms of a commodity such as gold and then allowing a system of free banking. But it is difficult to envision modern governments abdicating responsibility for determining the path of nominal spending. A gold standard might produce ...
Money as Friction: Conceptual Dissonance in
... exposes the conceptual dissonance that results from attempts to apply frictionless models to monetary theory: 2 “I first expound this approach in the context of a purely cashless economy –one in which there are assumed to be no transactions frictions that can be reduced through ...
... exposes the conceptual dissonance that results from attempts to apply frictionless models to monetary theory: 2 “I first expound this approach in the context of a purely cashless economy –one in which there are assumed to be no transactions frictions that can be reduced through ...
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.